Life Insurers witness 32% growth in new business premiums in October

The numbers are in sharp contrast to the decline in business seen by insurers in the initial days of the Covid-19 pandemic

Life insurers reported a 32 per cent jump in new business premiums (NBP) in October, helped by healthy growth in single premiums and group non-single premiums. This comes after the industry saw a 16 per cent rise in NBP in the September quarter.

NBP is the premium acquired from new policies in a year.

Life insurers, 24 in total, earned NBP of Rs 22,776 crore in October, compared to Rs 17,271.86 crore in the corresponding period last year. In September, NBP was up 26.47 per cent at Rs 25,366.32 crore.

The numbers are in sharp contrast with the decline in business seen by