Life Insurers premium declines for Second straight month
Life Insurance industry continues to see de-growth in their premium income for second straight month with November figures seeing a decline of 7.05% in First Year Premium after a 6.73% fall in October’08. The total premium collected has dived from Rs 6081.16 crs in Nov’07 to Rs 5652.39 crs in Nov’08.
Individual Single premium down from 1980crs in Nov’07 to 1310crs in Nov’08.
Individual Non-Single premium down from 3503crs to 3074crs
Group Single premium is up from 535crs in Nov’07 to 927crs in Nov’08
Group Non-Single premium is up from 63crs to 342crs
For the period upto Nov’08, Life Insurance industries premium has grown by a marginal 1.43%. Shikha Sharma, CEO, ICICI Pru Life expects a flat growth in fiscal 2009. One can only conclude that flows into equity markets will be equal to or less than last year’s figures.
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