Free Press Journal

General insurers’ premium mop-up hits Rs 96,400 cr


Mumbai :  General insurance industry has missed the ambitious target of crossing the Rs 1 lakh-crore mark in premium collection by a small margin at Rs 96,401 crore, up almost 14 per cent in the just concluded fiscal.

The growth was driven by motor and health insurance segments, which are traditionally the largest segments for the industry.

The four public sector players notched up a premium income of Rs 47,717 crore, while 18 private players garnered Rs 39,701 crore and the two specialised operators netted Rs 4,830 crore and health insurers added up with Rs 4,153 crore.

“New India saw growth in all the segments — retail sector (including personal line of business comprising health and motor insurance) has grown much faster than the corporate segments like fire & engineering and marine in 2015-16”, New India Assurance Chairman and MD G Srinivasan said.