General insurance industry has missed the ambitious target of crossing the Rs 1 lakh-crore mark in premium collection by a small margin at Rs 96,401 crore, up almost 14 per cent in the just concluded fiscal. In FY15, general insurance industry had clocked a premium income of Rs 84,715 crore.
The growth this fiscal was driven by motor and health insurance segments, which are traditionally the largest segments for the industry. The four public sector players notched up a premium income of Rs 47,717 crore, while 18 private players garnered Rs 39,701 crore and the two specialised operators netted Rs 4,830 crore and health insurers added up with Rs 4,153 crore, a General Insurance Council data showed. General insurance industry has 30 players with four state- run players, one state-owned reinsurer GIC Re, two specialised government-run entities — Export Credit Guarantee Corporation (ECGC) and Agricultural Insurance Company — five standalone health insurers and 18 private players.