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After witnessing a marginal year-on-year (YoY) rise in new business premiums (NBP) in June, following a dip in May due to the second wave of the Covid-19 pandemic, the life insurance industry’s NBP has again dropped in July.
This is mainly due to the contraction in business seen by the state insurance behemoth — Life Insurance Corporation (LIC) of India.
In July, life insurers — 24 in total — earned an NBP of Rs 20,434.72 crore, down 11-per cent YoY from last year. While private insurers managed to report a 7.53-per cent increase in NBP in July over
This is mainly due to the contraction in business seen by the state insurance behemoth — Life Insurance Corporation (LIC) of India.
In July, life insurers — 24 in total — earned an NBP of Rs 20,434.72 crore, down 11-per cent YoY from last year. While private insurers managed to report a 7.53-per cent increase in NBP in July over
