{"id":103,"date":"2019-07-18T11:37:09","date_gmt":"2019-07-18T11:37:09","guid":{"rendered":"http:\/\/localhost\/yearbook\/?page_id=103"},"modified":"2025-01-15T08:53:05","modified_gmt":"2025-01-15T08:53:05","slug":"premium","status":"publish","type":"page","link":"https:\/\/yearbook.websitestage.org\/?page_id=103","title":{"rendered":"3.4 &#8211; Premium"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Gross Direct Premium (GDPI)<\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>India&#8217;s Non-Life Insurance Industry has achieved a CAGR of 14.60% over the period from 2014-15 to 2023-24. Premium income has seen significant growth, rising from \u20b984,686 Crores in 2014-15 to \u20b92,89,673 Crores in 2023-24. The Health and motor segments continue to be the primary drivers of this premium growth.<\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.4.1<\/span>Gross Direct Premium Income - Indian Business<\/h3><div id=\"Chart_12\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        column_chart(\"Chart_12\", {\"unit\":\"\",\"data\":{\"GDPI\":{\"2014-15\":84686,\"2015-16\":96379,\"2016-17\":128128,\"2017-18\":150662,\"2018-19\":169448,\"2019-20\":188916,\"2020-21\":198715,\"2021-22\":220700,\"2022-23\":256894,\"2023-24\":289673}},\"Title\":\"Gross Direct Premium Income - Indian Business\",\"xTitle\":\"Year\",\"yTitle\":\"\\u20b9 in Crores\",\"xAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#7e8ac5\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p><\/p>\n<cite><br><br><\/cite><\/blockquote>\n\n\n\n<p>In the financial year 2023-24, the growth rate has been recorded at 12.40%.&nbsp;<\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.4.2<\/span>Growth Rate in Premium<\/h3><div id=\"Chart_13\" class=\"chart-div\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        multiline_chart(\"Chart_13\", {\"unit\":\"\",\"data\":{\"GDPI Growth\":{\"2014-15\":\"9.2\",\"2015-16\":\"13.81\",\"2016-17\":\"32.94\",\"2017-18\":\"17.59\",\"2018-19\":\"12.47\",\"2019-20\":\"11.49\",\"2020-21\":\"5.19\",\"2021-22\":\"11.06\",\"2022-23\":\"16.4\",\"2023-24\":\"12.4\"}},\"Title\":\"Growth Rate in Premium\",\"xTitle\":\"Year\",\"yTitle\":\"Growth in Premium (%)\",\"yAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#002060\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p><\/p>\n<cite><br><br><\/cite><\/blockquote>\n\n\n\n<h4 class=\"wp-block-heading\">Gross Written Premium (GWP)<\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>Gross Written Premium (both domestic and international business) grew by 13.37% on an annual average basis from \u20b9 90,364 Crores in 2014-15 to \u20b9 3,00,847 Crores in 2023-24.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>For analysis purposes, ECGC and AIC are categorized separately.&nbsp;<\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.4.3<\/span>Gross Written Premium<\/h3><div id=\"Chart_28\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        stacked_column_chart(\"Chart_28\", {\"stacklabels\":true,\"data\":{\"General Insurers\":{\"2014-15\":83261,\"2015-16\":93315,\"2016-17\":120066,\"2017-18\":139159,\"2018-19\":156373,\"2019-20\":170272,\"2020-21\":178007,\"2021-22\":193812,\"2022-23\":224319,\"2023-24\":256175},\"Standalone Health Insurers\":{\"2014-15\":4102,\"2015-16\":4239,\"2016-17\":5856,\"2017-18\":8333,\"2018-19\":11372,\"2019-20\":14493,\"2020-21\":15783,\"2021-22\":20934,\"2022-23\":26340,\"2023-24\":33277},\"Specialised Insurers\":{\"2014-15\":3001,\"2015-16\":4842,\"2016-17\":8256,\"2017-18\":9136,\"2018-19\":8155,\"2019-20\":10436,\"2020-21\":13115,\"2021-22\":15047,\"2022-23\":15932,\"2023-24\":11395}},\"Title\":\"Gross Written Premium\",\"xTitle\":\"Year\",\"yTitle\":\"Rs in Crore\",\"yAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#7e8ac5\",\" #0070c0\",\" #0c39b3\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p><\/p>\n<cite><br><br><\/cite><\/blockquote>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.4.4<\/span>GWP share % by Type of Insurers<\/h3><div id=\"Chart_29\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        stacked_column_chart(\"Chart_29\", {\"stacklabels\":\"false\",\"data\":{\"General Insurers\":{\"2014-15\":92.1,\"2015-16\":91.1,\"2016-17\":89.5,\"2017-18\":88.8,\"2018-19\":88.9,\"2019-20\":87.2,\"2020-21\":86,\"2021-22\":84.3,\"2022-23\":84.1,\"2023-24\":85.1},\"Standalone Health Insurers\":{\"2014-15\":3.3,\"2015-16\":4.1,\"2016-17\":4.4,\"2017-18\":5.3,\"2018-19\":6.5,\"2019-20\":7.4,\"2020-21\":7.6,\"2021-22\":9.1,\"2022-23\":9.8,\"2023-24\":11.1},\"Specialised Insurers\":{\"2014-15\":4.5,\"2015-16\":4.7,\"2016-17\":6.2,\"2017-18\":5.8,\"2018-19\":4.6,\"2019-20\":5.3,\"2020-21\":6.4,\"2021-22\":6.5,\"2022-23\":6,\"2023-24\":3.8}},\"Title\":\"GWP share % by Type of Insurers\",\"xTitle\":\"Year\",\"yTitle\":\"% to Total GWP\",\"yAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#7e8ac5\",\" #0070c0\",\" #89cff0\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p><\/p>\n<cite><br><br><\/cite><\/blockquote>\n\n\n\n<p>The split of Rural and Urban in different Segments is shown below. Values shown are \u20b9 in Crores.