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Despite the fall in number of policies, the new business premiums of life insurers grew in double digits
Data indicates that general insurers collected Rs 25,396.68 crore in premiums in October, reflecting a 23 per cent Y-o-Y increase
In H1, premiums of non-life insurers were up 7% Y-o-Y
The motor insurance and health insurance segments have been driving the growth in the non-life insurance industry so far in FY25, industry experts suggested
Revising all the traditional products according to the new surrender value norms and renegotiating terms with the distributors within the timeline is a huge challenge
State-owned LIC reports robust rise in life insurance business
Industry leader, The New India Assurance Company saw nearly 3.93 per cent Y-o-Y improvement in premium to Rs 5259.01 crore
Market share of private insurers increases to 53.79 per cent YoY
The near 17 per cent fall in the premium of National Insurance Company dragged the overall premium of public sector units
General insurance penetration in India remains low at 1 per cent as of FY21, compared to 3.4 per cent in Taiwan and 5.2 per cent in South Korea
Premium of General ins cos likely to be robust in Q2FY24
Public sector general insurers reported a 30.64 per cent surge in premium, while private insurers recorded a 21.49 per cent increase during this time
Avendus Capital study says low penetration coupled with rising disposable incomes, and product innovation by insurers could act as catalysts for the segment
Group health plans drive the 29% growth in health premiums during the first eight months of FY23
The corporation has launched only non-par products this year, which cater to specific segments in its drive to increase the non-par business
In FY23, so far, non-life insurers have reported a 19 per cent growth in premia to Rs 1.02 trillion
In the June quarter, the non-life insurance industry netted premiums to the tune of Rs 54,492 crore, up 23 per cent YoY
Gross direct premium income grew to Rs 3,733 crore in the reporting period, up 13 per cent over Rs 3,302 crore a year ago, which ICICI Lombard said was in line with the industry growth level.
Sequentially, the premium income of non-life insurers was up 20 per cent, after a slump of 28 per cent in May
The cumulative premium till January 2021 rose by 1.91 per cent to Rs 1,40,999.04 crore; stand-alone health insurers witnessed 8.04 per cent increase at Rs 12,108.73 cr