Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Insurance penetration increased in 2019-20 in both the life and general segments - istock.com/marchmeena29
The market share of public sector general insurers fell to 38.78 per cent in 2019-20 from 40.52 per cent in 2018-19 although in the life insurance sector, Life Insurance Corporation of India has roughly managed to maintain its market share in the period with only a marginal decline.
“In case of public sector general insurers, all four companies expanded their business with an increase in respective premium collections over the previous year,” said the Annual Report 2019-20 of the Insurance Regulatory and Development Authority of India (IRDAI). The report revealed that the market share of three of the four public sector insurers, except New India Assurance, has decreased from the previous year.
The market share of New India marginally increased to 14.19 per cent in 2019-20 from 14.11 per cent in 2018-19.
The market share of United India Insurance, National Insurance and Oriental Insurance declined to 9.27 per cent, 8.08 per cent, and 7.24 per cent in 2019- 20 from 9.69 per cent, 8.93 per cent and 7.79 per cent in 2018-19, respectively.
“New India, which collected direct premium of ₹26,813 crore, once again remained as the largest general insurance company in India,” it further revealed.
The market share of private general insurers increased to 48.03 per cent in 2019-20 from 47.97 per cent in the previous fiscal.
The market share of LIC remained at 66.22 per cent in 2019-20 marginally lower than the 66.42 per cent in the previous year, the report showed.
The market share of private insurers slightly increased from 33.58 per cent in 2018-19 to 33.78 per cent in 2019-20.
In terms of number of new policies issued, LIC witnessed a growth of 2.3 per cent in 2019-20 while the private sector registered a decline of 4.05 per cent compared to the previous year. Overall during 2019-20, life insurers issued 2.88 crore new individual policies, out of which LIC issued 2.18 crore policies (75.91 per cent) and the private life insurers issued 69.50 lakh policies (24.09 per cent), the report showed.
Insurance penetration also increased in 2019-20 in both the life and general segments.
After a small decline in 2018 to 2.74 per cent, life insurance penetration increased to 2.82 per cent in 2019.
The penetration of non-life insurance sector in the country has gone up from 0.56 per cent in 2001 to 0.94 per cent in 2019.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
With initial public offerings galore, we give you a cheat sheet to score some good grades
Biggest risk in selling funds in a rising scenario is exiting early and missing out on further gains
Go for a standard vector-borne diseases policy if you don’t have a regular health plan
No credit risk is an attraction, but note the nuances
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
While Supreme Court has cleared the way for women seeking longer tenures and senior roles in the Indian Army, ...
Mughal Gardens in the Capital open to visitors — albeit with Covid-19 protocol — for the annual Udyanotsav
Salty, buttery, cheese coated or with maple syrup and bacon — popcorn is lending its adaptable self to gourmet ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...