Life insurers’ first-year premium has been reportedly reduced by 17% to Rs 71,952 crore up to December 31, 2011 compared with Rs 86,697 crore in the year-ago period.
According to Insurance Regulatory and Development Authority reports, decline in private insurers's business was higher at 20% compared to the state insurer, Life Insurance Corporation of India, which suffered a 15% dip in the first-year premium. In the non-life segment, the gross premium underwritten grew 24% to Rs 42,023 crore during April-December 2011 against Rs 33,889 crore in the corresponding quarter of the previous financial year.