Despite the controversy nearby the regulation of unit-linked insurance policies (Ulips), new business premium of life insurance companies grew 63(%) per cent to Rs 8,218 crore in May 2010, compared with Rs 5,050 crore in the same month last year.
Public sector insurer Life Insurance Corporation (LIC) registered 82(%) per cent jump in new business premium, growing from Rs 3,241 crore in May 2009 to Rs 5,907 crore in 2010.
Private life insurers saw new premium grow from Rs 1,809 crore in May 2009 to Rs 2,311 crore in 2010, a growth of 28(%) per cent.
The controversy over the regulation of Ulips happening after the Securities and Exchange Board of India (Sebi) in April barred 14 life insurance companies from selling Ulips, calling them investment products and asking insurers to seek approval from it before introduction such products.
Following the controversy, most companies kept the launch of new unit-linked products on hold.
However, now that the government has complete it clear that Ulips will continue to be keeping pace by the Insurance Regulatory and Development Authority (Irda), the industry hopes to launch new Ulips soon.
Among private life insurers, ICICI Prudential collected new premium of Rs 460 crore in May 2010 compared with Rs 346 crore a year ago, a jump of 36(%) per cent.
SBI Life garnered Rs 442 crore new business premiums during the same month, posting a 37(%) per cent increase over last year’s.
Meanwhile, gross premium underwritten by general insurance companies grow 20(%) per cent to Rs 2,994 crore in May 2010 compared with Rs 2,490 crore in the earlier year.
Four nationalized general insurance companies accounted for Rs 1,796 crore of the total gross premiums, while private non-life insurers collected Rs 1,197 crore during the month.
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