<\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.4.5<\/span>GDPI - Rural vs Urban<\/h3><div id=\"Chart_30\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        basic_column_chart(\"Chart_30\", {\"unit\":\"(\\u20b9 in Crores)\",\"data\":{\"Rural\":{\"2016-17\":28611,\"2017-18\":37191,\"2018-19\":34577,\"2019-20\":42489,\"2020-21\":44741,\"2021-22\":47344,\"2022-23\":54536,\"2023-24\":53675},\"Urban\":{\"2016-17\":99518,\"2017-18\":113471,\"2018-19\":134871,\"2019-20\":146428,\"2020-21\":153974,\"2021-22\":173356,\"2022-23\":202358,\"2023-24\":235998}},\"Title\":\"GDPI - Rural vs Urban\",\"xTitle\":\"Year\",\"yTitle\":\"GDPI (\\u20b9 in Crores)\",\"yAxisData\":{\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"colorCodes\":[\"#7e8ac5\",\" #0070c0\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em> <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Net Written Premium &amp; Net Earned Premium (NWP &amp; NEP)<\/h4>\n\n\n\n<p><\/p>\n\n\n\n<p>The Net Written Premium (NWP) has grown at a Compound Annual Growth Rate (CAGR) of 13.4%, increasing from \u20b971,300 Crores in 2014-15 to \u20b92,20,873 Crores in 2023-24. Similarly, the Net Earned Premium (NEP) also recorded a CAGR of 13.4%, rising from \u20b967,428 Crores in 2014-15 to \u20b92,08,389 Crores in 2023-24. NEP as a percentage of NWP has been consistently above 90% for the period under review.<\/p>\n\n\n\n<p><\/p>\n\n\n<h3 class=\"section-title\" style=\"font-size: 17px;\"><span style=\"background: #f6a192;border-radius: 8px;color: #fff;padding: 5px;font-size: 14px; margin-right: 10px;\"> Chart 3.4.6<\/span>Net Written Premium & Net Earned Premium Growth<\/h3><div id=\"Chart_32\"><\/div><script type=\"text\/javascript\">\n                     jQuery(document).ready(function () {\n                         multiple_column_line(\"Chart_32\",{\"data\":{\"Net Written Premium\":{\"2014-15\":71300,\"2015-16\":81450,\"2016-17\":94178,\"2017-18\":107411,\"2018-19\":120386,\"2019-20\":130187,\"2020-21\":147038,\"2021-22\":165514,\"2022-23\":192333,\"2023-24\":220873},\"Net Earned Premium\":{\"2014-15\":67428,\"2015-16\":75878,\"2016-17\":88725,\"2017-18\":100453,\"2018-19\":113334,\"2019-20\":126178,\"2020-21\":137620,\"2021-22\":158002,\"2022-23\":179678,\"2023-24\":208793}},\"Title\":\"Net Written Premium & Net Earned Premium Growth\",\"xTitle\":\"Year\",\"yTitle\":\"\\u20b9 in Crore\",\"zTitle\":\"NEP as % of NWP\",\"yAxisData\":{\"2014-15\":\"2014-15\",\"2015-16\":\"2015-16\",\"2016-17\":\"2016-17\",\"2017-18\":\"2017-18\",\"2018-19\":\"2018-19\",\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"zAxisData\":{\"2014-15\":94.6,\"2015-16\":93.2,\"2016-17\":94.2,\"2017-18\":93.5,\"2018-19\":94.1,\"2019-20\":96.9,\"2020-21\":93.6,\"2021-22\":95.5,\"2022-23\":93.4,\"2023-24\":94.5},\"colorLine\":\"#032070\",\"colorCodes\":{\"1\":\"#7e8ac5\",\"2\":\"#0070c0\"}});\n                     });\n                 <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: Council Compilation<\/em> <em>as per source<br>data submitted by companies<\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gross Direct Premium (GDPI) India&#8217;s Non-Life Insurance Industry has achieved a CAGR of 14.60% over the period from 2014-15 to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":529,"menu_order":4,"comment_status":"closed","ping_status":"closed","template":"page-templates\/full-width.php","meta":[],"_links":{"self":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/103"}],"collection":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=103"}],"version-history":[{"count":59,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/103\/revisions"}],"predecessor-version":[{"id":4038,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/103\/revisions\/4038"}],"up":[{"embeddable":true,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/529"}],"wp:attachment":[{"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}