As per Insurance Regulatory and Development Authority of India (IRDAI) gross direct premium underwritten by general insurance companies in India upto February, 2017 during current financial year was around ₹ 1.14 lakh crore (provisional). 

The growth rate in 2015-16 was 14% and in the current financial year till December, 2016 it is around 30%. With the registration of new insurance companies and implementation of Pradhan Mantri Fasal Bima Yojana a healthy trend of increasing growth in the general insurance sector is likely to persist. 

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha.

Insurance sector growth attributed to new insurer registrations and crop insurance implementation driving sustained premium expansion. IRDAI provisional data show increased gross direct premium underwritten by the general insurance sector through February 2017, with growth attributed to registration of new insurers and implementation of the Pradhan Mantri Fasal Bima Yojana, described as sustaining a healthy expansion in the market; the information was provided in a parliamentary written reply and reflects regulatory reporting of premium volumes.