Assets under management of the Indian Insurers touched Rs 20 trillion (US$ 376.51 billion) while the general insurance sector grew to about 18 per cent in 2012-13, according to the IRDA.
The Indian insurance sector has grown substantially over the last few years, with its assets under management from Rs 8 trillion (US$ 150.57 billion) in 2008 to Rs 18 trillion (US$ 338.82 billion) in 2011-12. Life insurance companies have registered a growth of 4 per cent in the first three quarters of financial year 2012-13.
The total premium collection from the individual segment by 24 life insurers stood at Rs 40,688 crore (US$ 7.66 billion) in April-December 2012 as against Rs 39,131 crore (US$ 7.36 billion) in the corresponding period last year.
The Public sector insurer of India, namely Life Insurance Corporation of India (LIC) recorded 11.3 per cent growth in the retail segment, with collection of Rs 28,017 crore (US$ 5.27 billion) during April-December 2012 while private sector insurers' collection from individual segment stood at Rs 12,671 crore (US$ 2.38 billion).