Business Standard

Insurance sector grew 83% after privatisation

Related News

has grown by 83 per cent since the opening up of the sector. Remarking on the performance of the insurance industry, C S Rao, chairman, Insurance Regulatory & Development Authority (Irda), said public sector players have not suffered with the opening up of the sector.
 
has risen to Rs 82,415 crore in 2003-04, against Rs 45,000 crore in 2000-01. Rao expects premium income in the to rise further by 15-16 per cent and non-life insurance premium by 14 per cent in 2005-06. The growth comes on the back of healthy demand from the manufacturing sector.
 
"There has been no reduction in growth rates as seen in the case of the (LIC). It is able to hold on to its existing share in terms of business growth. Market share is bound to stand reduced as some business goes to the private players," said Rao.
 
The health and personal line segments are expected to see maximum growth during the current financial year.
 
"The health insurance sector is expected to grow by 10-15 per cent," Rao said at a one-day seminar on 'Growth of Insurance Industry in India' organised by the Indian Merchants' Chamber (IMC) in Mumbai today.
 
If the cap on foreign direct investment is increased to 49 per cent from the current 26 per cent, the industry can expect greater entry of players. But this, said Rao, should not be seen as a threat to public sector players.

 
 

Read more on:   
|
|
|
|
|
|
|
|
|
|
|

Read More

RBI signs currency swap agreement with Bhutan's monetary authority

India and Bhutan today signed a currency swap agreement for up to $100 million to further economic co-operation between the two countries.

Quick Links

More news from Finance Rss icon

Banks cut big-ticket home loan rate

SBI, ICICI Bank and PNB reduce interest rate for loans above Rs 75 lakh

India Post may apply for payment bank licence

Awaits details of new guidelines issued by central bank last month

Banks face new consumer liability issue

Under the current bancassurance norms, banks are not responsible for the policies sold as a corporate agent

Back to Top