General insurers hope to maintain growth momentum in 2017-18

Kolkata: After registering a 21.95 percent growth in gross direct premium underwritten in the first quarter of current fiscal, the general insurance industry is expecting to maintain its growth momentum in 2017-18, a top official of a public sector insurer said here on Saturday.

Representational image. Reuters

Representational image. Reuters

"The first quarter has been good for the general insurance industry and we are confident that going forward, we would be able to maintain the growth momentum this year," National Insurance Co. Ltd's Chairman and Managing Director K. Sanath Kumar said.

"The industry believes that a 20 percent growth can be sustainable even in the coming years," he said.

Kumar said digitisation of database of insurance companies, linking of insurance policies with common identifiers such as Aadhaar, vehicle registration number, etc., would be attributed to the growth momentum.

According to him, the focus of the central government on crop insurance and growing flow of household savings into financial assets would contribute to the growth.

As many as 30 non-life insurers have posted a gross direct premium of Rs 33,302.89 crore in the first three months of the current fiscal as compared to Rs 27,309.59 crore in the same period last year, according to a provisional data compiled by the Insurance Regulatory Authority of India (IRDAI).

Public general insurers have the market share of 50.64 percent, while the private players have 49.36 percent.


Updated Date: Jul 17, 2017 11:34 AM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'