News From Press Life insurance sector witnesses 18.6% drop in 1st-year premium: CARE Ratings

Life insurance sector witnesses 18.6% drop in 1st-year premium: CARE Ratings

The overall sum assured also declined 12.9% to ₹8.8 trillion in the June 2020 quarter, compared with ₹10 trillion (which was an increase of 17.6%) in the corresponding period of the previous year

Mint Jul 13, 2020

Hit hard by the coronavirus pandemic, the life insurance sector witnessed an 18.6% drop in the first year premium to ₹49,335 crore in the April-June quarter of the current financial year, according to a report by CARE Ratings. The overall sum assured also declined 12.9% to ₹8.8 trillion in the June 2020 quarter, compared with ₹10 trillion (which was an increase of 17.6%) in the corresponding period of the previous year.

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