Covid-19 impact: Life Insurer's new business premium declines 32% in March
The new business premiums of life insurance companies declined 32 per cent in the month of March, owing to the disruption caused by the spread of coronavirus (Covid-19) and the subsequent lockdown enforced by the government to contain its spread. For the month of March, the new business premiums of life insurance companies stood at Rs 25,409 crore compared to Rs 37,459 core in March 2019. The private life insurers, 23 in total, saw their new business premiums decline by 34.21 per cent in March 2020 at Rs 8,342 crore compared to Rs 12,682 crore in the same period of the last financial year. Similarly, state-owned life insurance behemoth – Life Insurance Corporation (LIC) – saw its premiums decline by 31.11 per cent in the reporting month. In March 2020, it collected new business premiums to the tune of Rs 17,066 crore compared to Rs 24,776 crore in March 2019. Read More