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A recent report by U.K.-based Timetric Ltd. has said that strong growth is expected in Indian nonlife insurance sector during the forecast period from 2014 to 2018, Asia Insurance Review reported.
A favorable regulatory environment, higher levels of infrastructure development and increasing consumer awareness about insurance are likely to drive the growth of the sector, said the report.
Gross written premiums in country's nonlife insurance market increased at a compound annual growth rate of 14.9% during the period from 2010 to 2014, the report said.