India’s life insurance companies witnessed 11.36 per cent growth in their collective premium income at Rs 48.26 lakh crore (US$ 684.64 billion) during the fiscal ended March 2020, as per the data from IRDAI. While in FY19, the 24 life insurance companies’ collective premium income stood at Rs 43.33 lakh crore (US$ 614.70 billion).
Although, LIC, the India’s largest and the only state-owned insurer, posted a decline in premium income at Rs 8.32 lakh crore (US$ 118.03 billion) during 2019-20, as per the data from the Insurance Regulatory and Development Authority of India (IRDAI).
During 2018-19, LIC’s premium collection reached Rs 10.74 lakh crore (US$ 152.36 billion). The company’s market share stood at 82.76 per cent as of March 31, 2020.
The rest of the private sector players observed 22.53 per cent rise in their total premium income at Rs 39.94 lakh crore (US$ 566.61 billion). In FY19, the overall income stood at Rs 32.59 lakh crore (US$ 462.34 billion).
As of March 31, 2020, the combined market share of all private sector life insurers stood at 17.24 per cent.
Source: IBEF
Image Courtesy: Daily Excelsior
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