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India: General insurance industry struggles with undercutting of premium rates

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Tapan Singhel, chief executive of Bajaj Allianz General Insurance Co. Ltd., said the insurance industry's growth during the first half of fiscal year 2013-14 was about 18%, while in the last quarter it dropped to less than 10%, The Hindu Business Line reported.

Mr. Singhel said profitability in the new fiscal year may not be as good as the last year as insurers are trying to retain their turf, which takes a toll on pricing.

Bajaj Allianz General Insurance recorded a 63% increase in profits during 2013-2014.

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