Riding high on motor and fire premia and government-run social security schemes, the general insurance industry grew 12.5 per cent in the April-June quarter mobilising Rs 23,418 crore in premium income.
Bajaj Allianz General Insurance has reported 37 percent rise in net profit at Rs 562 crore for 2014-15 despite settling claims worth Rs 962 crore on account of floods in J&K and Hudhud cyclone on Andhra Pradesh.
The Indian insurance regulator`s proposal to make banks sell policies of at least two insurers of each category - life, general and health - has thrown up an unexpected brand equity challenge for the banks, insurance experts say.
Opposing the proposed bill allowing foreign direct investments in insurance sector, the General Insurance Employees' All India Association has threatened to stage a nation-wide stir if the Centre goes ahead with its proposal.
The number of complaints dropped to 63,335 in 2013-14 from 1,86,615 in 2009-10, the report released jointly by Insurance Regulatory and Development Authority (Irda) and Consumer Affairs Department said.
General insurance (GI) industry expects better growth in the current fiscal as greenshoots start appearing in the commercial vehicle segment amid hope that post-election a stable government at the Centre would augur well for the sector.
Private general insurer Tata AIG General Insurance is hopeful of posting around 15 percent growth in premium collections in the next financial year on the back of an expected recovery in economy, a top company official has said.
Private-sector insurer Reliance General Insurance hopes to register profit in the current financial year on the back of a diversified portfolio and reduced dependence on motor segment, a top company official has said.