India: Non-life gross direct premiums grow by 7% to $18bn in first three quarters of this year
Source: Asia Insurance Review | Nov 2024
India’s non-life insurance industry reported a 7% year-on-year increase in gross direct premium (GDPU) underwritten to INR1,539bn ($18.3bn) in the first three quarters of this year, according to provisional data released by the General Insurance Council.
The non-life segment comprises public and private general insurers, standalone health insurers and specialised public sector insurers.
Public-sector general insurers posted a combined GDPU of CNY473.7bn, growing by 3% in the first nine months of the year compared to the corresponding period in 2023. Their market share fell by 1.21 percentage points year on year to 30.78% of the total GDPU of the non-life market.
Among the four state-controlled general insurers, Orient Insurance was the only one to report an increase in market share. Its GDPU growth, at 8.49%, was also faster than the average of 6.66% for all general insurers. A