Surge in Vehicles Sales Pushes Profit of General Insurance Industry, Up :)

general insurance

The general insurance industry reported growth of 14 per cent in July, mainly due to sales of motor insurance policies.

🙂

In July, passenger vehicle sales reported growth of 29.1 per cent and commercial vehicle sales grew at 9.6 per cent.

Consequently, sales of motor insurance policies also increased.

🙂

In the reporting month, gross written premiums (GWPs) of the public sector insurers stood at Rs 1,680 crore, which is higher by 13.5 per cent.

Private sector players’ GWPs grew 14 per cent at Rs 1,176 crore.

🙂

Meanwhile, state-owned players such as United India Insurance, New India Assurance and Oriental Insurance posted double-digit growths.

🙂

National Insurance was the only public player to have a single-digit growth.

🙂

Even as the public sector players posted a good growth,the two big private players — ICICI Lombard General Insurance and Bajaj Allianz General Insurance — registered negative growth.

😦

However, market is picking up.

Though there is some slowdown in the travel insurance segment, but motor insurance is picking up.

🙂

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