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CareEdge Research Report
In FY24, the non-life insurance industry reported a premium of Rs 2.9 lakh crore growing at 12.8% compared to the 16.3% growth reported in FY23.
The industry's growth has continued to be underpinned primarily by the health and motor insurance segments. However, compared to the last year, there was a decline in growth due to a fall in liability, crop insurance, and credit guarantee, while fire and marine segments reported subdued growth numbers compared to last year.
Further, for the month of March 2024 as well, the growth rate was comparatively lower as growth in health was offset by slower growth in motor and a fall in fire segment.
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