2016 is expected to be an exciting year for the Indian general insurance industry. Taking off from 2015’s natural calamities, we expect the property insurance to register a significant growth. Health insurance segment is expected to stay robust on account of rising healthcare cost, inflation and improved awareness among the consumers. The year will also witness huge inflows of capital into the country, with large global general insurance companies expected to increase their stakes to 49% as permitted by the Insurance Act. Industry’s hopes however are pinned on the commercial insurance segment. We expect 2016 to be an year of shifting gears in terms of economic performance of the country. The handwork undertaken in the past two years should culminate into tangible action and development of the infrastructure thereby leading to healthier commercial insurance business. We are confident that 2016 will enable us to further build upon our growth plans and moreover, help us empower our customers to lead a more secured life."
The author is Managing Director & CEO, Royal Sundaram General Insurance Co. Ltd.