The Indian life insurance sector grew by 26.5% in first-year premiums during September 2020. The first-year premium collections during September 2020 stood at $3.43bn as compared to $2.71bn in September 2019.
This was mainly driven by the growth in group insurance premium, according to a report by CARE Ratings.
During the second quarter (July-September 2020) of the current financial year the life insurance industry has reported an increase of 15.8% to $10.19bn from $8.8bn in the second quarter of the financial year 2019-20.
However, the growth of new premiums for the first six months of the current financial year continues to remain marginally negative (0.82%).