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The first year premium of life insurers declined 18.64 per cent in the first quarter of the current financial year ended June 30, 2020 compared with same period last year.
According to data released by the Insurance Regulatory and Development Authority of India (IRDAI) on Thursday, the first premium collection by the insurers stood at ₹49,335 crore up to end of June as against ₹60,637 crore in the same period last year.
The Life Insurance Corporation (LIC) of India registered 18.45 per cent decrease in first year premium at ₹36,530 crore (₹44,795 crore).
The premium received by the 23 private life insurance companies declined by 19.17 per cent at ₹12,805 crore (₹15,842 crore).
Of the 23 players, all except five, posted decline in premium ranging from 2 per cent to 52 per cent.
In the non-life sector, the gross direct premium under written up to June 2020, too, decreased by 4.24 per cent to ₹39,330 crore (₹41,072 crore).
While all general insurers’ premium fell by 6 per cent to ₹35,668 crore, standalone health insurers, however, registered a 15.8 per cent growth in gross premium underwritten to ₹3,232 crore.
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