Sunday, November 19, 2017

Indian general insurance premiums up 32%

Gross direct premiums underwritten by general insurance companies in India rose 32% to Rs120 billion (US$1.87 billion) in August, official data showed.

According to figures released by the Insurance Regulatory and Development Authority of India, the total premiums written by general insurers between April and August, after deducting reinsurance and ceding commissions, stood at Rs550 billion, a 21% increase.

General Insurance Council secretary-general R Chandrasekaran said almost all the insurance companies have seen double-digit growth over the past five months, increasing the overall annual insurance business by more than 20%.

New India Assurance recorded the highest growth in underwritten premiums at Rs13.6 billion, a 19% year-on-year increase.

Private insurers ICICI Lombard General Insurance and Bajaj Allianz General Insurance led with underwritten premiums at Rs9.45 billion and Rs8.4 billion, respectively.

Chandrasekaran said the industry could exceed market expectations by reaching more than Rs1.5 trillion by the end of March 31, 2018 if the growth trend continues.

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