India, IRDAI and Insurance penetration

Insurance penetration in India dips to 2.8% despite premium growth: Irdai
Total premiums across all insurance categories reached Rs 11.19 trillion in 2023-24 while insurers paid out Rs 7.66 trillion in claim settlements, Irdai said in its annual report
Insurance penetration in India dipped, but premium collection grew: IRDAI report
The latest report by India's insurance industry watchdog has revealed that insurance penetration in the country, which was already low, has dipped further to 2.8% in the last financial year. This is in sharp contrast with the global trend.
IRDAI annual report: India’s insurance penetration dips from 4% to 3.7% in 2023-24
Life insurance penetration in India declined from 3 percent in 2022-23 to 2.8 percent in 2023-24, while general insurance penetration remained unchanged at 1 percent
Claims ratio of non-life insurers dips to 82.52% in FY24: Irdai report
India's non-life insurance sector saw growth in direct premiums, reaching ₹2.90 lakh crore in 2023-24, with a shift to profitability. Claims ratios improved slightly, while the life insurance industry paid out substantial benefits.
Non-life insurance claims ratio dropped a bit to 82.52% in FY24: Irdai
According to Irdai's Annual Report 2023-24, the non-life insurance sector underwrote a total direct premium of ₹2.90 lakh crore during the period, marking a growth of 12.76% from the previous year.
India’s insurance penetration dips, but density inches up
India's insurance penetration drops to 3.7% in 2023-24, despite IRDAI's efforts, with life insurance demand declining.
Non-Life Insurance Sector Sees Growth In Premiums And Improved Claims Ratio In 2023-24: IRDAI
Public sector general insurers saw an 8.88% increase in their contribution, rising from Rs 82,891 crore in 2022-23 to Rs 90,252 crore in 2023-24.
Non-life insurers' profit in green in FY24 after 2 straight years of losses
The aggregate net profit of the non-life insurance industry, which includes general insurers, standalone health insurers, and specialised PSU insurers, stood at Rs 10,119 crore in FY24. This compares to a net loss of Rs 2,
Claim rejections by health insurance companies rise by 19.10% to Rs 26,000 crore
Insurance companies disallowed and repudiated health policy claims worth Rs 26,000 crore during the year ended March 2024, ...
In a first, micro Insurance premium in life segment tops Rs 10k cr in FY24
Private life insurers dominate the segment, accounting for over Rs 10,708.4 crore, while the state-owned Life Insurance ...
Insurers report rise in commission expenses
In FY24, commission expenses for life insurers increased by 22% and doubled for general insurers after IRDAI removed caps on ...
Eye on IRDAI-approved investments, insurers look beyond government securities to maximize returns
While government securities dominate the investments of insurance companies, a wider pool of approved investments by IRDAI is ...