Insurance Premium Growth

Motor insurance premium sees 27.5% rise on a low base

However, in Q1, the industry posted a 40% YoY growth in new biz premiums

Premium raised first time in seven years, will make schemes viable and encourage more private insurers to join

The market share of LIC stood at 63.25% in total first year premium for financial year 2021-22

Tata AIA Life Insurance's total premium income is likely to grow over 30 per cent to cross Rs 14,000 crore in the current fiscal, a top company official has said. The industry growth for the first 10 months of the year has been about 20 per cent mainly because of the base effect and if you look at the growth of the company, it is about 32 per cent on weighted new business premium, Naveen Tahilyani, MD & CEO, Tata AIA Life Insurance Co Ltd, told PTI in an interaction. The life insurer had earned a total premium income of Rs 11,105.09 crore in 2020-21. "We grew at 32 per cent in the first nine months of this fiscal and close to 40 per cent in the first ten months of the year. So, I expect to close the year with about 35 per cent business growth in new business premium and about 30 per cent growth in total premium. Our total premium should certainly cross Rs 14,000 crore this year," Tahilyani said. He said the awareness towards buying insurance has increased post-Covid. However, the .

While policies with more robust features are becoming available, subscribers should watch out for sub-limits and caps.

This comes after a double-digit growth in premiums in December and low single-digit growth in November, preceded by contraction in September and October

This is despite state-owned insurance behemoth LIC reporting a 2% decline in NBP in the same period to Rs 13,143.64 crore

The feature needs customer mandates for these recurring payments to be made. Mandates can be set up with a frequency of user's choice such as daily weekly, monthly or annually

The first quarter of FY21 was a rough one for life insures because NBP contracted 18.64 per cent to Rs 49,335 crore against Rs 60,637 crore in Q1FY20 due the lockdown.

The International Monetary Fund has pegged the number at 4.8 per cent and expects it to pull down global growth as well.

Among these, the 25 general insurance providers had a combined premium of Rs 12,447.10 crore during the month, up by 12 per cent

The total gross premiums underwritten by the private insurers are to the tune of Rs 59, 513.59 crore in April-December 2018 against Rs 47,382.33 crore in the same period in 2017

The private insurers reported a steady growth of 23.33% with their first-year business premium

The fastest growing general insurer in 2017-18 is Aditya Birla Health Insurance Company, which registered an annual premium growth rate of 346.78%

Claim settlement improves for life insurance companies in 2016-17