General Insurance Market

Experts see signs of change because of heightened awareness and increase in enquiries

PE firm previously submitted the highest non-binding bid for the business

India to become sixth largest insurance market in the world in the next 10 years supported by regulatory push and rapid economic expansion, a report said. Total insurance premiums in India will grow by an average 14 per cent per annum in nominal local currency terms over the next decade, making India the 6th largest in terms of total premium volume by 2032 from 10th largest in 2021, Swiss Re Institute said in its report. With regard to Indian life insurance industry, the report said it will grow at an exceptional rate of 6.6 per cent (in real terms) in 2022 and further grow at 7.1 per cent in 2023. Considering the projected growth rate, the life insurance premiums in India are set to cross USD 100 billion for the first time in 2022, it said. As far as non-life insurance market is concerned, the report said it has returned to a growth of 5.8 per cent (in real terms) in 2021 after a slight contraction in 2020. "The growth will slow down slightly in 2022 to 4.5 per cent, mainly due t

The general insurance industry has reported sound growth in the first quarter (Q1) of financial year 2022-23 (FY23) thanks to group health and motor businesses

'In the Indian market, the four big businesses are motor, health, fire, and agri'

KKR's investment builds on strong tailwinds in the Indian general insurance space and SGI's continued expansion into new segments and investment in its digital capabilities

According to General Insurance Council data, in FY22, as of August 27, they have received more than 1.42 million claims, worth Rs 15,956 crore

Insurers said while the situation had been manageable so far, going ahead, it would be a cause for concern

The company is bullish on SME and health segments to counter slowdown in auto space

Sanath Kumar tells Namrata Acharya that general insurance firms will now have to reprioritise its strategies