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The first year premium collected by life-insurance companies has declined by 21.8 per cent up to July 31, compared to the corresponding period of last financial year.
The first year premium up to end of July 2011 stood at Rs 26,794 crore against at Rs 34,249 crore in the year-ago period, according to figures released by the Insurance Regulatory and Development Authority on Wednesday.
The first-year premium has been declining since the regulator brought in new regulatory norms for unit-linked insurance products (ULIPs) in September last financial year.
NON-LIFE insurance
The non-life sector, however, is growing. Gross premium underwritten by general-insurance companies during April-July in the present financial year increased by 21 per cent at Rs 18,646 crore compared to Rs 15,361 crore in the year-ago period.
Public insurers outpaced private players by underwriting Rs 10,671 crore premium against Rs 7,975 crore.
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