Page 717 - Insurance Statistics 2021
P. 717
Industry Business
Highlights
Total Gross Direct Premium Income (India & Abroad) stood at 1,72,483 Crores, a 12.41% growth from
FY 17-18, and a CAGR of 17.88% over a 10-year period
The Industry’s workforce grew by approximately 7% from FY 17-18, providing employment opportunities
for over 8500 talented people
The share of Gross Direct Premium Income via Corporate Agents has grown by approximately 1.5%,
driven by the emergence of Bancassurance as a potent means of Customer outreach. Premium sourced
via Direct Channels, which include e-Business, has also shown a strong growth of close to 7,000 Crores.
Gross & Net commissions also exhibited continued uptrends, with growth figures reaching 7.1% & 5%
respectively
Although the number of claims in FY 18-19 has grown versus FY 17-18, the Industry has managed to
maintain a Gross Incurred Claims Ratio of a healthy 81% for the titular Financial Year
Industry Investment Incomes have also posted continued growth:
Investment income pertaining to policyholders was 20,499 Crores in FY 18-19, representing
a CAGR of 16.04% p.a over a 10-year period.
Investment income pertaining to shareholders was 5,884 Crores in FY 18-19, representing at
CAGR of 8.9% p.a. over a 10-year period.
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