Context:
India’s non-life insurance space reported profits of ₹10,119 crore in FY24, down 12.93% from that in FY23.
Key Highlights:
- Underwriting losses declined to ₹ 28,555 crore for FY24; a 12.93 year-on-year reduction
- Total direct premium of the non-life insurance industry was ₹ 2.9 trillion, up 12.76% from the previous fiscal
- Life insurance companies had a net profit of ₹ 47,407 crore, showing an increase of 10.79% over FY figures.
What is Non-Life Insurance?
- Comprises other types of insurance products besides life insurance.
- Also known as general insurance in India.
- Provides coverage for damages on an indemnity basis.
- Protects insured monetarily by providing money in case of accidental loss.
- Examples
- Fire, Marine, Motor, Health, home, factory, shop, travel, and liability insurance.
