Market Trends of Property and Casualty Insurance Industry in India
This section covers the major market trends shaping the India Property & Casualty Insurance Market according to our research experts:
Fire Insurance Showed Remarkable Growth Despite the Pandemic
The Fire Insurance sector showed the highest growth rate among the property and casualty insurance segments. This segment has been showing a consistent growth rate over the years. The Gross premium written for the fire insurance was INR 7362.63 crore in FY 2013-14, while it reached INR 20,112.89 crore for 2020-21. It showed a growth of more than 27% for the year. Other insurance segments such as Marine Insurance's gross written premium contracted by 1.25%, though the motor insurance segment contributes the largest share of the property and casualty insurance in India, motor insurance gross written premium declined by 1.68% to INR 67,792.19 Crore for the year 2020-21.
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Claim Ratio for Major P&C Insurance Decreased Except for Marine Insurance for year 2021
Incurred Claim ratio refers to the total claim amount paid by the insurance company in ratio to the total premium amount collected in a financial year. It indicates how financially able the insurance company is to pay an insurance claim. The claim ratio above 100 denotes that the insurer is paying more for the claim than the premium received. The claim ratio for Motor insurance, Fire insurance decreased drastically for the year, denoting higher profitability for insurers in those segments, while the claim ratio for marine insurance increased for the year 2020-21.