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India ranks 15th in world insurance market in 2011-12

India’s ranking in the world insurance market has fallen four places to number 15 in 2011 from number 11 in 2010

June 29, 2012 2:24 IST | India Infoline News Service
Due to a sharp decline in life insurance business in 2011-12, India’s ranking in the world insurance market has fallen four places to number 15 in 2011 from number 11 in 2010. Since there is a drop in life insurance premium, India’s share of the world insurance market has declined to 1.58% in 2011 from 1.8% in 2010. At present, India has been displaced by countries like Brazil, Spain and Taiwan which now rank higher than India.

First year premium of Indian life insurers rose by a marginal 1.4% year during the first two months of FY12-13, according to the Insurance Regulatory and Development Authority (IRDA) data.

The combined first year premium of the public and private sector insurers during April-May 2012, increased to Rs. 124.29 billion from Rs. 122.53 billion in the same period a year ago.

First year premium of public sector life insurer LIC (Life Insurance Corporation of India) declined marginally to Rs. 92.15 billion from Rs. 92.73 billion during the same period.

In 2000, the Indian life insurance industry was opened to world market competition. At that time, India stood 20th among world life insurers and accounted for just 0.5% of the world premium. By 2009, the India’s share increased to 2.45%, overtaking developed markets in the West such as Spain, the Netherlands, Switzerland, Sweden Belgium, Ireland and Finland, South Africa Australia and Canada.

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