Financial Growth of Private Non-life Insurers in India: A Trend Analysis

Abstract

In the non-life insurance sector, General Insurance Business Act of 1972 was approved   by the Indian Parliament through amalgamation of 107 general insurance companies   operating on that time. In the non-life insurance segment, there are 6 public sector insurers and the rest 28 are private insurers. Apart from these, there is a sole national re-insurer, namely general Insurance Corporation of India (GIC). In this context, the study attempts to analyze the financial growth of the private non-life insurers in India from 2010-11 to 2019-20. Varied results are observed in respect of selected performance indicators of private non-life insurers in India. Overall, we found no significant change in financial recital indicators during the study epoch. To conclude, it may be stated on the whole, it may be stated that despite momentous positive enlargement in FDIR, the private non-life insurers in India have not shown acceptable recital with respect to financial indicators during the time under study.