LIC’s market share slips as industry premiums double

Private insurers are closing down the gap on India’s only public sector insurer

The insurance industry recorded premium growth of 94.96% in 2006-07 as against 47.94% in the previous year, according to the Annual Report 2006-07 of market regulator the Insurance Regulatory and Development Authority (IRDA). As a result, insurance penetration in the Indian population has increased.