Economic Slowdown Affects General Insurance Sector

News: Growth in the general insurance sector in India slowed to 13% in April-November 2013, from 19.38% a year earlier, according to data revealed by the insurance regulator. Gross premiums were INR503.1bn (US$8.12bn) in April-November 2013, compared with INR444.5bn (US$7.17bn) in April-November 2012. 'The general insurance premium growth is strongly linked to economic growth. Motor sales have been declining, not many new infrastructure projects have got sanctioned, growth in government health insurance schemes have remained flat. All these reasons have led to a slowdown,' said Sanjay Dutta, retail head at ICICI Lombard General Insurance, according to mydigitalfc.com.

Economic Slowdown Affects General Insurance Sector

News: Growth in the general insurance sector in India slowed to 13% in April-November 2013, from 19.38% a year earlier, according to data revealed by the insurance regulator. Gross premiums were INR503.1bn (US$8.12bn) in April-November 2013, compared with INR444.5bn (US$7.17bn) in April-November 2012. 'The general insurance premium growth is strongly linked to economic growth. Motor sales have been declining, not many new infrastructure projects have got sanctioned, growth in government health insurance schemes have remained flat. All these reasons have led to a slowdown,' said Sanjay Dutta, retail head at ICICI Lombard General Insurance, according to mydigitalfc.com.

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