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ICICI Lombard Expert Blog
 

General Insurance Sector Registers Growth Despite Demonetisation

January 10 2017
General insurance sector registered a 29% growth post demonetisation

The demonetisation move by the Central Government has affected the growth of several sectors. However, with a premium collection of ₹9,162.81 crore for the month of November, the general insurance industry has defied the impact of demonetisation and achieved an impressive growth of 29%. Standalone insurers also posted a 40% increase at ₹401 crore.

While motor and health segment saw brisk sales, insurance of crops and export products took a severe blow. Premium for exports insurance fell 5% to ₹98.02 crore from ₹103.24 crore in the previous financial year. Sale of crop insurance also declined with Agriculture Insurance Company of India Limited witnessing a decline of 16% in premiums to ₹ 193.55 crore from ₹ 230.75 crore in the month of November.

Thanks to the upsurge in health and motor insurance, that helped public-sector companies to register good growth. Their premium collection went up by 19% to ₹4,192.92 crore, whereas the private insurers saw an increase of 45% with their premium collection reaching ₹4,277.26 crore in the month of November. Public sector companies also improved their overall market share to 47.63% from 46.56% during the same period.

Also Read:

General Insurance Collections to Exceed ₹1 Lakh Crore in Fiscal 2017
New India Assurance to Launch Rs.1 Crore Health Insurance Policy

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