Considering the robust potential of the general insurance industry, experts believe that the industry is all set to cross ₹1.2 lakh crore in 2016-17 from ₹96,394 in the last fiscal. The industry has been continuously witnessing a growth of around 16% every year since 2006-07. However, as the penetration increases, the size of the industry is expected to quadruple in the next 10 years.
According to experts, the industry has grown by more than 28% in the first six months of this fiscal year (2016-17). In a seminar organised by the Federation of Indian Chambers Of Commerce & Industry (FICCI), they discussed the various trends, challenges faced in making insurance claims, user experience, and innovation in the segment.
Addressing the occasion, Mr. Rajiv Vastupal, Chairman, FICCI Gujarat State Council, said ”the penetration of general insurance in India is very low at 0.70% and Gujarat being a highly industrialised state is no different at 0.71%. The low penetration is a major reason for the losses of industry players.”
He further added that the insurance industry will have to become more customer-centric to face challenges and exploit opportunities in future. India currently accounts for about 1.5% of the world’s total insurance premium, even though it has almost 18% of the world’s total population. India is the 15th largest insurance market in the world in terms of premium volume and has immense potential to grow exponentially in future.
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