Page 71 - India Insurance Report 2023- BIMTECH

India Insurance Report - Series II 59

2.2.Consistent Growth

It is also a fact that these companies showed consistent growth throughout their existence and rarely
went into the negative. The table below shows the premium at ten-year periods.

Table : GI Industry Premium (every ten-year)

YEAR INDUSTRY PREMIUM

1973 18,426

1983 85,700
1993 3,79,207

Premium - Rs. in Lakhs

Source: Committee for Reforms in the Insurance Sector

2.3.Spread of Insurance

Insurance, which was essentially urban-centric and almost elitist before nationalization, was taken
to deep interior rural areas in a big way by these companies. Many rural-based insurances like cattle,
livestock, bio-gas, etc. were developed. A good amount of effort was expended in this direction.

Table: (Nos./Rs. In lakhs)

Janata Personal Gramin
Livestock Agri-pump sets
Accident Insurance Total
Year
Number Premium PI (Rs)
No. PI No. PI No. PI
(No.) (PI)
1974 0.3 25 - - - - - - 25

1984 142.7 4596 24 170 35.1 361 3 18 51
1993 181 9609 66 700 130 815 ** ** 11,124

** included in Janta Personal Accident

Source: Report of Committee on Reforms in the Insurance Sector

2.4.Spread Of Office Network

Each company has around 2,000 offices across the country from a handful of offices when they
started their operations years back. Having physical Offices, even in these days of heightened online
activity, has its own impact. Over the years, an exercise was carried out to open offices in the remotest
places, catering to the local populace. It has had a wonderful effect over the years.