The premium collection of the life insurance industry in India dipped 21.8 per cent to Rs 26,794 crore during the April to July period as against Rs 34,249 crore reported in the corresponding period last year.
According to the data collected by Insurance Regulatory and Development Authority (Irda), during the first quarter of the financial year, premium collection of the Life Insurance Corporation (LIC) during the first four months fell by 20.5 per cent to Rs 19,406 crore from Rs 24,430 crore, a year ago. Whereas for the 22 private life insurers, the first year premium collection was down by around 25 per cent to Rs 7,388 crore as against Rs 9,818 crore collected a year ago. Premium collection were down by 28 per cent during April-June period.
However, during the month of July, the industry collection was higher by 41 per cent to Rs 8511 crore as against Rs 6,023 crore collected in June.
GENERAL INSURERS GROW BY 21%
The gross written premium of the general insurance industry grew 21.4 per cent during the first quarter of 2011-12 compared to the year before.
According to data collated by insurers, the industry collected Rs 18,646 crore by writing new policies during April-July period, as against Rs 15,361 crore last year. While, private insurers registered a growth of 24.4 per cent to Rs 7,975 crore, the four state-owned general insurance companies’ collection was higher by 19.2 per cent to Rs 10,671 crore.
