Non-life insurance companies post 13% rise in premium collection at Rs 2.89 lakh cr in FY24

New Delhi: As many as 42 general insurance companies garnered a premium income of Rs 2,89,738 crore in 2023-24, around 13 per cent higher than that of the year ago.

The non-Life insurance industry had collected a premium of Rs 2,56,894 crore in the preceding year, according to data posted by the General Insurance Council.

Of this, 35 general insurance firms reported an increase of 14 per cent in their premium at Rs 2,45,433 crore during the year against Rs 2,14,833 crore in the previous year.

Five standalone health insurers together collected a premium of Rs 33,116 crore during the year, up 26 per cent from Rs 26,244 crore a year earlier, the data showed.

The two state-owned specialised PSU insurers -- Agricultural Insurance Company of India Ltd and Export Credit Guaranteed Corporation of India -- who collected a premium of Rs 11,189 crore in the year was down by 29 per cent from Rs 15,817 crore collected in FY23.

The future for the sector looks bright during the current financial year as some of the major reforms are to be undertaken post-general elections.

Meanwhile, with election season on, even top chief executives of financial sector firms are making a case for people to go ahead and exercise their franchise. This comes at a time when the Election Commission has expressed its disappointment with the turnout level in some metropolitan cities.

The MD and CEO of Future Generali India Insurance, Anup Rau, in a LinkedIn post, made a strong appeal for people to go out and vote.

Rau said that he, like many others, benefited from the subsidies that the government has provided over the years and that he did his master's in business management for a mere annual fee of Rs 8,500.

"The thing is, you might think your vote doesn't count or won't make a difference. But really, your vote helps shape the future of your nation. Instead of just venting over drinks about how things are going downhill, casting your vote is a concrete way to contribute to change," he said in his post.