Mumbai, May 29 -- Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a review meeting of Public Sector General Insurance Companies (PSGICs) yesterday. The Minister reviewed key performance indicators including premium collections, insurance penetration and density, and incurred claims ratios. It was noted that the total premium collected by PSGICs has witnessed a notable rise from around Rs 80,000 crore in 2019 to nearly Rs 1.06 lakh crore in 2025. The overall general insurance industry also reported growth, with total premium collections reaching Rs 3.07 lakh crore in FY 2024-25.

While general insurance penetration in India remains relatively low at 1% of GDP - compared to a global average of 4.2% in 2023 - insu...