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April 25, 2016
The general insurance industry has reported premium revenue of INR964 billion (US$14.5 billion), an increase of 14% for the financial year ended 31 March 2016, driven by motor and health insurance segments which are traditionally the largest segments of the industry. .
Data from the General Insurance Council shows that the four government-run general insurers reported premium income of INR477 billion or 49.5% of the total premiums posted by the non-life market. The 18 private-sector insurers reported INR397 billion of premiums, while two specialised operators – Export Credit Guarantee Corporation (ECGC) and Agricultural Insurance Company – netted INR48.3 billion and the five standalone health insurers reported INR41.5 billion.
“We have achieved total premium of INR964 billion in FY16, falling short of our ambitious target of INR1 trillion by a small margin,” General Insurance Council General Secretary R Chandrasekaran said. However, he said that after taking into account inward reinsurance business, the industry would have exceeded the INR1-trillion mark in terms of written premiums.