India’s general market posts 16% premium growthMay 30 2017 by InsuranceAsia News Staff
Data released by the Insurance Regulatory and Development Authority (Irdai) shows that premiums in India’s general insurance market grew 16% in April to Rs122.06 billion (US$1.89 billion).
For the first time, private sector general insurance companies have overtaken their state-owned peers in terms of gross written premium (GWP) market share in April.
For fiscal 2017, the general insurance industry saw higher growth of 30% in terms of GWP.
Sanath Kumar, chairman and managing director of National Insurance Company, said private sector players have grown at 27.88% while the four public sector insurers registered a growth of 5.42% mainly due to the increase in the private sector insurers’ agriculture business.
According to Pushan Mahapatra, managing director and chief executive of SBI General, April has been a very good month for insurers across channels.
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Gross direct premium underwritten rose in the first two months of the current financial year US$3.56bn.
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Life Insurance Corporation generated most of the growth, while many companies experienced declines.
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It will initially focus on treaty and facultative reinsurance for marine, energy, contingency and professional and financial risks
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More needs to be done to promote insurance as a way to manage risk rather than just a savings tool.