15-18% growth rate in Life insurance

Ratings agency – ICRA projected a 15-18 % growth rate of new business of Life insurance sector on an Annualised Premium Equivalent (APE) basis for FY18, whereas, the general insurance industry is expected to grow at 20% in FY18, much higher than the 14% growth seen in FY 17. Crop insurance business, which grew by 6.5 times, registered the fastest growth by acquiring a 12 % market share in the general insurance business in FY17 from 2 % market share in FY16.