Private insurers' individual, group single premiums for May 2017 see a drop

Life insurers saw a 24% decline in lives covered under group scheme for May 2017

Private life insurers reported a slump in premiums earned in both individual single premium and group single premium categories on a month-on-month (m-o-m) basis and the twelve-month ending May 2017.

While the decline in the month of May 2017 was 12.8 per cent and 26.58 per cent in the individual and group single premium segments, respectively, the decline in the twelve-month period ending May was 10 per cent and 24.43 per cent, repectively for individual and group single premium categicories, according to the Insurance Regulatory Development Authority of India’s (Irdai) business figures for the month.

LIC’s individual single premium for