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 />
Individual & Group Business<br />
Individual agents continue to play a major role in procuring<br />
new insurance business. At the aggregate level<br />
(individual and group business together) contributed<br />
65.45 per cent of the total new business. However,<br />
their share declined from 72.17 per cent in 2007-08.<br />
The channel which witnessed a major growth as compared<br />
to previous year was direct selling. This mode<br />
contributed 21.11 per cent of the total new business<br />
as compared to only 16.20 during the year 2007-08.<br />
TABLE 51<br />
NEW BUSINESS PREMIUM (INDIVIDUAL AND GROUP) OF LIFE INSURERS FOR <strong>2008</strong>-<strong>09</strong><br />
CHANNEL-WISE<br />
(In per cent)<br />
Life Insurer Individual Corporate Agents Brokers Direct Total Referrals<br />
Agents Banks Others* Selling Group<br />
New Business<br />
Private 47.44 19.19 9.54 1.96 21.87 100.00 8.05<br />
LIC# 76.90 1.56 0.55 0.37 20.63 100.00 0.03<br />
Total 65.45 8.41 4.04 0.99 21.11 100.00 3.14<br />
* Any entity other than banks but licenced as a corporate agent.<br />
# Does not include its overseas new business premium<br />
Note: 1) New business premium includes first year premium and single premium.<br />
2) The leads obtained through referral arrangements have been included in the respective channels.<br />
47
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