Life insurance industry bucks recent slump; registers 21% growth in February, 2021

The life insurance industry has registered a powerful New Enterprise Premium (NBP) progress of 21% in February, 2021, bucking its current development the place it registered both tepid or damaging progress since November.

According to the information from IRDA, the NBP, which is a key metric to gauge the efficiency of life insurer, grew to Rs. 22,425.21 crore in February, 2021 for India’s 24 life insurers, in contrast with Rs. 18,533.19 crore in the identical interval final 12 months. NBP is the premium accrued from new insurance policies for a selected 12 months.

In the meantime, in February, 2021, personal insurers continued to register strong progress as NBP grew by 16% to Rs. 9,504.64 crore, in contrast with Rs. 8,128.51 crore in the identical interval a 12 months earlier.