Life insurers new business to grow 15-18%: Icra

General insurance industry expected to grow at 20% in FY18

Ratings agency, Icra, has pitched a 15-18 per cent growth rate of new business of Life insurance sector on an Annualised Premium Equivalent (APE) basis for FY18. Whereas the general insurance industry is expected to grow at 20 per cent in FY18, much higher than the 14.4 per cent growth seen in FY 17. 

With the key structural drivers namely an underpenetrated market, favourable demographics, improving savings rate coupled with expected recovery in the economy amidst steady push by the government and the insurance companies to improve the penetrations will aid the Industry, said Karthik Srinivasan, Senior VP and Group Head