Key Performance Highlights (FY 2024-25)
Market Growth and Size: The insurance market in India is the tenth largest in the world. With 41.84 crore policies issued, the total premium volume was ₹11.93 lakh crore (about USD 140+ billion).
Assets Under Management (AUM): Strong financial buildup is indicated by the total AUM of ₹74.44 lakh crore.
Claims Paid: A total of ₹8.36 lakh crore in claims were paid, demonstrating the high level of customer confidence and payouts.
Density and Penetration: The total insurance penetration is 3.7% (2.7% Life, 1% Non-Life). The insurance density rose slightly to USD 97.0.
Key Growth Drivers:
- Reinsurance: The market for reinsurance was worth ₹1.12 lakh crore.
- Health Insurance: The industry grew quickly, with premiums totaling more over ₹1.2 lakh crore.
- Distribution Network: From about 48 lakh in FY21, intermediary expansion reached over 83 lakh network partners.
- Regulatory and Technological Focus: IRDAI gave priority to the "Use and File" process for quicker product introductions and "Bima Sugam" (a digital marketplace) for insurance. To improve transparency, mandatory Customer Information Sheets (CIS) were implemented.
- Social Security Initiatives: Excellent results in government programs such as the Pradhan Mantri Jeevan Jyoti Bima Yojana.
Sector Trends
- 100% FDI: Under the revised insurance laws, the industry has made progress toward permitting 100% FDI.
- Digital Transformation: AI and robotic process automation (RPA) are now widely used in customer support and claims processing.
- Grievances: The general and health insurance industry had a nearly 45% increase in customer complaints, which prompted more regulatory attention.
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