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, while retail health — the growth driver for the past two years — seems to have slowed. Tapan Singhel, managing director and chief executive officer of Bajaj Allianz General Insurance, spoke to Subrata Panda in an interview about the emerging trends, impact of inflation, and prospects of motor business. Edited excerpts:
How was business in Q1, given there were no restrictions because of Covid?
The big issue for the general insurance industry across the globe is inflation. Due to high inflation, the claims cost for the industry has moved up. When the industry does the