annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10TABLE 57INDIVIDUAL NEW BUSINESS PERFORMANCE OF LIFE INSURERS FOR 2009-10 — CHANNEL WISE(Figures in per cent)Life Insurer Individual Corporate Brokers Direct Total ReferralsAgents Agents Selling IndividualNewBanks Others* BusinessPrivate Total 50.67 24.88 10.28 3.44 10.73 100.00 7.85LIC # 97.75 1.64 0.52 0.09 0.00 100.00 0.18Industry Total 79.61 10.60 4.28 1.38 4.13 100.00 3.13*Any entity other than banks but licenced as a corporate agent.# Does not include its overseas new business premium.Note: 1) New business premium includes first year premium and single premium.2) The leads obtained through referral arrangements have been included in the respective channels.# Does not include its overseas new business premiums.Group New BusinessII.2.8 Direct selling continues to be the dominantchannel of distribution for group business, with amarket share of 89.34 per cent during 2009-10 (86.34per cent in 2008-09).II.2.9 While LIC procured 7.44 per cent of the groupbusiness through the traditional individual agencyforce, the private insurers procured only 0.75 per centthrough this channel. The contribution of this channelstood at 12.11 per cent and 0.32 per cent respectivelyfor LIC and the private insurers in 2008-09. Anotherimportant channel for procuring business for theprivate sector insurers has been the banking sector.During 2009-10, bancassurance contributed 8.67 percent of the total group business of the private insurers(as against 9.19 per cent in 2008-09).61