Despite the growth in India’s general insurance industry, it has not translated into healthy underwriting profitability, according to Praxis Global Alliance’s recent report. The industry has suffered from persistently high combined ratios (ratio of claims and operating expenses to premium) — a result of its reliance on intermediaries, often resulting in high distribution costs and low customer retention. On the other hand, evidence from Direct-to-Consumer (D2C) focused US insurers indicates stronger underwriting performance and better ROEs, suggesting the path forward for Indian insurers.Published on June 9, 2026