In the financial year 2023-24, India’s 42 general insurance companies as a whole collected a premium income of ₹2,89,738 crore, making it a 13% growth from the previous year’s ₹2,56,894 crore. Out of these, 35 general insurance companies witnessed a growth of 14% in premium income to ₹2,45,433 crore during the financial year as compared to ₹2,14,833 crore in the preceding year.
Interestingly, five standalone health insurers registered a 26% rise in premium income, to ₹33,116 crore during the year in comparison to ₹26,244 crore achieved in the previous year. The future for the sector looks bright during the current financial year as some major reforms are expected to roll out in India.