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The new business premium (NBP) underwritten by life insurers grew by 14.8 per cent year-on-year in June 2024, and by 22.91 per cent so far in the current financial yea.
According to the Life Insurance Council’s data, NBP increased from ₹36,961 crore in June 2023 to ₹42,433 crore in June 2024, with the year-to-date collection in the quarter recording a higher growth — from ₹73,004 crore to ₹89,726 crore.
“Driven by a strong demand for enhanced insurance protection from individual consumers, new policy issuances too increased by 12.13 per cent on a Y-o-Y basis in June this year, resulting in the addition of 21,79,282 new policies vis-à-vis 19,43,529 policies in the year ago period,’‘ the council said.
The life insurance industry saw individual single premiums growing by 5.94 per cent on a Y-o-Y basis to close at ₹3,823 crore for June 2024, while YTD growth stood at 14.87 per cent. Individual non-single premium was at ₹8,310 crore and grew by 19.61 per cent last month, even as YTD collection was 19.92 per cent higher compared to the corresponding period last year.
According to the council, the focus on encouraging first-time life insurance buyers to buy essential life insurance solutions had led to the 14.93 per cent growth in combined individual premium collections for June 2024 and 18.25 per cent growth on a YTD basis.
In the group policy segment, single premiums grew by 13.49 per cent with monthly collections at ₹28,711 crore, as per the data.
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