22/05/2026
Launching Today: The Big Profit Unlock in General Insurance Could Direct Customer Ownership Be the Missing Link?
India's general insurance industry is growing fast. Gross Written Premium has crossed INR 3.4 lakh crore (~US$ 37B), growing at 11% annually.
While speaking at the launch of the report, Madhur Singhal, Managing Partner, Financial Services at Praxis Global Alliance, said "Indian general insurance has achieved strong scale, but underwriting profitability still remains well below global benchmarks. Our analysis suggests that moving closer to global underwriting standards could materially expand industry profit pools and potentially double RoEs over time. The next phase of value creation will likely come from stronger underwriting discipline, customer ownership, and retention-led growth"
Adding to this, Vishal Bhave, Practice Leader, Insurance, Praxis Global Alliance said: The industry is entering a more transparent and customer-centric phase. Regulatory developments around commission transparency, Bima Sugam, Ind AS 117, and risk-based capital frameworks could gradually shift the industry toward healthier customer economics and more sustainable profitability. Insurers that build direct customer engagement and stronger ownership of customer relationships could be structurally better positioned for long-term value creation.
This report draws on:
✅ A consumer survey of 1,200+ motor and health insurance customers
✅ In-depth interviews with 20+ customers and discussions with 10+ senior Indian industry practitioners
✅ Interviews with global insurance experts across leading international insurers
✅ Financial disclosures of Indian and global insurers - annual reports, investor presentations, and filings
✅ Regulatory data from IRDAI reports and GI Council publications
✅ Praxis Econometrics - proprietary datasets and analytical insights on the general insurance sector
📩 To access the full report, download now- https://www.praxisga.com/reports-and-publications/financial-services/the-big-profit-unlock-in-general-insurance