General insurers start FY18 on strong note; Q1 premia up 22%
The gross written premium (GWP) collection of the general insurance industry grew to Rs 33,303 crore in the first quarter, up 22 per cent from Rs 27,310 crore in the corresponding period a year ago, as per the data from the regulator Irdai.
Having crossed Rs 1.27 trillion in fiscal 2017, the industry is now eyeing to clock Rs 1.5 trillion business in the current fiscal. However, the Q1 figures do not include the crop insurance segment that has driven the industry growth by adding over Rs 20,000 crore in fiscal 2017. Crop insurance for the current fiscal will start shortly with Kharif sowing.
Still, the industry may not repeat the business growth history in this year, as it grew 30 per cent last year. National Insurance has won some tenders in Kharif from some states, but the accounting of the premium willtake some time.