70 new general insurance products in FY17

By: |
Mumbai | January 31, 2017 6:16 AM

In the current financial year, about 70 new products, including add-ons, have been launched in the general insurance segment, according to the Insurance Regulatory and Development Authority of India.

While several products were add-ons to the existing policies, most new policies were in crop insurance and motor insurance. (Reuters)While several products were add-ons to the existing policies, most new policies were in crop insurance and motor insurance. (Reuters)

In the current financial year, about 70 new products, including add-ons, have been launched in the general insurance segment, according to the Insurance Regulatory and Development Authority of India (Irdai). While several products were add-ons to the existing policies, most new policies were in crop insurance and motor insurance.

According to senior officials, general insurance sector have already received Rs 10,000-12,000 crore from crop insurance and premiums is likely to touch Rs 18,000-20,000 crore by the end of current financial year. “In the first year itself, industry is expecting to get Rs 20,000 crore through crop insurance and premiums are likely to grow in the coming year. It’s one of the new segment that general insurance industry is focusing on,” said CEO of a private general insurance company.

According to the regulator, even long-term two wheeler policies were filed by various insurers. Industry experts claim that this segment has seen premium in the range of Rs 300-500 crore.

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Health Insurance: Keep track of the waiting period in insurance plans
2Kotak Life launches Kotak Health Shield, forays into comprehensive health insurance segment
3IRDAI issues guidelines for insurers for settlement of claims of flood victims this month