Friday, April 27, 2018

India’s general insurers book 17% direct premium growth

India’s general insurance companies saw their gross direct premium grow 17% to Rs1.33 trillion (US$20 billion) in financial year 2017-18, data from the Insurance Regulatory and Development Authority of India (Irdai) showed.

The latest data compares to the Rs1.14 trillion that general insurers posted in the financial year ending 2017.

The Irdai report showed that private sector general insurers saw a robust rate of growth at 21.6% while four public general insurers — New India Assurance, National Insurance, Oriental India Insurance, and United India Insurance — saw growth of 13%.

New India Assurance continued its dominant position in the industry, collecting gross written premium of Rs227 billion.

In terms of market share, public sector general insurers held 45.07% share while private general insurers held 43.41% share, data from Irdai showed.

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