The Indian insurance sector is expected to grow at less than five per cent this financial year, Confederation of Indian Industry (CII) said on the basis of a survey report.
Besides, the Non-life insurers were more optimistic about growth, compared with life insurers, said the survey report.
According to survey, nearly 60 per cent of non-life insurance companies projected an average growth of more than 10 per cent, whereas 50 per cent of surveyed life insurers expected to see negative growth in the current financial year.
Commenting on development, CII, director-general, Chandrajit Banerjee said, "While the Indian insurance industry is acknowledged globally to have matured tremendously since the opening of the sector in 2001, a facilitative and enabling regulatory and policy environment is critical to ensure insurance companies in India enter the next stage of growth and evolution on the foundation of greater insurance density and penetration."
The survey reviewed the outlook of the insurance sector in India while focusing on the impact of regulatory and policy environment in increasing insurance density and penetration and on the business outlook of insurance companies.