Insurance FDI may lure Rs 30k cr: Irda
"This move will increase insurance sector share in the GDP also. If the GDP also raises then the percentage may remain marginally high," he said.
The premium income of the general insurance industry, comprising 21 private and four public sector insurers, stood at Rs 27,942 crore in the first five months of the current fiscal. It was 18 per cent higher than Rs 23,748 crore in the corresponding period in 2011-12.
However, the premium income of life-insurance industry declined by 15 per cent to Rs 34,358 crore in the first five months of the current fiscal, compared to Rs 40,654 crore in the same period last year.