As per the latest report by Insurance Regulatory Development Authority (IRDA), the country’s major private and public insurance companies have lost their market share in new business premiums.
Largest public sector insurance company Life Insurance Corporation has managed to mitigate some of the losses in new business premium to 4% during November as against a 16% drop in October. While ICICI Prudential Life Insurance continued to lose its share by 45.96% on a month on month basis, another major player SBI Life Insurance topped with Rs 506.84 croe, for the first time during November.
The current economic turmoil in the equity market has taken away the ULIP market, leading to a dip in the premium collection by the private insurance companies.