BFSI Summit: General insurance industry on the cusp of new phase of growth

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Rau said health insurance premium in India is already one of the lowest, reducing the scope for further decline.“Reducing GST on insurance is a better option to drive penetration, compared to government using tax revenues to subsidise insurance premium in a bid to grow penetration,” he said.

The groundwork has been done and it will start to show up in policy sales and penetration data soon,” said Anuj Tyagi, MD & CEO of HDFC Ergo General Insurance Company.

It has grown at a faster rate than premium, given the growth in new policies.“Average premium per policy in motor insurance has not gone up in years while it has declined in case of crop insurance even as the number of policies continued to grow,” said Rau.

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Category: BusinessFinance

Markets: India

Topics: Bs events Business Standard BFSI Summit General Insurance BFSI

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Article Type: News Report

Published On: 2024-11-08 @ 20:15:00 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 847 words

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Copyright Owner: © Business Standard

News ID: 23471025

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