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Tag: life insurance

  • India’s Life Insurers Showcase Solid Growth in May Amidst Declining Policy Volumes

    India’s Life Insurers Showcase Solid Growth in May Amidst Declining Policy Volumes

    India’s life insurance industry is experiencing quite the twist, as it reported a year-on-year premium growth of 12.7% in May, bringing the total premiums to a substantial Rs30,463.2 crore. This surge is a welcome improvement from April’s 8.4% growth, although it falls below the impressive 15.1% growth seen in May 2024, largely influenced by the revised surrender value regulations introduced in October 2024.

    Policy Sales Take a Dip

    However, in an unexpected turn of events, the number of life insurance policies sold plummeted by 10.4% during the month. The segment of individual non-single policies suffered a particularly steep decline of 10.5%, totaling at 16.7 lakh. While these figures may sound ominous, private insurers managed to thrive in the individual non-single premiums category. In contrast, the Life Insurance Corporation of India (LIC) faced a 7.8% decrease in this sector. Evidently, private players are enjoying a sweet spot, propelled by a growing preference for higher-value policies.

    Annual Premium Equivalent Sees Impressive Growth

    Amidst this backdrop, the Annual Premium Equivalent (APE) showcased a remarkable uptick of 14.4% in May, compared to a 12.0% rise in May 2024. Over the period from May 2023 to May 2025, the industry’s APE has grown at a steady 13.2% compound annual growth rate (CAGR), with private insurers outpacing LIC at 13.8% versus LIC’s 12.4%. On the other hand, the growth of Unit Linked Insurance Plans (ULIPs) remains subdued, primarily due to market volatility, while group business has become the standout performer this May.

    A Bright Future Ahead

    Looking ahead, industry analysts predict that insurers will intensify their focus on agency channels, especially as banks increasingly prioritize deposit mobilization. Upcoming regulatory changes, such as the proposed Insurance Amendment Act and the Bima Trinity initiatives, are seen as catalysts for market expansion. CareEdge Ratings optimistically forecasts the industry could achieve an annual growth rate of 10% to 12% over the next three to five years, buoyed by innovations in product offerings and enhanced distribution strategies. And who knows? With such promising growth, life insurers might soon find themselves in a healthy competition for policyholder affection!

    Questions & Answers

    What was the growth percentage of life insurance premiums in May? The life insurance industry experienced a growth of 12.7% in May, reaching a total of Rs30,463.2 crore.

    How did private insurers perform compared to LIC? Private insurers saw growth in individual non-single premiums, while LIC recorded a 7.8% decline in this segment.

    What future growth is projected for the life insurance industry? CareEdge Ratings projects a yearly growth rate of 10% to 12% for the industry over the next three to five years, largely driven by private sector expansion and product innovation.

  • AXA Names Managing Director for Life Insurance

    AXA Names Managing Director for Life Insurance

    AXA Insurance names a new managing director to lead its life strategic business unit, succeeding incumbent Sean Goh. Li Choo Kwek-Perroy joins as a managing director for AXA Insurance’s life strategic business unit, according to a statement, while Goh will leave the firm to pursue other opportunities. In her new role, Kwek-Perroy reports to Jean Drouffe, chief executive at AXA Insurance.

    Kwek-Perroy has two decades of insurance experience and rejoins AXA where she first worked in 2000 before holding various senior positions in Paris, Brussels, Hong Kong, and Singapore. She was trained as an actuary and held a diverse mix of roles in the industry across product, marketing, digital and distribution transformation, risk management, and finance. She was most recently a chief transformation officer and chief customer officer with rival Manulife.

    I am delighted to welcome Kwek-Perroy back to the AXA Singapore Executive Committee, said Drouff. Her strong technical background, extensive industry experience, and proven leadership capabilities make her the ideal choice to drive our life business forward. I am confident that she will bring valuable new perspectives and innovative and customer-focused insights to the business.

