insurance

India Life Insurance Companies Market Share

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It has been a while since we reported the Top Life Insurance Companies in India. According to data released by IRDA, Government owned LIC continues to be the Top Life Insurer with 50% market share on the basis of APE (Annualized Premium Equivalent) year till date. The combined market share of listed players in the Private Sector – SBI Life, ICICI Prudential Life, HDFC Life and Max Life on an individual basis stood at ~63.2% as at Jul 2020. Tata AIA, Bajaj Allianz and Birla Sun Life are also getting firmly positioned amongst the 5-7th largest private insurers.

The following Chart Shows the Market Share of all the Life Insurance Companies operating in India

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Was J HariNarayan of IRDA Stalling Insurance Reforms ? New Guidelines for ULIPS

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J Harinarayan was the Chairman of IRDA for quite a long time when the Insurance industry looted the Indian Public with ULIPs and other Products of mass wealth destruction. IRDA had absolutely no monitoring from the Government as it evident from thousands of complaints listed here.

At the beginning of this Month, T S Vijayan took over as the Chairman of IRDA and immediately issued Guidelines to Safeguard the interest of the consumers as listed below.

IRDA has released the final guidelines for traditional products to be implemented at the latest by 30 September 2013.

The guidelines, akin to guidelines for ULIPs, have rationalised commissions, surrender charges and term of the product. For non-single premium products, commissions are capped

Read moreWas J HariNarayan of IRDA Stalling Insurance Reforms ? New Guidelines for ULIPS

Market Share of all Life Insurance Companies India

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In line with expectations, life insurance industry’s new business volumes in the individual new business segment remained strong, growing 36% Y-o-Y and 23% M-o-M, in August 2010.

In the individual new business segment, while LIC, ICICI, and HDFC improved WNRP industry market share (YTD) by 3.8 percentage points, 1.5 percentage points, and 0.7 percentage points, respectively, Bajaj Allianz (1.8 percentage points), Birla (1.25 percentage points), SBI (1.26 percentage points) and Reliance (0.31 percentage points) lost significantly. At 5mFY11 end, private insurers’ market

Read moreMarket Share of all Life Insurance Companies India

IRDA tightens ULIP norms – Implications and Analysis

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IRDA tightens ULIP norms and the following changes are effective from July 01, 2010 – Our Analysis on each of the norms follow,

  • Minimum policy term of five years – Overall improvement in quality of business, Long-term positive
  • All ULIPs (including pension/annuity products in accumulation phase) to carry sum assured – Render long-term protection element to ULIP (and ULIP-based pension and annuity) contracts, differentiating ULIPs from MFs

    Read moreIRDA tightens ULIP norms – Implications and Analysis

Detial of Swarup Committee Report on ULIP + Insurance

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AS requested by our readers, here is an excerpt from the recommendations of Swarup Committee’ report for Insurance Sector / ULIP Case.

All retail financial products should go no-load by April 2011. The pension product in the NPS is already no-load. Mutual funds have become no-load with effect from 1 August 2009. Insurance policies need to remove the bias towards selling the policy with the highest commission. Because there are almost three million small agents who will have to adjust to

Read moreDetial of Swarup Committee Report on ULIP + Insurance

Life insurance sector growth normalizing + Valuation

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The growth of Indian private life insurers normalised to 14% YoY (-33% MoM) in January 2010, post December 2009, when growth had jumped to 59% YoY, ahead of the withdrawal of noncompliant products from January 2010. The industry APE growth was up 3% YoY (-27% MoM).

ICICI’s market share gains sustained (11.1% currently – up 190 bp over the last six months), whereas Bajaj and HDFC witnessed a sharp rise in this month (+127 bp and +94 bp MoM). SBI continued to be the strongest performer, with 27% YTD APE growth, whereas Kotak was the weakest performer (-21% YTD).

Read moreLife insurance sector growth normalizing + Valuation