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Caronavirus kills 32% of life insurance new premium growth in March, LIC improves its market shares in 2019-20
Due to the disruptions caused by the Covid -19 pandemic, the domestic life insurance industry, consisting of 24 players led by the state owned Life Insurance Corporation(LIC), has degrown by 32 per cent in its premiums collection to Rs 25 409 crore in the month of March, the most crucial month for the industry.
The LIC , with an agency force of 11 lakh , has grown its annual new premium by 25 per cent to Rs 1,77,977 crore in 2019-20.
The corporation, in many years, has improved its market share in terms of new premium income to 68.74 per cent in 2019-20 against a market share of 66.24 in 2018-29.
The private sector, again led by the HDFC Life, at Rs 80,919 crore has mopped up 11.64 per cent per cent higher premium in FY 2019-20.
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