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  • Deliveroo To Give Free Insurance to Riders in HK

    Deliveroo To Give Free Insurance to Riders in HK

    Deliveroo announced a completely free, first-of-its-kind insurance package for all on-demand self-employed Deliveroo riders in Hong Kong and worldwide. Starting from October, Deliveroo riders will be able to claim costs if unable to work as a result of an on-the-job injury. This move makes Deliveroo a leader in providing on-demand riders with the flexible work they value and the security they deserve.

    Deliveroo has worked with leading global insurers to tailor policies which meet the needs of riders. In Hong Kong, all Deliveroo riders will be automatically enrolled onto a personal injury policy from leading insurance provider Marsh; whether on bicycles, scooters or making deliveries by foot. This will apply to all riders whilst they are online and logged in to the Deliveroo app, including up to one hour after logging off.

    The accident and injury cover is wide ranging, with measures including:

    • HK$77,000 for accidental medical expenses
    • HK$385 for each night in hospital
    • Up to HK$3,850 per week for temporary incapacity
    • Loss of sight, hearing, speech or limbs due to accidents are covered
    • HK$346,500 for accidental death/permanent disablement

    Brian Lo, General Manager Deliveroo Hong Kong, said: “Riders are at the heart of our business and this new industry-leading insurance package is hugely important for all those who ride with Deliveroo. Riders deserve security while they’re out on the road. We want to make sure that riders are protected in case anything goes wrong while they are working, and that’s why we are so delighted to be announcing this important package. Deliveroo riders are heroes and we want to give something back. We are growing quickly and hope more and more people will choose to work with us.”

    Qasim Khan, a rider with Deliveroo, said, “As a rider who loves working at Deliveroo, I am always worried about my safety when I’m out and about to do deliveries. The accident and injury insurance gives riders a peace mind. We will feel more safe when we are working on road. Most importantly, our families will also feel safe about us being part of this company!”

     

    The move to offer free insurance to riders comes as Deliveroo reveals the company’s rapid growth in Hong Kong over the first half of 2018. Deliveroo’s total number of riders in Hong Kong is 2,000, which has more than doubled in six months. The business expects this to grow to 2,800 by the end of 2018. Deliveroo has also significantly increased its number of partnering restaurants by nearly 50% in six months, to 3,500. Restaurants which use Deliveroo see their revenue boosted by up to 25% and dinner orders by 20%, in the past quarter, enabling more opportunities for business development and new hires.

    With further expansion set to continue in the months ahead, Deliveroo is now looking for more riders and walkers to join the company and enjoy its well-paid, secure, flexible work that can be combined with other responsibilities such as studying. The free and automatic insurance coverage will be starting in October. Current riders and walkers who successfully refer someone new to Deliveroo in Hong Kong will receive up to HK$2,500.

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  • Allianz secures distribution rights with Malaysia’s Maybank

    Allianz secures distribution rights with Malaysia’s Maybank

    Allianz is hoping the agreement will give access to Maybank’s 4 million customers in Asia. The insurer said it has jointly developed three life insurance products with Maybank which includes a unit-linked life insurance product compliant with Islamic Shariah law, a single-premium investment product and a life policy which combine protect with investment. “This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority.

    We’re excited to bring our multi -channel approach, innovative products and digital expertise to serve the protection needs all Maybank customers,” said Allianz’s regional chief executive for Asia Pacific, George Sartorel, in a statement on Tuesday. Under the collaboration, a team of more than 150 insurance advisers will sell the products to Maybank clients via their retail branches. Joachim Wessling, chief exectuive of Allianz Life Indonesia said: “This cooperation between two outstanding companies combines our strengths in providing world-class services and solutions, to deliver insurance protection tailored to our customers’ needs. We look forward to working closely with Maybank to secure a safer future for our customers in Indonesia.”

    Last week, it emerged that Allianz and France’s Axa are locked in a bidding war to acquire the 15-year distribution rights to sell insurance products through Standard Chartered’s channels in Asia. Meanwhile, Hanwha Life, South Korea’s second largest life insurer, is set to pump KRW150bn (£102m, €121m, $134m) into its Indonesian arm in a bid to expand its foothold in the country’s booming insurance sector.