In FY23, the insurance industry had reported a growth rate exceeding 16%. However, there was a slowdown in FY24 largely due to the performance of crop insurance. Specialised insurer AIC reported a decline of 32% in growth due to the slowdown in agriculture insurance.
And besides that, we have been quite aggressive as far as QR code distribution is concerned to the small traders and merchants and that has also given a fillip to our current account. So, for us, the current account and the saving bank has been quite encouraging. We have ended the year above 50% of CASA.
Neerja Kapur of New India Assurance has reported a global written premium target of Rs 42,000 crore for the financial year, with unaudited figures at Rs 41,860 crore. Health and motor segments lead in performance, contributing to the positive growth. The company emphasized on these segments for overall premium success.
After PSU banking industry and Life Insurance Corporation (LIC), it is now the turn of the PSU general insurers including Agriculture Insurance Company and GIC Re to finalise the wage negotiations with the government.
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