Insurance industry reports premium growth in Q1 FY25 ahead of Budget

State-owned LIC reports robust rise in life insurance business

The insurance industry reported healthy growth in premiums in the first quarter of FY25 (Q1 FY25). The life insurance sector's premium growth was at 14.62 per cent, driven by Life Insurance Corporation (LIC) reporting a robust rise in business. The non-life insurance sector to reported a healthy set of numbers, helped by the motor and health segments. The industry's premium growth stood at 13 per cent, driven majorly by standalone health insurance companies. More tax benefits for health insurance under the new tax regime, relaxation in payment norms for MSMEs and incentives for the agritech sector are among the expectations of stakeholders from the first budget of the third Narendra Modi government.