MILAN, Sep 29 (Class Editori) — The insurance market in India is now worth about 21 billion in premiums with expectations of double-digit growth. It is a development that Generali is intent on riding, and Future Generali India Insurance CEO Anup Rau stated that he expects overall premium growth of 20% in 2023. The Group led by Philippe Donnet was the first foreign insurer to take advantage at the beginning of the year of new regulations introduced by the country's Government, which raised the limit on shareholdings in foreign companies.
In non-life insurance, Generali has thus acquired from Future Enterprises Limited 25% of the shares of Future Generali India Insurance (which had premium income of about 450 million as of March 2021) for about 145 million, giving it a 74% stake in the company.
Meanwhile, in life insurance (with premiums up to 150 million in 2021), it signed an agreement for the acquisition of the entire stake (about 16%) held by Industrial Investment Trust in Future Generali India Life for 26 million. And in particular in the non-life insurance, due to the increasing number of cars sold in the country, forecast expect an increase of 20% in premiums with the auto segment accounting for about 38% of the total, Rau clarified, thanks in part to the growth of the distribution channel with more than 20 partner banks and cooperative credit companies with 18,000 branches in the country. However, the combined ratio also remains above 100%, at 108%.
(Source:Class Editori)
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