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The growth of Indian domestic insurance companies is likely to slow down to 17% from 24% in the last fiscal, as sales of unit-linked insurance plans have declined, reported the media, quoting Chairman of Insurance Regulatory and Development Authority J Harinarayan.
The new business premium of life insurers grew only 3% to touch Rs.39,686 crore up to October this year, against Rs.38,614 crore last year.
However, the downturn will not impact the solvency margins of domestic insurers. IRDA has mandated insurers to maintain 150% solvency margin.
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