The non-life insurance industry constitutes approximately 30 per cent of the total insurance industry premium and recorded a total premium of Rs 172,483 crore in FY19 from Rs. 25,930 crore in FY07 at a compound annual growth rate (CAGR) of 17.1 per cent during FY07-19, says CARE Ratings in its research report on Banking, Financial Services and Insurance(BFSI) Research. Courtesy the strong growth on account of the entry of private players, ramping up of the distribution force, bundling of offerings, competitive pricing, and adoption of technology and alliances.