The market share of the Life Insurance Corporation (LIC), a Public Sector Undertaking (PSU), has reportedly dipped lower than 70 per cent for the financial year 2017-18.
According to an Indian Express report, based on the Insurance Regulatory and Development Authority of India’s (IRDAI) annual report, LIC’s market share for 2017-18 was 69.36 per cent as compared to 71.81 per cent in the financial year 2016-17. In comparison, private insurance companies’ market share soared from 28.19 per cent in 2016-17 to 30.64 per cent in 2017-18.
In 2017-18, LIC had a renewal-premium share of 69.35 per cent which was a fall from its 2016-17 premium-renewal share of 72.31 per cent. Of the 281.97 lakh new policies issued in 2017-18, LIC issued 213.88 lakh policies while private insurance companies issued 68.59 lakh policies.
However, according to the IRDAI annual report, while this translated to 75.7 per cent of new policies issued for LIC, the year-on increase came to only 5.99 per cent as compared to private insurance companies’ year-on increase of around 8.47 per cent.
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