A 12.99% growth has been reported by general insurance companies in their gross direct premium at Rs 55,450.42 crore between April and July as against to the corresponding period a year ago. In July, their premiums recorded 22.73% growth against the corresponding month last year. According to market participants, despite strong growth in July, the motor insurance segment continues to witness a dip in premiums largely due to a fall in car sales in India.
Among the 25 general insurers, New India Assurance, Bajaj Allianz General Insurance, SBI General Insurance and Tata AIG General Insurance saw a positive growth in the April-July period, revealed the data from IRDAI.
Pushan Mahapatra, MD & CEO of SBI General Insurance, said, “We have been doing consistently well and except motor insurance, we have grown in the segments such as health, agriculture and property. Motor insurance is a challenge not only for us but for the entire industry. With drop in new vehicle sales we have to look at how the growth can come from other lines of business.”
