, India
Photo by Kindel Media for Pexels

India's first-year premiums drop 16.8% YoY in February

CareEdge Ratings attribute the decrease to the YoY decline in group premiums.

India's first-year premiums fell 16.8% YoY in February to Rs 22,848 crore (US$2.77b), data from CareEdge Ratings showed.

The decrease in group premiums, primarily LIC, and individual single premiums drove the decline in the overall first-year premium of life insurers.

LIC’s first-year premium fell 32.1% YoY to Rs 11,879.5 crore (US$1.44b) in February.

READ MORE: India poised to be 6th largest insurance market in the world by 2032

On the other hand, private insurers recorded a 10% growth, with first-year premiums rising to Rs 10,968.2 crore (US$1.33b).

“The monthly increase can be attributed to Individual Non-Single and Group Single premiums, which offset the fall in Group Non-Single and Individual Single premiums. Further, it can also be attributed to private companies pushing large value policies before the end of the fiscal year,” CareEdge Ratings stated.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Why embedded insurance is a must-have
An estimated 16% of Asian insurers’ revenues are now derived from embedded insurance.
To lead and to lag: APAC insurance’s conflicted AI journey in 2024
Whilst AI investments reached 23.93% of the total market, 41% of firms in Asia Pacific cling to outdated tech, hindering efficiency and scalability.
Insurance rides high on surge in Hong Kong travellers
CEO Jim Qin of Zurich Insurance cites a trend for extended vacations among Hongkongers in 2023, boosting travel insurance sales.