Basically, the growth has come from health insurance
Basically, the growth has come from health insurance which has been growing at the rate of 30 per cent per month.
It is followed by the growth coming from the PMFBY, motor and long-term two-wheeler insurance in particular, General Insurance Council secretary general R Chandrasekaran said.
I hope that the industry will be able to cross the Rs 1.2-trillion-mark this year.
We have already achieved 45 per cent of this and the balance will come during the remaining part of the current fiscal, he said adding, except the Andhra floods there was no catastrophe in the first half, which also contributed in the growth.
New India Assurance director Alamelu T L said schemes like PMFBY, long-term two wheeler insurance and surge in new car sales in August- September helped us achieve that level.
On price correction, she said, it has almost stabilised now as insurers have taken corrective measures.
She said New India Assurance is expecting to close the year with a business at Rs 20,000 crore, up from Rs 16,000 crore a year ago.
Sale of new cars have grown by double digit figure and revamping of crop insurance scheme by the government have also helped a lot in higher growth, Bajaj Allianz General Insurance managing director Tapan Singhel said.
Curated from Insurer 2 last