Tuesday, September 19, 2017

India’s general insurers post 16% gross premium growth

General insurance companies in India posted solid gross direct premium growth in May this year, buoyed by the growth in health, motor and fire insurance.

Data released by the Insurance Regulatory and Development Authority of India (Irdai) showed that gross direct premiums underwritten by general insurers reached Rs218.01 billion (US$3.37 billion), a 16% increase from the same period last year.

According to senior insurance industry officials, health, motor and fire insurance led the growth in May. Private sector insurers’ gross direct premiums grew 23% to Rs99.87 billion while public sector insurers posted 9.65% growth to Rs106.75 billion.

Among the public-sector insurers, New India Assurance and National Insurance saw double-digit growth at more than 15.52% and 10.67%, respectively.

Last year, India’s general insurance industry saw a record growth of around 32%, largely due to the success of crop insurance.

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