Growth is coming back in each of the segments, said Gopal Balachandran, CFO of ICICI Lombard General Insurance on Tuesday, while adding that the growth momentum in motor insurance should pick up. The insurance on new sales still remains about 75 percent of pre-COVID levels although motor renewals have been strong.
Speaking in an interview with CNBC-TV18, Balachandran said, “In the initial quarters, we did see some kind of a degrowth in the business. Q1, in specific, was degrowth for the overall market and since then as the economic activity started to gain momentum, we have started to see growth coming back in each of the segments.”
According to him, there is an extremely positive momentum in health insurance, individual as well as in group insurance space. He also believes that growth momentum in motor insurance should pick up.
Speaking about Bharti Axa merger, Balachandran said, “The merger still needs 5-6 approvals. At this point of time we have done the filing with the National Company Law Tribunal (NCLT) and post the NCLT’s clearance is when we will be applying to Insurance Regulatory and Development Authority of India (IRDAI) who would give a go-ahead for the scheme to be effective.”
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