Press Information Bureau

Government of India

Ministry of Finance

23-November-2012 16:32 IST

The Insurance Regulatory & Development Authority (IRDA) has informed that the total Premium collected by the Life Insurance Industry decelerated by 2.33% during the period ending 30th September, 2012 over the previous period ending 30th September, 2011. The reasons for a negative growth in the premium collections are various factors that are influencing the Financial Sector as a whole.

IRDA has further informed that the authority interacts with Life Insurance Companies periodically to examine the possible way to facilitate growth of Insurance Business.

This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.

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DSM/RS/ka

Insurance premium growth slowdown: regulator reports reduced life insurance premium collections and ongoing industry engagement to restore growth. The Insurance Regulatory & Development Authority reported a premium collection deceleration in the life insurance sector for the referenced comparative period, attributing the slowdown to broad financial-sector factors; the regulator engages periodically with life insurers to identify measures to facilitate recovery and growth in insurance business.