The general insurance industry may fall short of its premium growth target of Rs1 trillion this year despite registering double-digit growth in the first half of the current fiscal.
The industry, consisting of 28 players, has recovered from a low 9 per cent growth in 2014-15, and has mobilised a total premium of Rs47,000 crore in the first half (H1) of current fiscal, growing by 12.3 per cent from Rs41,000 crore in H1 of FY15, as per the data from the General Insurance Council. The industry had closed 2014-15 with a total premium of Rs87,000 crore, it added.
“I am not sure whether the industry will reach its target of Rs 1 trillion this year though overall growth has been better than last year, when it had clipped at just 9 per cent.”
“We are pinning our hopes on the ongoing festival season for pushing of the growth,” ICICI lombard head-underwriting and claims Sanjay Datta told agencies.