Life insurers sector reports 13.16% growth in new premiums for October; new policy issuances drop 41.6%
Life Insurance Council observed in its October 2024 business report.
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NBP collections surged from Rs 26,819.01 crore in October 2023 to Rs 30,347.6 crore in October 2024.
The insurance sector witnessed a remarkable year-to-date (YTD) performance with collections rising 18.56 per cent, from Rs 1,85,195.81 crore to Rs 2,19,561.64 crore, as per the Life Insurance Council.
However, even with this positive financial performance, the number of new policies issued took a sharp downturn, declining 41.6 per cent.
The month of October 2024 saw only 12,01,214 policies issued, a steep drop from the 20,56,928 policies sold in the same period last month.
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