General insurance sector has hit a “tipping point” and will continue to grow year-on-year irrespective of ups and downs in economic growth, according to G Srinivasan, CMD, The New India Assurance Co Ltd.
Non life insurance, which is at about 1 per cent of GDP as compared with life insurance share of 1.8 per cent, will be a significant driver of growth and out do life insurance in about a decade, he told media persons during an interaction today ahead of the company’s IPO on Wednesday.
In recent years, the sector had grown at about 15-17 per cent and last year it had spiked to 32 per cent due to the Centre’s new crop insurance scheme. In the current year, it is growing at about 20 per cent and will sustain at this level, he said.
