The country's largest insurer,Life Insurance Corporation,has increased its market share by over 10 per cent to 66 per cent by garnering new businesses worth Rs 25,814 crore in the first half of the current fiscal. Meanwhile,the overall life insurance industry registered 13 per cent growth in the first half of this financial year. The 22 insurers collected Rs 39,047 crore first year premium in the April-September period this year,against Rs 34,599 crore in the same period last year. The market share of LIC improved by 11 per cent from 55 per cent at the end of September last year. During the April-September 2008,LIC had mopped up first year premium of Rs 19,091 crore against the industry collection of Rs 34,599 crore,according to figures released by Insurance Regulatory and Development Authority (IRDA). However,the private life insurance industry has registered a decline of 15 per cent in the first half of the current fiscal. The 21 private insurers have collected Rs 13,232 crore first year premium during April-September period this year as compared to Rs 15,507 crore during the same period in 2008-09. Private insurer ICICI Prudential was the worst hit as its premium declined by 40 per cent in the first half of the current fiscal from the corresponding period last year.
