India’s life market expecting stronger growth

December 15 2017 by InsuranceAsia News Staff

The life market in India is set to achieve higher growth for the second half of the fiscal year ending March.

According to Deutsche Bank, the growth will be aided by low penetration of insurance in the market, and the rising share of financial assets in household savings.

Private insurers are expected to lead the way with their tie-ups with banks to sell plans.

Private insurers’ individual annualised premium income rose 30% in the first fiscal half, beating the 27% Indian industry average, and outperforming the state-run Life Insurance Corporation of India, the nation’s largest life insurer.

The market share of private players also surged to 54% in November 2017 from 52.7% in the same month a year ago.

Among the private insurers, SBI Life Insurance took the highest market share at 23% as of November.

It booked a growth in income of 38% year-on-year.