The non-life (general) insurance industry is likely to grow at 17-18 % in FY14 with premium collection expected to touch R80,000 crore, according to a report by India Insure, an insurance broking agency.
The report says the middle class will necessarily contribute to the growth, particularly in the health segment. The Union government’s initiatives will help propel the growth and premium collection in the health insurance space is likely to touch R20,000 crore by FY15, it says.
Agriculture insurance in India is an area to be watched closely and is predicted to exceed R4,500 crore by end of FY14.