Monday, November 20, 2017

India’s general sector posts 12.3% growth in premium collections

India’s General Insurance Council (GIC) has released data that shows a 12.3% growth in gross premium collections in the country’s general insurance sector.

The report revealed that gross premium collection rose 12.3% for the first two months of the fiscal year to INR163.26bn (US$2.57bn).

The bulk of the premium growth came from the four state-run general insurers, which posted 11% growth to INR85.67bn (US$1.35bn) in the first two months of the fiscal year up to 31 May, the GIC said in a released statement.

The four state-run general insurers also expanded their market share to 54%. GIC secretary general R Chandrasekaran was quoted in reports as saying that the May figures are promising and the revival of industrial growth could lead to further positive figures in June.

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