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India’s general insurance industry reported a 12.5% growth in the first three months of the current fiscal year, reports The Hindu citing PTI.
The premium income mobilized in the period is 234.18 billion Indian Rupees ($3.65 billion).
In the first three months, a 11.9% growth rate was reported by the four public sector general insurers.
A premium of 97.33 billion Indian Rupees ($1.52 billion) was earned by the private sector and 124.30 billion Indian Rupees ($1.94 billion) premium was collected by the state-owned general insurers.
“I hope the trend will continue as the economy is picking up and rates have gone up in certain areas like fire (10%) and health insurance. Auto sales have also shown good pick-up,” said New India Assurance chairman and managing director G Srinivasan.