General insurance companies continued their positive performance and posted about 32% growth in gross direct premium in the current financial year till February. In January, premiums had crossed R1 lakh crore for the first time, largely due to the growth in health and motor insurance along with new crop insurance scheme.
The data from General Insurance Council (GIC) shows that, up to February gross direct premium underwritten by the industry was R1.13 lakh crore compared to R86,526 crore last February, a growth of 31.69%. While private insurers registered gross premium income at R47,996.65 crore up by 33.8% compared to last year, public sector insurance companies saw growth of 24.47% at R53,102.70 crore in the current financial year.
