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Having witnessed a slowdown in business growth during the last three years, the life insurance industry is likely to post a positive growth in 2013-14.
According to Sudhin Roy Chowdhury, member (life), Insurance Regulatory and Development Authority (IRDA), the industry might post a double-digit growth in business this fiscal. The growth will be spurred by an improvement in the country’s economic growth.
“Last three years we have seen a dip in business, but this year we expect the insurance industry to be on a growth trajectory. Gold is likely to lose sheen now and even real estate and stock markets have witnessed a dip. These could contribute to the growth in insurance sector,” Chowdhury said at the 6th ICC Insurance Summit here on Saturday.
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