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Indian Insurance industry has becoming very competitive as each day goes by. Insurance companies working hard to improve its position in the market, companies do not allows any room to their competitors and always looks to cancel each other out.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance has become India’s largest insurer.
In India ICICI Prudential was known as biggest insurer but SBI Life has overtaken ICICI Prudential to become country’s largest insurer in terms of first premium collection.
SBI Life who has collected new business premium of Rs 4869 crore in the month between April to December last year. ICICI Prudential collected first year of premium of Rs 4651 crore in that nine months as per the data released by Insurance Regulatory and Development Authority of India.
ICICI Prudential's market share among the private insurers fell marginally to 17.1 per cent in the month of December, from 17.9 per cent in the year ago period. On a month-on-month basis, SBI Life's new business premium from Unit Linked Plans (ULIPs) rose to Rs 487 crore during December, from Rs 261 crore in November-end.
ICICI Prudential’s new business has increased by almost 21 per cent while SBI Life’s growth rate reached 7 per cent in the period of April-December.
India where awareness of insurance is rising like never before, competition getting tighter. Every day companies are launching one or the other product in the market. Hopefully all these changes will eventually benefits the customer.
Know more about life insurance policies in India.
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