Non-life insurance industry grows 16 per cent in April-December 2022

Health and motor insurance were the main drivers of growth, said the report.

Published: 27th January 2023 07:13 AM  |   Last Updated: 27th January 2023 07:13 AM   |  A+A-

revenue growth, earning estimate

Image for representational purpose only. (File | Photo)

By Express News Service

MUMBAI:  The non-life insurance industry has delivered a strong performance as it grew 16.2% in the first nine months of the current financial year compared to 11.2% in the same period last year, according to a report by Care Ratings. 

Health and motor insurance were the main drivers of growth, said the report. The gross direct premium underwritten reached Rs 1.87 lakh crore during the nine months of FY23, as against Rs 1.61 lakh crore in the same period in FY22. The non-life insurance industry continued to report double-digit growth in December 2022 after reporting near-flat growth in September 2022. The industry reached Rs 21,871.6 crore in December 2022, a 14.5% growth year-on-year.

“General Insurers’ December 2022 numbers were up by 13.5%, as against an increase of 4.2% in December 2021, while for year-to-date FY23, the growth driven by the group health and motor segments, has been nearly 1.7 times that was witnessed last year,” said the report.

ALSO READ | Insurance industry needs Rs 50,000 cr investment per year, says IRDA 

Standalone private health insurers continued their growth path as December 2022 numbers reached Rs 2,307.7 crore, up sequentially from Rs 2,026.3 crore in November 2022, and up from Rs 1,880.1 crore in December 2021. This monthly growth of 22.7% was significantly slower than the 41.9% reported in December 2021. Health insurance premiums have been the primary growth lever of the non-life insurance industry since the commencement of the Covid-19 pandemic. This has resulted in the segment increasing its market share from 29.1% for YTD FY21 to 35% for YTDFY23.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp