{"id":39,"date":"2019-07-17T08:14:31","date_gmt":"2019-07-17T08:14:31","guid":{"rendered":"http:\/\/localhost\/yearbook\/?page_id=39"},"modified":"2025-01-13T15:19:01","modified_gmt":"2025-01-13T15:19:01","slug":"industry-business-dimensions","status":"publish","type":"page","link":"https:\/\/yearbook.websitestage.org\/?page_id=39","title":{"rendered":"3.2 &#8211; Industry Business Dimensions"},"content":{"rendered":"\n<p>Since the opening up of the Non-Life Insurance Industry in 2001, the industry has witnessed a substantial improvement in operational efficiency, along with a many-fold increase in Premium underwritten.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>There is a significant increase in the number of policies issued by the Industry post covid<\/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 3.2.1<\/span>Policies Issued<\/h3><div id=\"Chart_2\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        stacked_column_chart(\"Chart_2\", {\"stacklabels\":true,\"data\":{\"General Insurers\":{\"2014-15\":122.42,\"2015-16\":121.73,\"2016-17\":149.8,\"2017-18\":165.09,\"2018-19\":175.42,\"2019-20\":199.36,\"2020-21\":195.27,\"2021-22\":206.24,\"2022-23\":230.36,\"2023-24\":264.84},\"Standalone Health Insurers\":{\"2014-15\":2.87,\"2015-16\":3.69,\"2016-17\":4.83,\"2017-18\":5.92,\"2018-19\":7.23,\"2019-20\":9.7,\"2020-21\":13.54,\"2021-22\":14.11,\"2022-23\":16.7,\"2023-24\":14.13},\"Specialised Insurers\":{\"2014-15\":0.78,\"2015-16\":1.08,\"2016-17\":6.56,\"2017-18\":11.75,\"2018-19\":7.88,\"2019-20\":32.59,\"2020-21\":41.82,\"2021-22\":47.56,\"2022-23\":57.66,\"2023-24\":55.83}},\"Title\":\"Policies Issued\",\"xTitle\":\"Year\",\"yTitle\":\"Number of Policies (In Millions)\",\"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\",\"#002060\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em><\/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>Claims handled have risen notably across all categories of insurers in the fiscal year 2023-24, accompanied by an increase in the claims incidence ratio.<\/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 3.2.2<\/span>Claims Handled<\/h3><div id=\"Chart_3\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        stacked_column_line_chart(\"Chart_3\", {\"data\":{\"General Insurers\":{\"2019-20\":36.54,\"2020-21\":32.72,\"2021-22\":41.53,\"2022-23\":44.99,\"2023-24\":54.29},\"Standalone Health Insurers\":{\"2019-20\":2.81,\"2020-21\":2.06,\"2021-22\":3.42,\"2022-23\":2.36,\"2023-24\":5.69},\"Specialised Insurers\":{\"2019-20\":12.89,\"2020-21\":5.46,\"2021-22\":18.12,\"2022-23\":26.22,\"2023-24\":29.43}},\"Title\":\"Claims Handled\",\"xTitle\":\"Year\",\"yTitle\":\"Claims Handled (In Millions)\",\"zTitle\":\"Incidence Ratio (%)\",\"yAxisData\":{\"2019-20\":\"2019-20\",\"2020-21\":\"2020-21\",\"2021-22\":\"2021-22\",\"2022-23\":\"2022-23\",\"2023-24\":\"2023-24\"},\"zAxisData\":{\"2019-20\":21.6,\"2020-21\":16.06,\"2021-22\":23.54,\"2022-23\":24.8,\"2023-24\":26.7},\"colorLine\":\"#002060\",\"colorCodes\":{\"1\":\"#7E8AC5\",\"2\":\"#0070C0\",\"3\":\"#AEB5DA\"}});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-center has-small-font-size\"><em><strong>Source<\/strong>: For 2013-14 onwards, Form 6 of I-X being sent by companies to The IRDAI<br> For prior years, NL24\/25 of public disclosures of companies<br> <strong>*Claims Handled<\/strong> = Opening Balance of Claims Outstanding as at April 1st of each year + Claims Reported during that Financial Year.