Follow Us:
Sunday, August 07, 2022

Insurance industry to grow below 5% in FY’14: CII

50 per cent of surveyed life insurance companies are projected to clock negative growth this fiscal.

Written by PTI | New Delhi |
June 23, 2013 9:07:17 pm

The growth rate of Indian insurance industry is likely to be less than 5 per cent in the current fiscal,according to industry chamber CII.

“The growth of the Indian insurance industry is projected to remain below 5 per cent in the current fiscal (FY 2013-14),” said a CII survey of 30 leading insurance companies.

It said the non-life insurance companies are found to be more optimistic in their growth outlook as compared to the life insurance companies.

The survey found that 60 per cent of non-life insurance companies would record an average growth of more than 10 per cent.

Subscriber Only Stories
How the Indian action spectacular RRR became a smash in AmericaPremium
5 ways in which Samsung could improve the Galaxy Z Flip 4 and Fold 4Premium
‘Want to show India can bring out smaller, cost-effective SLV’: S Somanat...Premium
Delhi Rewind: How Dilshad Garden started out as a slice of LahorePremium

However,50 per cent of surveyed life insurance companies are projected to clock negative growth in the current fiscal.

“A facilitative and enabling regulatory and policy environment is critical to ensure that insurance companies in India enter the next stage of growth and evolution on the

foundation of greater insurance density and penetration,” CII Director General Chandrajit Banerjee said.

The survey assessed the outlook of the insurance sector in India while focusing upon the impact of regulatory and policy environment.

The survey found that increasing the FDI cap from current 26 per cent to 49 per cent is viewed as the next major factor to push the insurance density.

TWO IS ALWAYS BETTER | Our two-year subscription package offers you more at less

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest News Archive News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
First published on: 23-06-2013 at 09:07:17 pm

Featured Stories