The incremental premium income of the Rs 80,000-crore general insurance industry has come down to single-digits in both October and November following sharp fall in motor insurance premium, say industry experts.
After clipping at 12-13 per cent growth in the first half, the general insurance industry with 28 players has recorded 9 per cent growth in total premium income during October and November. But, insurers are hopeful that things will improve.
The industry led by four public sector general insurers has mobilised a total premium of Rs 49,000 crore till October as against Rs 44,800 crore in October 2013. In November, this stood at Rs 55,000 against Rs 50,300 crore in the year-ago month.
The motor insurance segment is the largest premium generating area for the industry. It has generated Rs 21,000 in October and Rs 24,000 crore in November this year.
The negative growth by the specialised insurers has adversely impacted the overall growth. For both October and November, its growth has fallen by 12-13 percent, Irda said.