Private insurers reported a smart 26% growth in annualised new business premium in May, largely led by higher ticket size of the business. State-owned Life Insurance Corporation of India (LIC) reported 22% year-on-year growth in annualised first-year premium on the back of higher volumes.
The average ticket size in the individual non-single segment was up by 30 to 40% for most players.
While private sector gained market share in the stable group business, LIC continues to have a high share of single premium business.
Private players have generally been selective in this segment. In the group business, the share of private payers increased to 26% in May as compared to 20% in April.