The net incurred claims for public non-life insurance in India are projected to grow steadily from 2024 to 2028, starting at 5.755 trillion INR and reaching 6.906 trillion INR by 2028. In 2023, the net incurred claims stood at a lower baseline value, indicating a positive growth trend in forecasts. Between 2024 and 2028, the year-on-year growth reveals a consistent upward trajectory.
- 2024-2025: 5.16% increase
- 2025-2026: 4.80% increase
- 2026-2027: 4.49% increase
- 2027-2028: 4.21% increase
The overall compound annual growth rate (CAGR) from 2024 to 2028 signifies a robust yearly average increase, suggesting a resilient industry outlook amidst macroeconomic challenges.
Future trends to watch for include the impact of regulatory changes, technological advancements in claims processing, and the evolving risk landscape affecting claim patterns. Moreover, demographic shifts and environmental factors could also play significant roles in shaping the trajectory of non-life insurance claims in India.