GI gross premiums show strong growth

Data from the Insurance Regulatory and Development Authority of India (IRDAI) suggests that in the gross direct premiums underwritten by the insurance industry shows 35 percent more growth than the previous year for the same months.

The strong growth has been attributed to performance in segments such as health, motor and fire insurance. The data from the regulator showed that in the first three months of the financial year, gross direct premium underwritten by the industry was INR33,302.89 crore, a 22 percent increase compared to INR27,309.59 crore in the same month a year ago.

In the first quarter of the current financial year, private sector insurers posted 28 percent growth and received INR14,986.85 crore in gross direct premium. On the other hand, public sector insurers saw lower growth at 17.19 percent and received INR16,535.05 crore in gross direct premiums.

All the four public sector insurers posted double-digit growth in the current financial year, with New India Assurance and United India Insurance growing at 21.69 percent and 18.51 percent, respectively.