#1
2nd February 2017, 10:40 AM
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Irda payout ratio
Hi buddy as here I am looking for info related to Insurance Regulatory Development Authority (IRDA) payout ratio, so for it here I am looking for its Annual report, so would you plz provide me here ??
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#2
2nd February 2017, 11:35 AM
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Re: Irda payout ratio
As you are looking for Insurance Regulatory Development Authority (IRDA) Annual report to get info of its payout ratio, so on your demand I am providing its report of last year : Life Insurance : Death Benefits paid in 2015-16 In the year 2015-16, the life insurance companies had settled 8.54 lakh claims on individual policies, with a total payout of Rs 12,636.66 crore. The number of claims repudiated/rejected was 15,157 for an amount of Rs 736.51 crore. Settlement ratio of LIC had increased to 98.33 percent during the year 2015-16 when compared to 98.19 percent during the previous year. The industry’s settlement ratio had slightly increased to 97.43 percent in 2015-16 from 96.97 percent in 2014-15. Insurance Regulatory Development Authority (IRDA) payout ratio Life Insurance Business in India in 2015-16 The share of life insurance business in India was at 79% while that of non-life insurance business was at 21 %. India’s share in global life insurance market was 2.24% during 2015 where as it was 2.08% in 2014. At the end of March 2016, there are 54 insurers operating in India of which 24 are life insurers, 24 are general insurers and 5 are health insurers exclusively doing health insurance business. In addition, GIC is the sole national re-insurer. The Life insurance penetration in India saw a slight increase in 2015 reaching 2.72 % when compared to 2.6% in 2014. Life insurance industry recorded a premium income of Rs 3,66,943.23 crore during 2015-16 as against Rs 3,28,102 crore in the previous financial year, registering growth of 11.84%. During 2015-16, the growth in renewal premium was 6.20 per cent (10.72 per cent in 2014-15). First year premium registered a growth of 22.53 % in comparison to a decline of 5.81 % during 2014-15. Unit-linked products (ULIPs) registered a growth of 12.62 percent premium from Rs 41,617.80 crore in 2014-15 to Rs 46,871.58 crore in 2015-16. On the other hand, the growth in premium from traditional products was at 11.72 per cent, with premium Rs 3,20,071.65 crore as against Rs 2,86,484.20 crore in 2014-15. On the basis of total premium income, the market share of LIC decreased from 73.05 per cent in 2014-15 to 72.61 per cent in 2015-16. The market share of private insurers has increased from 26.95 per cent in 2014-15 to 27.39 per cent in 2015-16. |
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