India's General Insurance Industry Grows 9% to ₹3.36 Lakh Crore

Insurance companies in India help people protect their money if they get sick, have an accident, or face other problems.

Last year, these companies collected more money from customers than the year before.

The total money they collected grew by 9%.

Health insurance grew the fastest because taxes were made simpler.

Motor insurance also grew, though not as quickly.

But even though companies collected more money, they made less profit than before.

This happened because they paid out more claims and changed how they set prices.

Big private insurance companies did the best and kept more profit.

A person named Pallavi Malani, from the Boston Consulting Group, says the industry is growing up and learning to be careful with money.

That means companies want fair prices and to stay healthy instead of just collecting lots of money.