The gross written premium (GWP) collection of the general insurance industry grew to ₹33,303 crore in the first quarter, up 22 per cent from ₹27,310 crore in the corresponding period a year ago, according to data from the regulator IRDAI.
Having crossed ₹1.27 lakh crore in fiscal 2017, the industry is now eyeing to clock ₹1.5 lakh crore business in the current fiscal.
However, the Q1 figures do not include the crop insurance segment that has driven the industry growth by adding over ₹20,000 crore in fiscal 2017.