General Insurance Premium may grow at CAGR of 20% in next 6 year & exceed Rs.1 Lakh Cr. By 2015
According to ASSOCHAM estimates, general insurance growth will largely come from retail and rural sectors. The constraints that general insurance is facing currently including lack of awareness which constricts risk exposure and the polices offered under current circumstances are complex in nature for which procedures are difficult and cumbersome and distribution strategies are not only inappropriate but totally inadequate.
Gradually, confidence and trust on insurance will increase to widen the premium for general insurance as institutions have started mass campaign and even curriculum of schools are providing for increased tilt for insurance in all parts of the country.
The Paper suggests need for innovative low cost distribution and servicing strategies to develop wider base for general insurance. In future, non-banking financial companies will also tie up with entire banking infrastructure to better utilize distribution of insurance products as a result the CAGR growth of general insurance will accelerate to over 20% which in the past was around 16.6% as mentioned in earlier part of press statement.
E-governance projects of central and state governments will also help institutions for better insurance delivery and servicing as Bima Mitras or aggressive trained insurance agents will occupy space to better help access insurance policies from men and women on streets, said Mr. Jindal. The future tilt of insurance policies will be more towards simple and less legalistic policies with reasonable pricing and hassle free insurance policies with professional approach acquiring dominance to make general insurance more popular accessible with affordability factor.
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