Saturday, July 22, 2017

Indian insurers bullish on continued growth momentum

India’s general insurers are confident that they will be able to maintain their growth momentum in 2017-2018 after the industry posted a solid 21.95 percent growth in direct premium underwritten in the first quarter of the current fiscal.

In the first three months of the current fiscal, as many as 30 non-life insurers in India have posted a gross direct premium of Rs333.028 billion (US$5.17 billion) as compared to Rs273.09 billion in the same period last year.

Sanath Kumar, chairman and managing director of the National Insurance said the general insurance industry believes that 20% annual growth will be sustainable in the coming years.

General insurers will be able to maintain their growth momentum due to various factors such as the digitisation of databases of insurance firms, the linking of insurance policies with common identifiers such as vehicle registration numbers, among others.

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