The general insurance industry reported a growth of 13% in FY24, the pace of expansion slowing from a year before on a decline in agri insurance. In FY23, the insurance industry had reported a growth rate exceeding 16%. However, there was a slowdown in FY24 largely due to the performance of crop insurance. Specialised insurer AIC reported a decline of 32% in growth due to the slowdown in agriculture insurance.
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