Engineering insurance premiums in India have doubled in four years on the back of a surge in infrastructure investments during the period.
The gross direct premium underwritten in the engineering segment has risen to 4,848.06 crore in the April-February period (11 months) of 2023-24, or FY24 (the annualised figure is nearly ₹5,300 crore), from ₹2,634.9 crore in 2019-20 (FY20).
According to General Insurance Council data, the gross direct premium underwritten increased by 30.84 percent year-on-year in 11MFY24, from ₹3,705.35 crore in the corresponding period of 2022-23.
"Engineering is the fastest-growing business segment in the general insurance industry. The high growth can be explained by the huge public investment happening in the infrastructure space, which translates into construction insurance premiums for the general insurance market," said Hari Radhakrishnan, an expert from the Insurance Brokers Association of India (IBAI) and regional director for First Policy Insurance Brokers.
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