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Gross Direct Premium Income of non-life insurers

Gross Direct Premium in FY15 ( ` bn)

Gross Direct Premium in FY16 ( ` bn)

Insurer

Growth in Premium (%)

Growth in Premium (%)

Public Private

425.5 350.9

10.2%

476.9 396.9 41.53

12.1% 13.1% 41.1% 18.0% 13.8%

9.6%

Standalone Health Specialized Insurer

29.4 41.0

31.1% -12.7%

48.4

Total

846.9

9.2%

963.8

Source: IRDA Annual Report 2015-16

Motor insurance continues to dominate India’s general insurance business The motor insurance business continued to be largest segment of India’s non-life insurance business, accounting for 43.9% share in the total non-life insurance business in FY16. In FY15, this share stood at 44.1%. The total premium of the motor insurance business grew by 13.2% in FY16 as compared to the growth of 10.5% in FY15. The health insurance business occupied the second most dominant segment in FY16 with a share of 28.5% in the total non-life insurance market (26.7% in FY15). The total premium collected by health insurance segment stood at ` 274.6 bn in FY16 as compared to ` 226.4 bn in FY15, registering a growth of 21.3% over the previous year. The premium collection from the fire segment grew by 8.4% while that from the marine segment declined by 1.2% in FY16.

Premium (Within India) underwritten by Non-life insurers Segment

Premium Underwritten in FY15 ( ` bn)

Premium Underwritten in FY16 ( ` bn)

Motor Health

373.8 226.4

423.0 274.6

Fire

80.4 30.2

87.3 29.8

Marine Others

135.9 846.9

149.1 963.4

Total

Source: IRDA Annual Report 2015-16

Segment-wise share of premium underwritten by non-life insurers in India

3%

9%

15%

29%

44%

Fire Marine Motor Health Others

Source: IRDA Annual Report 2015-16

Non-life insurers witnessed a decline in new policies issued in FY16 as compared to FY15 In FY16, the non-life insurers (excluding standalone health private and specialized insurers) underwrote 122.1 mn policies as compared to 118.3 mn policies in FY15, thereby growing at 3.2% in FY16 as compared to 15.4% in FY15.

LIX

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