27 Nov 2009, 2207 hrs IST, PTI
NEW DELHI: The country's largest insurer, Life Insurance Corporation has increased its market share by 10 per cent to 65 per cent by garnering new businesses worth Rs 30,469 crore in the first seven months of the current fiscal.The market share of LIC improved by 10 per cent from 55 per cent at the end of October last year.
Meanwhile, the overall life insurance industry registered over 17 per cent growth in the April-October period of this financial year.
The 22 insurers collected Rs 46,689 crore first year premium in the April-October period this year, against Rs 39,684 crore in the same period last year.
During April-October 2008, LIC had mopped up first year premium of Rs 21,874 crore against the industry collection of Rs 39,684 crore, according to figures released by Insurance Regulatory and Development Authority (IRDA).
However, the private life insurance industry has registered a decline of 9 per cent. The 21 private insurers have collected Rs 16,217 crore first year premium during April-October period this year as compared to Rs 17,810 crore during the same period in 2008-09.
Private insurer ICICI Prudential was the worst hit as its premium declined by 33 per cent in the first seven months of the current fiscal from the corresponding period last year. The insurer mopped up first year premium of Rs 2,587 crore during April- October period this year.
NEW DELHI: The country's largest insurer, Life Insurance Corporation has increased its market share by 10 per cent to 65 per cent by garnering new businesses worth Rs 30,469 crore in the first seven months of the current fiscal.The market share of LIC improved by 10 per cent from 55 per cent at the end of October last year.
Meanwhile, the overall life insurance industry registered over 17 per cent growth in the April-October period of this financial year.
The 22 insurers collected Rs 46,689 crore first year premium in the April-October period this year, against Rs 39,684 crore in the same period last year.
During April-October 2008, LIC had mopped up first year premium of Rs 21,874 crore against the industry collection of Rs 39,684 crore, according to figures released by Insurance Regulatory and Development Authority (IRDA).
However, the private life insurance industry has registered a decline of 9 per cent. The 21 private insurers have collected Rs 16,217 crore first year premium during April-October period this year as compared to Rs 17,810 crore during the same period in 2008-09.
Private insurer ICICI Prudential was the worst hit as its premium declined by 33 per cent in the first seven months of the current fiscal from the corresponding period last year. The insurer mopped up first year premium of Rs 2,587 crore during April- October period this year.
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