India’s general market posts 16% premium growth

May 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.