INDIA Life insurers experienced 37% growth in new business premiums (NBP) in March 2022, led by market leader LIC.
LIC is the market leader in life insurance with premium growth of 51% in March 2021, while increasing by nearly 8% to nearly Rs 2,000 billion (over VND 600 billion) during 2021 - 2022.
In fiscal year 2022, the life insurance industry's combined new business premium growth rate was 13% year-on-year, according to Insurance Development and Regulatory Authority of India data ( IRDAI).
"The strong growth in monthly policy volume can be attributed to an increase in single premiums for both the individual and group segments during the last month of the fiscal year (with individuals taking the measure). tax planning)," a CareEdge report said.
As of March, LIC outsold private insurers for the second consecutive month, capturing 63.2% of the life insurance market share in 2022. However, the private sector with 36.8% of the market share. the rest of the total NBP continues to gain market share at a faster rate than LICs, CareEdge reports.
"Due to the impact of the Covid-19 pandemic, premiums took a hit in 2021 and resulted in varying growth rates across companies. This growth is also reflected in the monthly numbers for 2022. ", CareEdge's note said.