General insurance industry to grow 18%

The size of the general insurance sector in the country is around Rs 30,000-crore. "The general insurance sector has a market value of Rs 30,000-crore and this will increase to Rs 33,000-crore by the end of this year," he said.

The penetration level of the sector is 0.65 per cent and to increase this, the growth rate has to be somewhere between 25 and 30 per cent, he added. In India, the urban market is the major contributor towards general insurance. "However, although the contribution of the rural market is not so significant, it is growing rapidly," he said.