General Insurance industry grows 12.78% in FY24: GIC Data

Current Context: The General Insurance industry in India has reported a growth of 12.78% in the Fiscal Year 2023-24 (FY24).

• Here are some key points:
• The growth was primarily driven by the health and motor insurance segments, although there was a marginal decrease in liability, crop insurance, and marine cargo.
• The slowdown in FY24 was largely due to the performance of crop insurance. Specialized insurer AIC reported a decline of 32% in growth due to the slowdown in agriculture insurance.
• Excluding specialized insurers like AIC, the industry saw a growth rate of 16.22%.
• The total industry premium reached Rs 2.89 lakh crore, an increase from Rs 2.56 lakh crore in the previous period.
• In FY25, the industry is expected to report 15-17% growth led by the health and motor insurance sectors.
• Public sector general insurers held 31.18% of the overall market share in FY24, down from 32.27% in FY23, while private insurers’ market share increased to 53.52%.
• Among public insurers, Oriental Insurance led with 17% growth, while Bajaj Allianz topped among private insurers with 33.49% growth.
• In standalone health insurance, Niva Bupa and Aditya Birla Health Insurance demonstrated significant growth rates of 37.68% and 36.23%, respectively.

Question:

Q.1 What was the growth rate of the General Insurance industry in India in the Fiscal Year 2023-24 (FY24)?
a. 10.78%
b. 12.78%
c. 14.78%
d. 16.78%