According to Life Insurance Council, Indian Life insurance companies closed down about 450 branches to bring down the total branch count to nearly 11,500 for the period ended September 2011, against 11,900 branches at the end of September 2010.
Same time, the number of direct employees working for life insurance companies also fell by almost 17,000 to 2.47 lakh as
on September 2011. Main reason was insurance business itself shrinking, following the fall in revenue and stock market downturn.
New business premium for life insurance companies fell by 18% to Rs. 62,426 crore for the April - November 2011 period, compared with the corresponding period last year.
According to the insurance regulator, IRDA (Insurance Regulatory and Development Authority, private life insurers closed about 600 branches in the year 2010-11, while the public sector insurer, Life Insurance Corporation of India (LIC), set up nearly 120 new offices. The largest private insurance player, ICICI Prudential Life, alone closed 100 branches in the past year.
Same time, the number of direct employees working for life insurance companies also fell by almost 17,000 to 2.47 lakh as
on September 2011. Main reason was insurance business itself shrinking, following the fall in revenue and stock market downturn.
New business premium for life insurance companies fell by 18% to Rs. 62,426 crore for the April - November 2011 period, compared with the corresponding period last year.
According to the insurance regulator, IRDA (Insurance Regulatory and Development Authority, private life insurers closed about 600 branches in the year 2010-11, while the public sector insurer, Life Insurance Corporation of India (LIC), set up nearly 120 new offices. The largest private insurance player, ICICI Prudential Life, alone closed 100 branches in the past year.
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