LIC weighs on life insurers’ performance
The Hindu
Life insurers have reported a 5.55% decline in first-year premium at ₹12,976.99 crore for May, a performance dominated by market leader LIC’s mobilisation being 12.38% lower, and coming on the back of
Life insurers have reported a 5.55% decline in first-year premium at ₹12,976.99 crore for May, a performance dominated by market leader LIC’s mobilisation being 12.38% lower, and coming on the back of lockdown restrictions across the country. It effectively shadowed the show of private players, who together posted a 14.23% increase in the premium at ₹4,029.35 crore as against ₹3,527.48 crore in the year earlier period. The first-year premium of LIC, which accounts for more than 60% of the market share, stood at ₹8,947.64 crore (₹10,211.53 crore), according to new business statement of life insurers released by IRDAI.
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Insurance penetration and density are often misunderstood and do not reveal how many families are insured or whether they would be financially secure if the main earning member were to die. The real issue is not reach but adequacy, as households may have life insurance but not enough cover to replace lost income, leaving them financially vulnerable.
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