WITH business activity restarting, the insurance industry has witnessed an improvement in annualised premium equivalent (APE) in September 2020. The industry reported APE growth of 6.1% — the first month of growth since February this year. Private insurers reported APE growth of 13.1%, whereas LIC posted a marginal decline of 1.4%.
Private players recorded 13.1% year-on-year (y-o-y) growth in APE, compared to an 8.3% decline in August. Retail APE for private players grew 3.6% (vs. down 5.8% in August). Group APE saw a strong performance with 70.5% growth y-o-y (vs. 20.9% decline in August 2020).
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