LIC’s market share falls below 70 per cent

State-owned Life Insurance Corporation’s (LIC) market share fell below 70 per cent in the financial year ended March 2018 as private insurers get more aggressive.

“On the basis of total premium income, the market shares of LIC decreased from 71.81 per cent in 2016-17 to 69.36 per cent in 2017-18,” said the annual report of the Insurance Regulatory and Development Authority of India (Irdai).

Further, the market share of private insurers in new business premium also saw an increase during 2017-18 over the previous year.

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