(a) Whether the premium collection of the Life Insurance Industry has gone down this year as compared to the previous year;
(b) if so, the company-wise details thereof and the reasons therefor; and
(c) the steps taken/being taken by the Government to boost the Life Insurance Industry in the country?
Minister of State in the Ministry of Finance (Shri Namo Narain Meena)
(a) & (b) The Insurance Regulatory & Development Authority (IRDA) has informed that the total Premium collected by the
Life Insurance Industry decelerated by 2.33% during the period ending 30th September, 2012 over the previous period ending
30th September, 2011. The company-wise details are at annexure. The reasons for a negative growth in the premium
collections are various factors that are influencing the Financial Sector as a whole.
(c) IRDA has further informed that the authority interacts with Life Insurance Companies periodically to examine the
possible way to facilitate growth of Insurance Business.