Increasing life underwritings for 2015/2016

Indian life insurers have reported a sound growth of the new business in the course of the year 2015/2016. The amount of insurance policy premiums newly underwritten has jumped by 22.6% at 21 billion USD.

State-owned insurer LIC remains the main actor in the life class of business with 77% of the market shares. The company has underwritten 20 million new policies, a 24.7% increase in the turnover.

In the private sector, the number of new insurance contracts has reached 6.2 million for a growing turnover of 17.6% year-on-year.

Read also:

• Record performance for GIC Re
• License for 23 non-resident reinsurers
• India, the Lloyd’s is targeting the Indian market