The gross premium underwritten by non-life insurance companies grew by 19.7 per cent in the first three quarters of the current financial compared to the year-ago period.
According to data released by the Insurance Regulatory and Development Authority (IRDA) on Tuesday, the gross premium collected by 26 non-life insurers during April-December 2012 increased to Rs 49, 891 crore against Rs 41,887 crore in the corresponding period last year.
According to IRDA Chairman J. Hari Narayan, the general insurance sector is likely to end the current fiscal with the same quantum of growth.
The life insurance sector, however, is witnessing a downward trend.
The first-year premium of life insurers in the first three quarters of the current financial year ended December 31, 2012, declined 12.6 pc to Rs 69,184 crore compared to Rs 79,153 crore in the year-ago period.