General insurance firms’ gross direct premium grows 35% in June

The data from Insurance Regulatory and Development Authority of India (Irdai) showed that in the first three months of the financial year, gross direct premium underwritten by the industry was Rs 33,302.89 crore, a 22 per cent increase compared to Rs 27,309.59 crore in the same month a year ago.

By: ENS Economic Bureau | Mumbai | Published:July 28, 2017 2:54 am
 Insurance, Insurance companies, Irdai, Insurance growth, New India Assurance, Business news, Indian Express General insurance companies posted a growth of 35 per cent in gross direct premium in June on the back of strong performances in segments such as health, motor and fire insurance. (File)

General insurance companies posted a growth of 35 per cent in gross direct premium in June on the back of strong performances in segments such as health, motor and fire insurance. The data from Insurance Regulatory and Development Authority of India (Irdai) showed that in the first three months of the financial year, gross direct premium underwritten by the industry was Rs 33,302.89 crore, a 22 per cent increase compared to Rs 27,309.59 crore in the same month a year ago.

In the first quarter of the current financial year, private sector insurers posted 28 per cent growth and received Rs 14,986.85 crore in gross direct premium. On the other hand, public sector insurers saw lower growth at 17.19 per cent and received Rs 16,535.05 crore in gross direct premium.

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 per cent and 18.51 per cent, respectively.

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