GIC Re, New India Assurance soar 20% in range-bound market

The general insurance industry in September grew by almost 40 per cent to Rs 19,047 crore.

Shares of general insurance companies were on a roll on Wednesday. Both General Insurance Corporation of India or GIC RE (Rs 258) and the New India Assurance Company (Rs 114) hit their upper circuit of 20 per cent on the BSE after a news report suggested that insurance sector posted a substantial growth rate in premiums.

In comparison, the S&P BSE Sensex was up marginally by 0.01 per cent at 38,510 points at 02:37 pm. The trading volumes on both these counters jumped by more than 10-fold, as compared to an average trading volumes in the past two weeks.