Premium collection of the life insurance industry in India continued to decline in August. During the April-August period, the industry collected premiums worth Rs 71,565.49 crore by writing new policies. This was a fall of 22.07 per cent, compared with Rs 91,833.94 crore collected in the corresponding period last year.
During the April-June period, premium collection was down 22 per cent.
According to data collected by the Insurance Regulatory and Development Authority (Irda), premium collection of Life Insurance Corporation (LIC), in the same period fell 20.91 per cent, while that of private peers, fell 28.72 per cent. While LIC collected Rs 30,912.31 crore, private insurers collected Rs 9,740.87 crore.
However, in August, the total premium collection by the industry stood at Rs 13,857.89 crore, up 62 per cent, compared with Rs 8,511.25 crore collected in July.
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GENERAL INSURERS
Gross written premiums of the general insurance industry rose 24.06 per cent during 2011-12, compared to the previous year.
According to data collected by insurers, the industry collected Rs 23,712.75 crore by writing new policies during the April-July period, compared with Rs 19,144.06 collected crore last year.
While private insurers registered a growth of 25.97 per cent at Rs 9,861.28 crore, the four state-owned general insurance companies' collection was higher by 22.74 per cent at Rs 13,851.47 crore.
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