Life Insurance Sector Sees 15.67% Growth In Nov ‘24

With this continuous growth in agent numbers, life insurance companies are also rapidly embracing digitalisation, which is providing additional benefits for the rapid expansion of insurance business. This is expected to result in strong premium growth from new business in the fiscal year 2025 and beyond

The Life Insurance Council has released the business statistics for November 2024, highlighting the changing dynamics of the insurance sector. Performance so far this year has remained robust, with a significant 15.67 per cent growth compared to the same period last year. This positive trend reflects the resilience of the life insurance industry and its continuous expansion, despite various market challenges.

In November 2024, the year-to-date (YTD) premium collection saw a strong increase, rising from Rs 2,11,690.65 crores last year to Rs 2,44,868.20 crores this year. This growth is an indi-cation of strong demand for insurance products as consumers and corporate clients seek better protection.

According to the data released by the Life Insurance Council, the individual single premium in the life insurance industry has grown by 10.44 per cent year-on-year, reaching Rs 3,669.44 crores in November 2024. This marks a 13.7 per cent increase for the calendar year to date. Non-single individual premiums stood at Rs 8,153 crores, showing a growth of 6.46 per cent in November 2024, while the YTD collection for this segment has increased by 16.63 per cent compared to the same period last year. This strong performance is attributed to life insurance companies focusing more on encouraging first-time buyers to purchase essential life insurance solutions. As a result, combined personal premium collection saw a growth of 7.66 per cent in November 2024, contributing to a 15.68 per cent rise on a YTD basis.

In the group policy segment, the rate of new policy issuance increased by 2.31 per cent year-on-year. The life insurance sector in India is making significant progress by expanding access to insurance and reaching out to segments of the population that were previously underserved in terms of their insurance needs. In this direction, life insurance companies have added over 6,54,682 individual life insurance agents, resulting in a 2.63 per cent increase in the total number of agents. With this continuous growth in agent numbers, life insurance companies are also rapidly embracing digitalisation, which is providing additional benefits for the rapid expansion of insurance business. This is expected to result in strong premium growth from new business in the fiscal year 2025 and beyond.