Insurance industry gathered momentum with post-demonetisation savings. Some insurers, in fact, came out with initial public offerings (IPOs) during the last financial year. Deepak Mittal , MD and CEO, Edelweiss Tokio Life Insurance, shares his views on the prospects for the sector during the new financial year.
What is the outlook for the insurance sector in the new financial year?
Over the last three years, the life insurance industry has exhibited a positive trajectory. The industry will likely end FY18 with about 20% growth in new business premium over the last year. This growth was driven by post-demonetisation savings flow, a stellar performance in the equity markets and an expanding distribution footprint.
The industry will sustain the robust growth rate in the new financial year too. In the coming years, the industry at large will make concentrated efforts and investment towards identifying new distribution avenues as well as strengthening the existing ones.
