Commenting on the performance, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance, says “At HDFC ERGO, we have seen growth across all our products, though it has been strongest in Crop Insurance, followed by Motor and Health. Together, these segments have helmed our growth story in FY2016-17. Over the last five years, we have grown at a CAGR of 26% compared with the industry CAGR of 17%. With the government’s sustained focus on the rural sector, we expect the rural insurance market to continue to grow over the next few years, which is a positive indicator not just for the segment, but for the entire economy. Increasing awareness and adoption of insurance, robust regulatory framework, innovative product launches, and better service quality are going to shape the evolution of the industry for the better, and we expect the industry to grow by 17%-18% in FY 2017-18”.
The General Insurance industry in the country has seen a huge upward swing in FY 2016-17, with the total gross direct premium growing by 32.4% to Rs 1.27 lac crore. The growth can be attributed largely to a surge in the Crop insurance segment, supported by growth in Motor and Health insurance segments.
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