Private insurers' expansion dwarfs LIC'sPrivate insurers, 17 in all, have trumped Life Insurance Corporation (LIC) by the proverbial country mile when it comes to expansion.
Apnainsurance.com Research Bureau
12 Jan 2008
insurers, 17 in all, have trumped Life Insurance Corporation (LIC) by the
proverbial country mile when it comes to expansion. LIC might still be racking
up the income, but that could change, especially as private insurers have added
more number of agents than the public sector behemoth in a dozen states and Union Territories.
According to latest Insurance Regulatory & Development Authority (IRDA) data, private insurers have increased their branch network from a measly 13 in March 2001 to 3,072 in March 2007, a whopping 23,530 per cent increase over six years. In contrast, LIC had 2,186 offices in 2001. By March 31 2007, they had expanded to 2,301, a tiny increase of 5.3 per cent over the same period.