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Sep 20 2011 5:46PM
Life insurance sector likely to reach Rs 5,17,000 cr by 2015

India’s life insurance market is likely to grow by 13-14 per cent to reach Rs 5,17,000 crore by 2015, trade and commerce body Assocham said in a report released on Monday.The growth in the sector is likely to be one of the highest in the world and is set to virtually double from Rs 2,68,000 crore, it said. This will also be equivalent to 10 per cent contribution to total premium growth in the globe, during this period.The life insurance industry grew by 28 per cent in the first decade of 21st century in new business premiums, 27 per cent in annualised premium equivalent (APE) and 25 per cent in gross written premiums, it said giving details of growth in this sector.Between September 2010 and March this year, the industry registered negative growth of 13 per cent in APE. In the private sector, the negative growth was even higher at 32 per cent.In the first quarter of financial year 2011-12, the slowdown continued with the industry registering negative APE growth of 23 per cent and the private sector registering negative APE growth of close to 40 per cent.“The level of protection as measured by sum assured to GDP (gross domestic product) is about 55 per cent relative to benchmarks in developed markets of 150 per cent to 250 per cent,” said Assocham secretary general D S Rawat.The relentless focus on growing new business premiums has led to several inefficiencies in business practices, he said.The trade body said creation of short-term products, incentivisation of frontline managers and agents primarily on new business and limited profiling of customer needs resulted in low levels of profitability.
 
 
 
 
 
 
 
 
 
     
 
     
 
 
 
 
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