LIC’S MARKET SHARE FALLS BELOW 70%

New Delhi, Jan. 13: State-owned Life Insurance Corporation’s (LIC) market share fell below 70 per cent in the financial year ended March 2018 as private insurers get more aggressive.

The market share of private insurers increased to 30.64 per cent in 2017-18, from 28.19 per cent in 2016-17.

“On the basis of total premium income, the market shares of LIC decreased from 71.81 per cent in 2016-17 to 69.36 per cent in 2017-18,” said the annual report of the Irdai.

Further, the market share of private insurers in new business premium also saw an increase during 2017-18 over the previous year.

In the case of renewal premium, LIC had a share at 69.35 per cent (down from 72.31 per cent in the previous year). This compares with 30.65 per cent (27.69 per cent in the previous year) share of private insurers.

During 2017-18, life insurers issued 281.97 lakh new individual policies, out of which LIC issued 213.38 lakh policies or 75.7 per cent of the total new policies issued and the private life insurers issued 68.59 lakh policies. — PTI