annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
annual report 2008-09 - IRDA
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ANNUAL REPORT <strong>2008</strong>-<strong>09</strong><br />
TABLE 8<br />
PREMIUM UNDERWRITTEN BY LIFE INSURERS<br />
(Rs. Crore)<br />
Insurer 2007-08 <strong>2008</strong>-<strong>09</strong><br />
Regular Premium<br />
LIC 26222.00 19140.61<br />
(-12.26) (-27.01)<br />
Private Sector 28666.15 30229.95<br />
(85.24) (5.46)<br />
Total 54888.16 49370.56<br />
(21.00) (-10.05)<br />
Single Premium<br />
LIC 33774.56 34038.47<br />
(28.24) (0.78)<br />
Private Sector 5049.80 3597.20<br />
(27.82) (-28.77)<br />
Total 38824.36 37635.67<br />
(28.18) (-3.06)<br />
First Year Premium<br />
LIC 59996.57 53179.08<br />
(6.71) (-11.36)<br />
Private Sector 33715.95 33827.15<br />
(73.56) (0.33)<br />
Total 93712.52 87006.23<br />
(23.88) (-7.16)<br />
Renewal Premium<br />
LIC 89793.42 104108.96<br />
(25.41) (15.94)<br />
Private Sector 17845.47 30676.07<br />
(102.16) (71.90)<br />
Total 107638.89 134786.61<br />
(33.83) (25.22)<br />
Total Premium<br />
LIC 149789.99 157288.04<br />
(17.19) (5.01)<br />
Private Sector 51561.42 64503.22<br />
(82.50) (25.10)<br />
Total 201351.41 221791.26<br />
(29.01) (10.15)<br />
Note: Figure in brackets indicates the growth (in per cent) over<br />
previous year.<br />
The size of life insurance market, although recording<br />
positive growth witnessed retardation in the growth.<br />
The LIC could grow further its life business by 5.01<br />
per cent in <strong>2008</strong>-<strong>09</strong> as against an increase of 17.19<br />
per cent in 2007-08. The private insurers increased<br />
their premium by 25.10 per cent in <strong>2008</strong>-<strong>09</strong> as against<br />
a higher rise of 82.50 per cent in 2007-08.<br />
In terms of premium underwritten, the market share<br />
of private life insurance companies continued to rise<br />
in <strong>2008</strong>-<strong>09</strong>, which surged to 29.08 per cent from 25.61<br />
per cent in 2007-08. The market share of private<br />
insurers in first year premium increased to 38.88 per<br />
cent in <strong>2008</strong>-<strong>09</strong> from 35.98 per cent in the previous<br />
year. While, there has been an increase in the market<br />
share in the regular premium, market share of private<br />
insurers in single premium has declined. In the case<br />
of regular premium, the market share of private<br />
insurers went up further to 61.23 per cent in <strong>2008</strong>-<strong>09</strong><br />
from 52.23 per cent in 2007-08. In contrast, the share<br />
of single premium of private life insurers fell to 9.56<br />
per cent from its previous year’s level of 13.01 per<br />
cent. On the other hand, the market share of LIC in<br />
single premium has increased to 90.44 per cent in<br />
<strong>2008</strong>-<strong>09</strong> as against 86.99 per cent in 2007-08.<br />
TABLE 9<br />
MARKET SHARE OF LIFE INSURERS<br />
(In per cent)<br />
Insurer 2007-08 <strong>2008</strong>-<strong>09</strong><br />
Regular Premium<br />
LIC 47.77 38.77<br />
Private Sector 52.23 61.23<br />
Total 100.00 100.00<br />
Single Premium<br />
LIC 86.99 90.44<br />
Private Sector 13.01 9.56<br />
Total 100.00 100.00<br />
First Year Premium<br />
LIC 64.02 61.12<br />
Private Sector 35.98 38.88<br />
Total 100.00 100.00<br />
Renewal Premium<br />
LIC 83.42 77.24<br />
Private Sector 16.58 22.76<br />
Total 100.00 100.00<br />
Total Premium<br />
LIC 74.39 70.92<br />
Private Sector 25.61 29.08<br />
Total 100.00 100.00<br />
11
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