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Private players’ individual weighted received premium increased 89.5% year-on-year in March (versus 23.0% year-on-year in February), while the industry posted growth of 121.3% year-on-year.
This was primarily on account of a low base – individual WRP for private players/the industry declined ~40%/44% in March 2020, weighed by the Covid outbreak and subsequent lockdown.
However, insurers witnessed a healthy uptick in March 2021 (seasonally strong quarter), led by a focus on non-participating, with unit-linked insurance plans showing signs of recovery.
Private players’ individual WRP grew 7.5% year-on-year in FY21, while that of the industry was up 3.0% year-on-year.
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