Motor insurance, which remains an important component of the general insurance industry, has achieved a 28% growth in premium income in this financial year. Officials say this is the highest growth seen in this segment since 2008. In the current financial year, the general insurance industry has seen premium income underwritten of R72,000 crore, most of which has come from motor and crop insurance.
The insurance sector have received premium of R12,000 crore through crop insurance and they expect it to touch R18,000 crore by end of this financial year. Sanjay Datta, chief, underwriting & claims at ICICI Lombard, said: “I think we have seen huge growth in Pradhan Mantri Fasal Bima Yojana as premiums have gone up to around R17,000-18,000 crore for this financial year.”
In the last few months, general insurance has seen few innovative products that has helped motor insurance to grow in semi-urban and rural areas.In the current financial year, general insurance industry has seen premium income underwritten of R27,730.91 crore for motor insurance.