Retirement products are also rapidly growing, but annuities are showing low returns due to the fall in the global stock market. Endowment insurance premiums are growing much more slowly.
Strong premium growth was recorded in the class of group term insurance (+17% yoy). However, according to experts, the market will not grow as much due to inflation in the next half of the year.
“The increase in the savings of the wealthy class and young employees with a higher appetite for risk has been reflected in ULIP. Here, some companies showed an increase in the collection of premiums +50% yoy. However, ULIP growth has slowed significantly to +8% in recent months,” the report says.
Photos are from open sources.