Life Insurance Council has released updated industry business numbers for the month of October 2024. New business premiums (NBPs) underwritten by insurers increased by 13.16% year-on-year (YoY) for October, reaching ₹30,347.6 crore, up from ₹26,819.01 crore in October 2023. On a year-to-date (YTD) basis, premiums collected have surged by 18.56% to ₹219,561.64 crore from ₹185,195.81 crore over the same period last year, indicating sustained demand for insurance across the country.
However, new policy issuances witnessed a decrease, down by 41.6% with 12,01,214 policies sold in October 2024 compared to 20,56,928 in October 2023. Despite this decline, growth in premium collections remains robust, driven by a significant rise in both individual and group policy segments.
In the individual insurance segment, single premiums rose by 8.60% YoY to ₹3,397.07 crore, with a 14.16% increase YTD. Individual non-single premiums saw a moderate increase of 2.76% in October, with YTD collections up by 18.23%. Combined individual premiums grew by 4.52% for the month and 16.89% on a YTD basis, bolstered by targeted efforts from insurers to attract first-time buyers.
Group policies also demonstrated solid performance, with single premiums climbing 15.81% YoY to ₹18,258.37 crore in October 2024, contributing to an overall 18.61% rise in group premiums. New policy issuances within this segment saw a modest 2.70% growth, reflecting the increasing interest from corporate clients.
To expand reach, life insurers have added over 5,82,565 individual life insurance agents, growing the cumulative agent base by 2.64%. This expansion, alongside digital initiatives, is anticipated to further increase insurance penetration, setting the stage for continued premium growth in FY25 and beyond.
This October report underscores the sector’s strategic shift to meet the evolving protection needs of both individual and corporate customers, with digital acceleration and an expanding agent network leading the way to a promising future for the industry.
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