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IRDA to introduce new formula for persistency rates

According to Sudhin Roy Chowdhury, Member-Life, IRDA, the regulator will disclose the new formula soon

June 06, 2013 1:13 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) is looking to have a new formula for calculating persistency rates of life insurers.

Persistency ratio shows the percentage of policies that continue paying premiums rather than cancel policies. A higher ratio is better than a lower ratio.

According to Sudhin Roy Chowdhury, Member-Life, IRDA, the regulator will disclose the new formula soon.

Persistency is presently disclosed by insurers for the 13th, 25th, 37th and 49th month.

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