Life Insurance - First Year Premium Recorded A Dip Of 5.5% In May: CARE Ratings
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CARE Ratings Research Report
First year premium of life insurers witnessed a dip of 5.5% in May 2021 to Rs 12,977 crores to Rs 13,739 crores in May 2020 despite a low base and a national lock down.
The decrease in May’s first year premium has comes after a significant rise of 44% in April.
The fall can be attributed to the fall in non-single premiums for May 2021 and the second Covid-19 wave, along with the lockdown in major states.
On the other hand, the year-to-date numbers have reported a growth of 11% to Rs 22,715.8 crore for the two months ended May 2021 from Rs 20,466.8 crore for the two months ended May 2020, however it has yet to cross the pre pandemic levels of Rs 28,395.9 crore reported for the two months ended May 2019.
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