, India
109 views
/Cottonbro Studio from Pexels

Indian life insurance market expands 12% YoY in May

The overall medium-term outlook remains positive.

India’s new business premium in fiscal year 2025 (FY2025) is projected to bounce back on a somewhat lower base and growth in the overall premium is seen to remain “intact”, CareEdge Ratings said.

The life insurance industry saw a 12% year-over-year (YoY) growth in Annual Premium Equivalent (APE) in May 2024, largely due to a low base from May 2023 when demand had been frontloaded to March. 

This growth was driven by a 12.4% increase in the number of individual policies. Private insurers reported a higher APE growth of 17.5% in May 2024, compared to LIC, which relies heavily on single premium policies.

This growth rate significantly surpasses the 6.7% recorded in May 2023. The industry’s two-year CAGR from May 2022 to May 2024 was 4.4%, with private players achieving 9.1%.

“The growth drivers include prudent underwriting, high GDP growth, rapid urbanisation, demand for protection plans, younger demographic driving insurance coverage, intense push to increase insurance coverage, especially in the rural populace via the implementation of Bima Vaahak and Bima Sugam, product innovations/customization, higher demand for retirement products such as pension/annuity coming from an ageing population coupled with low availability of government-sponsored social security mechanisms and rising awareness of retirement planning, and digital infrastructure amplifying multiple distribution channels,” it said in a report.

CareEdge projects the life insurance industry to grow at an 11% to 13% rate over the next three to five years. 

The focus on the agency channel may increase as banks prioritise deposit gathering and companies aim to reduce reliance on bancassurance. 

Challenges to this growth include regulatory changes affecting the product mix, fraud, lapse ratios, and potential negative macroeconomic factors. 

Overall, the medium-term outlook for the industry remains positive.

Follow the link s for more news on

Analisa data, kunci kesuksesan AIA Indonesia dalam mengatasi penipuan

Prosedur operasional standar dan penyidik yang terlatih menjaga AIA Indonesia tetap terkendali.

CEO mengungkapkan bagaimana perusahaan-perusahaan Indonesia dapat fokus pada pertumbuhan di tengah regulasi baru

Sementara pasar menuju pertumbuhan, regulasi baru mempersempit keberadaan perusahaan asuransi.

Asei dan Seoul Guarantee teken MoU

Kerja sama ini bertujuan memperkuat jaminan dan asuransi kredit di Indonesia.

Fintech Indonesia melindungi 200.000 nasabah melalui kolaborasi Qoala & Sompo

JULO Protect Plus adalah perlindungan asuransi pertama yang embedded dalam solusi kartu kredit virtualnya.

bolttech, HAVA.id bermitra untuk perlindungan perangkat UKM

UKM  Indonesia juga dapat menikmati garansi perangkat tambahan selama 12 bulan.

Bagaimana Grandtag memberikan keamanan bagi orang terkaya di Asia

CEO regional Grandtag Financial mengungkap bagaimana 'asuransi jiwa jumbo' menarik UHNWI di Asia.

Asuransi Cina menganggap bijaksana untuk beralih ke investasi alternatif

Analisis melihat regulasi baru mendorong pergeseran konservatif saat asuransi mencari stabilitas di tengah pasar yang bergejolak.

Indonesia mempertimbangkan wajib asuransi TPL

Langkah ini didorong oleh meningkatnya jumlah kecelakaan di jalan raya.

Risiko reasuransi meningkat di Tokio Marine Indonesia

Sebagai perusahaan asuransi umum kecil di Indonesia, TMI memiliki pangsa pasar sebesar 2,1%.

Apakah ‘Londonisasi’ baik untuk pasar asuransi M&A Asia?

Para ahli industri membedah tingkat penggunaan yang rendah di wilayah ini untuk asuransi M&A meskipun semakin banyak pemain industri yang masuk ke arena ini.