Life insurers report 11% YoY decline in new business premiums in July

When compared to the pre-pandemic period (July 2019), NBP of the life insurance industry witnessed a drop of 5 per cent

After witnessing a marginal year-on-year (YoY) rise in new business premiums (NBP) in June, following a dip in May due to the second wave of the Covid-19 pandemic, the life insurance industry’s NBP has again dropped in July.
 
This is mainly due to the contraction in business seen by the state insurance behemoth — Life Insurance Corporation (LIC) of India.
 
In July, life insurers — 24 in total — earned an NBP of Rs 20,434.72 crore, down 11-per cent YoY from last year. While private insurers managed to report a 7.53-per cent increase in NBP in July over