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Private insurers continue strong growth in May, smaller ones gain more
Posted on 13th June 2019
That Life Insurance Corporation of (LIC) India is losing market share to private insurers hand over fist over the last several years is well known.

The insurance behemoth’s market share in adjusted individual business premium was 42.4% in May, a decline from the previous month.

Analysts at Kotak Securities noted that LIC reported 3% decline in retail annualised premium equivalent.

But the battle within the private sector life insurance pie is getting interesting with smaller players gaining heft. The latest monthly business data from the insurance regulator shows that smaller insurance players such as India First Life Insurance, Canara HSBC Life Insurance and Tata AIA Life Insurance have grown exponentially in the month of May.

Of course, a low base has contributed to the high percentage growth. Even so, Tata AIA Life has managed to garner a higher share in the market. “A low base and focus on ULIPs coupled with moderate appetite for equity investments were the likely reasons," said analysts at Kotak Securities.

That said, the top three insurers—SBI Life Insurance Co, HDFC Standard Life and ICICI Prudential Life Insurance still hold a lion’s share of the private sector life insurance market.

ICICI PruLife has seen its annualised premium equivalent (APE) growth collapse over the last several months. This stems from the change in approach by the management after the life insurer’s leadership change last year.

ICICI PruLife has consciously focussed on small ticket sized policies and begun to stay away from selling bulky products. As are result, its market share has come down marginally while the growth rate of its retail portfolio was a mere 1% in May.

Rival HDFC Standard Life has reported a surge in growth to 59% in May for retail APE. Even SBI Life Insurance Co saw its retail APE growth surge to 37%.

LIC, however, continues to dwarf others in group business segment with a market share of over 80%.

Related Companies: LIC Housing Finance Ltd   

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Indian diplomat harassed in Pakistan, ISI tails his car to intimidate him
Posted on 5th June 2020
Pakistan's Inter-Services Intelligence (ISI) has been harassing and intimidating India’s top diplomat in Islamabad.

Reportedly, ISI has put up multiple persons in cars and bikes outside his residence to harass him.

In a note sent to the foreign ministry in Islamabad in March, Indian High Commission protested against the continuous harassment of its officers and staff by Pakistani agencies. India had cited 13 incidents of harassment of its officers and staff in the month of March itself.

COVID-19 in India live updates: 9,851 new cases take India's count to 2.26 lakh, recovery rate at 48.27%
Posted on 5th June 2020
The number of coronavirus cases in India has marked significant and consecutive highest jumps over a major part of the last two weeks.

On Thursday, the total number of confirmed cases of COVID-19 infection in India crossed the 2.25 lakh-mark, while the death toll breached the 6,300-mark as well. With this, India has now become the world's seventh worst-hit country in terms of coronavirus cases, according to the World Health Organisation's (WHO) COVID-19 tracker.

Unlock 1: Shops reopen in Mumbai on odd-even basis after remaining shut for two months
Posted on 5th June 2020
In a huge respite, business owners in Mumbai opened their shops after being closed for two months due to the COVID-19 lockdown. All shops providing non-essential services were closed by the government in March after it announced the nationwide lockdown to contain the spread of coronavirus.

Consumer confidence collapsed to historic low in May, says RBI survey
Posted on 5th June 2020
As the coronavirus pandemic continues to trouble India's economy, the consumer confidence has collapsed to a historic low, a survey by the Reserve Bank of India has showed.

Consumer confidence collapsed in May 2020, with the Current Situation Index (CSI) touching historic low and the one year ahead Future Expectations Index (FEI) also recording a sharp fall, entering the zone of pessimism, said RBI's Consumer Confidence Survey (CCS).

Maharashtra CM Uddhav Thackeray to visit Raigad to take stock of damages caused by Cyclone Nisarga
Posted on 5th June 2020
Two days after cyclone Nisarga made a landfall in Raigad district's Alibaug of Maharashtra, state chief minister Uddhav Thackeray will visit the affected areas on Friday to take a stock of the damages.

The visit comes a day after the CM held a video conference with the authorities to monitor the situation in the aftermath of the cyclone and asked the authorities to complete the 'panchnamas' or inspection and submit a report on the damages caused by Nisarga withing two days.

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