The share of Life Insurance Corporation of India (LIC) in monthly new business premium (NBP) in the life insurance sector declined to 58.50 per cent in September 2023 from 68.25 per cent in September 2022 a drop of 975 basis points owing to shortcomings in the product and distribution side of business.
However, the market share saw a marginal uptick from the 57.37 per cent recorded in August this year.
According to the monthly business data released for September 2023 by the Life Insurance Council, the NBP of LIC up to September 2023 stood at Rs 92,462.62 crore as compared to about Rs 1.25 trillion in the same period a year ago.
Life Insurance Council data showed that LIC s new business premiums for Septermber 2023 stood at ₹18,126.32 crore compared to ₹24,991.26 crore registered in September 2022.
Mandy Langfield spoke to experts in insurance, assistance, healthcare provision and air medical transport to find out more about the challenges and opportunities within the French market