India:Non-life premiums soared 28% to US$9 bln in 1H FY2016-17
Total non-life insurance premiums collected by private and public-sector insurers surged by 28.3% to INR60,271 crore (US$902 crore) for the six months to 30 September.
Government-owned insurers reported a 25.8% rise in premiums to INR32,869 crore during April-September while privately held insurance companies saw faster growth of 31.5% in premiums to INR27,402 crore, reported Press Trust of India.
For the first half of the current fiscal year which ends on 31 March 2017, United India topped state-owned non-life insurers in premium income growth. The insurer recorded an increase of 27% in gross direct premium underwritten to INR7,650 crore, compared with INR6,034 crore for the same period a year ago.
The company said that entry into new business segments, agriculture (crop insurance) and automobile, helped it to achieve these results, reported the Hindu Business Line. The insurer had also strengthened its existing businesses.
United Insurance entered the agriculture sector under the Pradhan Mantri Fasal Bima Yojana crop insurance scheme (Prime Minister’s Crop Insurance Scheme) which was launched in January by the government.