New-age digital push help private life insurers gain market share

Among private insurers, the largest share is held by HDFC Life, which account for 9.24 per cent of market share, followed by SBI Life a 6.49 per cent

Public sector life insurance giant LIC is facing tough competition from private players that are using new-age digital marketing technologies. According to latest data from Insurance Regulatory and Development Authority of India (Irdai), the market share of LIC in terms of first year premium up to May 31, 2019, was 66.08 per cent, down from 67.40 per cent up to May 31, 2018. 

LIC’s market share fell marginally in the past one year, but over the past five years it has come down substantially. LIC’s share in the overall life insurance business came down from 75.34 per cent in