The life insurance sector has grown by around 13 per cent in the first half of 2009-10, according to Insurance Regulatory and Development Authority.
In its annual report for the year 2008-09 released on Wednesday, IRDA said the first year premium income of life insurance players stood at Rs 39,046 crore in the April-September period this year as against Rs 34,599 crore in the corresponding period of the previous year.
The non-life segment witnessed a growth of around 8 per cent with a total premium underwritten by the general insurance companies at Rs 16,819 crore (Rs 15,571 crore in the year-ago period).
The insurance industry as a whole had shown 11.35 per cent growth in premium collections at Rs 55,866 crore (Rs 50,171 crore).
The health insurance was witnessing a growth trajectory with over 60 per cent growth. “A part of this growth is certainly on account of the increase in the awareness levels of the people. Nevertheless, it is not that everything is hunky dory and fine with the segment,'' IRDA said.
The customer grievances continue to haunt the health insurers. Issues relating to providing health insurance to senior citizens and at affordable premiums were areas in the limelight this year, it added.
While observing that the performance of insurance sector was largely influenced by the sub-prime crisis in 2008-09, the IRDA said the first half of the current year had seen “a substantial mitigation of the financial effects of the crisis and markets and covering.
Insurance industry grows 11.35% in April-Sept
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