The Indian insurance sector is projected to grow at less than five per cent this financial year.
Non-life insurers were more optimistic about growth, compared with life insurers.
According to a recent survey by CII. This survey was based on responses from 30 insurance companies from life insurance and general insurance sector.
Nearly 60 per cent of non-life insurance companies projected an average growth of more than 10 per cent, whereas 50 per cent of surveyed life insurers expected to see negative growth in the current financial year. While the Indian insurance industry is acknowledged globally to have matured tremendously since the opening of the sector in 2001, a facilitative and enabling regulatory and policy environment is critical to ensure insurance companies in India enter the next stage of growth and evolution on the foundation of greater insurance density and penetration.
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