Group business accounted for 48 per cent (Rs 17,757 crore) of the premium, followed by individual segment at 41 per cent (Rs 15,291 crore), and government business at 11 per cent (Rs 3,981 crore), it said.
The health insurance segment has recorded a growth of over 20 per cent in premium collection for the third year in a row. The insurance companies collected Rs 37,029 crore as health insurance premium, registering a growth of 21.8 per cent in 2017-18, said the latest annual report of the Insurance Regulatory and Development Authority of India (IRDAI).
Group business accounted for 48 per cent (Rs 17,757 crore) of the premium, followed by individual segment at 41 per cent (Rs 15,291 crore), and government business at 11 per cent (Rs 3,981 crore).
"Unit-linked products (ULIPs) registered a growth of 22.72 per cent premium from Rs 52,845.26 crore in 2016-17 to Rs 64,850.90 crore in 2017-18," said the report.
The Indian non-life insurance sector witnessed a growth of 16.7 per cent (inflation adjusted) during 2017. During the same period, the growth in global non-life premium was 2.8 per cent.
However, the share of Indian non-life insurance premium in global non-life insurance premium was at 1.11 per cent and India ranked 15th in global non-life insurance markets.
During 2017-18, general and health insurance companies issued around 1.47 crore health insurance policies (excluding policies issued under personal accident and travel insurance), covering 48.20 crore lives, a growth of 10 per cent in the number of lives covered over the previous year, it said.
While renewal premium accounted for 57.68 per cent (58.13 percent in previous year) of the total premium received by the life insurers, new business premium contributed the remaining 42.32 per cent (41.87 per cent in previous year).