Premium collected by the life insurance industry decelerates by 2.33% during the Period Ending 30th September, 2012 over the Previous Period Ending 30th September, 2011.
The Insurance Regulatory & Development Authority (IRDA) has informed that the total Premium collected by the Life Insurance Industry decelerated by 2.33% during the period ending 30th September, 2012 over the previous period ending 30th September, 2011. The reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole.
IRDA has further informed that the authority interacts with Life Insurance Companies periodically to examine the possible way to facilitate growth of Insurance Business.
The figures provided by the Minister revealed that premium collected by the private sector life insurance companies during the first half of the current fiscal declined to Rs32,423 crore from Rs35,059 crore in the corresponding period a year ago.
This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha on 23rd November.
