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The first year premium of life insurers has decreased 17 per cent at Rs 71,952 crore up to December 31, 2011 compared with Rs 86,697 crore in the year-ago period.
The decline in the business of private insurers was higher at 20 per cent compared to the State insurer, Life Insurance Corporation of India, which suffered a 15 per cent dip in the first-year premium.
In the non-life segment, the gross premium underwritten grew by 24 per cent at Rs 42,023 crore during April-December 2011 as against Rs 33,889 crore in the corresponding quarter of previous financial year, according to flash figures released by the Insurance Regulatory and Development Authority.
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