The Insurance Regulatory and Development Authority of India (IRDAI) has released data which shows that the gross direct premium of General Insurance companies in the country has increased by 35%. The increase can be attributed to the good performance of segments like motor, health and fire insurance.
The data also shows that the gross direct premium in the first three months of the financial year was Rs. 33.302.89 crores as compared to Rs. 27,309.59 crores same time last year, thus, showing an increase of 22%.
In the first quarter of the current financial year, the private sector companies have shown a higher rate of growth as compared to public sector companies, with growth rates of 28% and 17.19% respectively. The gross direct premium received by private sector companies has been shown as Rs. 14, 986.85 crores whereas the public-sector companies got Rs. 16, 535.05 crores.
Though the public-sector companies have shown a lower growth rate as compared to the private players, all the four companies operating in the public-sector have registered growth rates in double digits. United India Insurance has shown a growth rate of 18.51% and New India Assurance has shown a rate of 21.69%.