Covering for slow growth
ICICI Prudential Life has embarked on an agenda of growth with efficiency and plans to focus on various elements, including new products. The insurance company, which saw new business growth slowing down in the first half of this financial year, is seeing sales gradually picking up. Similarly, Max New York Life expects its sales would grow by 20% in the second half of this financial year. And HDFC Standard Life believes that the consumer confidence is slowly showing a positive trend and is optimistic of a growth of 10-15% in its new premium collection during the financial year 2009-10.
Tarun Chugh, chief, alternate distribution, ICICI Prudential Life, says the strong growth in renewal premium indicates an improvement in consumer sentiments. “The impact of the external environment had resulted in slower growth in the second half of this financial year. Though new business growth slowed down, renewals continued to reflect a positive trend registering a 31% year-on-year growth and contributed to 69% of the total premium collection in the first half of this financial year,” he says.
Now, with the renewed interest, especially in the next four months when investors plan their tax saving, industry body Life Insurance Council expects growth to be around 15% and
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