<br> <strong>Note<\/strong>: Incidence Ratio is derived as Claims Handled\/Policies Issued<\/em><\/p>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em><\/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 current year, has seen an increase in the number of offices as compared to the previous year.<\/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 3.2.3<\/span>Number of Offices<\/h3><div id=\"Chart_4\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        stacked_column_chart(\"Chart_4\", {\"stacklabels\":true,\"data\":{\"General Insurers\":{\" 2014-15 \":9839,\" 2015-16 \":10107,\" 2016-17 \":10385,\" 2017-18 \":10300,\"2018-19\":10607,\"2019-20\":10183,\"2020-21\":10012,\"2021-22\":9349,\"2022-23\":8330,\"2023-24\":8652},\"Standalone Health Insurers\":{\" 2014-15 \":458,\" 2015-16 \":520,\" 2016-17 \":593,\" 2017-18 \":774,\"2018-19\":882,\"2019-20\":1106,\"2020-21\":1150,\"2021-22\":1364,\"2022-23\":1526,\"2023-24\":1656},\"Specialised Insurers\":{\" 2014-15 \":84,\" 2015-16 \":83,\" 2016-17 \":83,\" 2017-18 \":86,\"2018-19\":86,\"2019-20\":86,\"2020-21\":86,\"2021-22\":73,\"2022-23\":72,\"2023-24\":68}},\"Title\":\"Number of Offices\",\"xTitle\":\"Year\",\"yTitle\":\"Number of Offices\",\"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\",\"#002060\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"> <em> <strong>Source<\/strong>: <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em><\/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>Post covid the insurance industry has seen an increase in the employee count.\u00a0<\/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 3.2.4<\/span>Employee Count<\/h3><div id=\"Chart_5\"><\/div><script type=\"text\/javascript\">\n                    jQuery(document).ready(function () {\n                        stacked_column_chart(\"Chart_5\", {\"stacklabels\":true,\"data\":{\"General Insurers\":{\" 2014-15 \":93279,\" 2015-16 \":96894,\" 2016-17 \":95824,\" 2017-18 \":99714,\"2018-19\":105180,\"2019-20\":107493,\"2020-21\":108341,\"2021-22\":112738,\"2022-23\":117567,\"2023-24\":130438},\"Standalone Health Insurers\":{\" 2014-15 \":12625,\" 2015-16 \":14755,\" 2016-17 \":19947,\" 2017-18 \":25990,\"2018-19\":29208,\"2019-20\":33266,\"2020-21\":33774,\"2021-22\":40337,\"2022-23\":44475,\"2023-24\":45157},\"Specialised Insurers\":{\" 2014-15 \":872,\" 2015-16 \":887,\" 2016-17 \":886,\" 2017-18 \":934,\"2018-19\":920,\"2019-20\":872,\"2020-21\":829,\"2021-22\":841,\"2022-23\":864,\"2023-24\":3612}},\"Title\":\"Employee Count\",\"xTitle\":\"Year\",\"yTitle\":\"Number of Employees\",\"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\",\"#002060\"]});\n                    });\n                <\/script>\n\n\n\n<p class=\"has-text-align-right has-small-font-size\"><em> <strong>Source<\/strong>: <em>Council Compilation<\/em>&nbsp;<em>as per source<br>data submitted by companies<\/em><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the opening up of the Non-Life Insurance Industry in 2001, the industry has witnessed a substantial improvement in operational [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":529,"menu_order":1,"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\/39"}],"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=39"}],"version-history":[{"count":46,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/39\/revisions"}],"predecessor-version":[{"id":4024,"href":"https:\/\/yearbook.websitestage.org\/index.php?rest_route=\/wp\/v2\/pages\/39\/revisions\/4024"}],"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=39"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}