LIC is
seen losing its market share in life insurance from 75 percent in 2013-14 to 69
percent in 2017-18 to private insurance companies like HDFC Life, SBI Life, and
ICICI Prudential Life. In the
first nine months of the current year 2018-19, based on new business premium,
LIC’s market share stood at 66.49 percent. In this period, the first-year
premium collected across single and group policies by private life insurers saw
an increase of 23 percent year on year, while LIC’s dropped 5 percent. Smaller
private insurance companies including Aditya Birla Sun Life, Tata AIA Life,
Bharti Axa Life, Edelweiss Tokio Life, and India First Life have also seen a
significant jump in premium collection in the first nine months of 2018-19,
according to IRDAI data.
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LIC losing market to private firms
By IndianMandarins - 2019-01-20 11:28:37
LIC is
seen losing its market share in life insurance from 75 percent in 2013-14 to 69
percent in 2017-18 to private insurance companies like HDFC Life, SBI Life, and
ICICI Prudential Life.
In the first nine months of the current year 2018-19, based on new business premium, LIC’s market share stood at 66.49 percent. In this period, the first-year premium collected across single and group policies by private life insurers saw an increase of 23 percent year on year, while LIC’s dropped 5 percent.
Smaller private insurance companies including Aditya Birla Sun Life, Tata AIA Life, Bharti Axa Life, Edelweiss Tokio Life, and India First Life have also seen a significant jump in premium collection in the first nine months of 2018-19, according to IRDAI data.
