Life Insurance Premium Fall Down 19% in Apr - Nov. 2011
However, premium collected by general insurers rises 24%.
Premium collection numbers by the life insurance industry remain south-bound, as policy issuances by the industry continue to decline in the current financial year.
During the April-November period, the number of policies issued by the 23 life insurance players shrunk 12.45 per cent, resulting in a fall of almost 19 per cent in premium collection at Rs 62,429 crore, compared with Rs 76,990 crore collected in the same period a year ago.
According to data collected by the Insurance Regulatory and Development Authority, during 2011-12, the life insurance industry sold 23.07 million policies, compared with 26.35 million policies last year. This was largely due to fewer policies sold by private players, from 6.99 million in the year-ago period to 4.75 million, a decline of 32 per cent.
The largest life insurer, Life Insurance Corporation (LIC) of India, too, saw policy issuances decline by 5.3 per cent to 18.31 million.
During the April-November period, premium collection by LIC fell 17.57 per cent, while for its private peers, the collection was down 22.4 per cent. While LIC collected Rs 45,759 crore by writing new policies, private insurers collected Rs 16,670 crore.
Considering the choppy equity market and the high inflationary environment, sales of unit-linked insurance products are unlikely to pick up in the current financial year. Experts fear the growth of the life insurance india is likely to remain subdued over the next six to 12 months.
Premium collection numbers by the life insurance industry remain south-bound, as policy issuances by the industry continue to decline in the current financial year.
During the April-November period, the number of policies issued by the 23 life insurance players shrunk 12.45 per cent, resulting in a fall of almost 19 per cent in premium collection at Rs 62,429 crore, compared with Rs 76,990 crore collected in the same period a year ago.
According to data collected by the Insurance Regulatory and Development Authority, during 2011-12, the life insurance industry sold 23.07 million policies, compared with 26.35 million policies last year. This was largely due to fewer policies sold by private players, from 6.99 million in the year-ago period to 4.75 million, a decline of 32 per cent.
The largest life insurer, Life Insurance Corporation (LIC) of India, too, saw policy issuances decline by 5.3 per cent to 18.31 million.
During the April-November period, premium collection by LIC fell 17.57 per cent, while for its private peers, the collection was down 22.4 per cent. While LIC collected Rs 45,759 crore by writing new policies, private insurers collected Rs 16,670 crore.
Considering the choppy equity market and the high inflationary environment, sales of unit-linked insurance products are unlikely to pick up in the current financial year. Experts fear the growth of the life insurance india is likely to remain subdued over the next six to 12 months.
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