The life insurance sector, which grew at 9 percent last fiscal, is set for a “second sunrise” this year, according to V Viswanand, deputy managing director at Max Life Insurance Company Ltd.
In April and May this year, private insurers grew at nearly 23 percent on an adjusted premium basis, while Max Life Insurance outperformed with 25 percent, Viswanand told BloombergQuint during an interview. The private life insurance segment witnessed a growth of 12 percent last year and Max Life at 21 percent, he said.
Viswanand said Max Life is witnessing an uptick in the “business-to-business segment”, led by a rise in penetration of protection policies. The company also recorded a growth in premium of unit-linked plans, he said.
Growth Prospects
There are significant growth opportunities for life insurers in the next few years on account of rising population and increase in “financialisation of savings” in India, Viswanand said.
People are moving their savings from physical to financial assets, he said. The insurance sector, according to Viswanand, is capitalising on this trend, which started after demonetisation and accelerated after rollout of the goods and services tax.
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