Wednesday, February 21, 2018

Indian insurers post 35% premium growth

India’s general insurance firms registered 35% gross direct premium growth during the first quarter of the fiscal year, thanks to the robust performances of the health, motor, and fire insurance segments.

According to the data from the Insurance Regulatory and Development Authority of India (Irdai), gross direct premium underwritten by the industry as a whole was Rs333.028 billion (US$5.19 billion), representing an increase of 22% compared to the same period the previous year.

During the first quarter ended June, private sector insurers logged 28% growth and received Rs149.86 billion in gross direct premiums.

Meanwhile, public sector insurers experienced weaker growth at 17.19% and raked in Rs 165.35 billion in gross direct premiums.

India’s four public sector insurers saw double-digit growth in the current financial year.

Leading them are New India Assurance and United India Insurance, which reported growth rates of 21.69% and 18.51%, respectively.


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