• UGI USER
  • May 28, 2024
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GENERAL INSURERS’ GDPI EXPECTED TO INCREASE 32% BY FY26: ICRA

Why in the news?

  • According to ICRA, the Gross Direct Premium Income (GDPI) of India’s general insurers is projected to reach ₹3.7 trillion by FY26.
  • This marks a 32% increase from the ₹2.8 trillion recorded in FY24.

About the Gross Direct Premium Income (GDPI):

  • GDPI: Revenue from selling insurance policies, termed Gross Direct Premium Income.
  • Definition: Gross direct insurance premiums are the total insurance premiums collected for direct insurance in a country.
  • Per Capita: Divided by the population to show average insurance spending per person.
  • Exclusion: Excludes unpaid or non-premium amounts.
  • GWP: Total of GDPI and reinsurance inward premium, including premiums for reinsuring other insurers’ obligations.
About  Investment Information and Credit Rating Agency(ICRA):

  • ICRA Full Form: Investment Information and Credit Rating Agency.
  • Services Provided: Offers credit ratings, research, and risk assessment services.
  • SEBI Registration: Registered with Securities and Exchange Board of India (SEBI) as a Credit Rating Agency.
  • Instrument Ratings: Rates fixed income securities, debentures, commercial papers, and term loans.
  • Purpose: Helps investors and lenders assess issuer creditworthiness and associated risks.
  • Establishment: Founded in 1991 to provide independent credit ratings and research services in India.
  • Types of Credit Rating Agencies: Includes Nationally Recognized Statistical Rating Organizations (NRSROs) and Non-NRSROs.

Associated Article:

https://universalinstitutions.com/delinquencies-surge-in-card-msme-unsecured-loans-impacting-banking/