India's non-life industry, including standalone health insurers, surged by 18% to INR1.5trn ($21bn) in the fiscal year ended 31 March 2018 (FY2018), according to the latest annual report of the IRDAI.

The growth rate plunged from 33% in FY2017 when the government’s new crop insurance scheme triggered a spike in non-life premiums.

State-owned companies saw their market share dip to 45% from 47%. The public sector insurers exhibited growth of 12.6% in FY2018, compared to the previous year’s growth rate of 26.3%. The private general insurers registered a growth rate of 21.6% as against 35.6% growth rate during the previous year.

Motor, the largest line of business, saw an 18% increase to INR592.46bn. Health insurance premium surged by 22% to INR419.81bn while fire grew by 13% to INR107.81bn.

The government-backed crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), which was an engine of growth for the non-life sector in FY2017, saw gross written premium rise by 32% to INR227.3bn in FY2018. However, the number of farmers covered by the scheme fell by 10% to 46m in FY2018 from 51m from FY2017.

At 31 March 2018, there were 27 general insurers and six standalone health insurers operating in the country.