Following robust growth in FY23, first-year premium numbers in September 2023 witnessed a decline of 15.5%, an improvement from the 18.5% decrease observed in August. This trend was preceded by a more substantial drop of 28.7% in July and compares unfavourably to a 17.3% increase in September 2022.
Several factors contributed to this decline, including a substantial reduction in group premiums, particularly attributable to LIC, introduction of a new tax regime, and the significant momentum experienced in March 2023. The private insurance sector, however, played a mitigating role by partially counteracting the dip in LIC premiums. While private insurance companies have maintained growth, their pace was comparatively subdued in comparison to the previous year.
- Home TextilesDecember 2, 2023Consumer patterns in the domains of lifestyle and home
- News & InsightsDecember 2, 2023In order to address textile waste, India will emerge as a “leader” in Next-Gen textile solutions.
- Apparel, Fashion & RetailDecember 2, 2023Durability, quick fashion, and other obstacles to climate neutrality
- Dyes & ChemicalsDecember 2, 2023“CIRCULAR SOLUTIONS FOR A TEXTILE REVOLUTION”