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Insurance

Information about Tata AIA Life expects total premium income to cross Rs 14,000 crore in FY22, says Naveen Tahilyani available for investment. Back
Tata AIA Life expects total premium income to cross Rs 14,000 crore in FY22, says Naveen Tahilyani
28-Mar-22   13:25 Hrs IST


Tata AIA Life Insurance's total premium income is likely to grow over 30% to cross Rs 14,000 crore in the current fiscal, a top company official has said.

The industry growth for the first 10 months of the year has been about 20% mainly because of the base effect and if you look at the growth of the company, it is about 32% on weighted new business premium, Naveen Tahilyani, MD & CEO, Tata AIA Life Insurance Co Ltd, told PTI in an interaction.

The life insurer had earned a total premium income of Rs 11,105.09 crore in 2020-21.

"We grew at 32% in the first nine months of this fiscal and close to 40% in the first ten months of the year. So, I expect to close the year with about 35% business growth in new business premium and about 30% growth in total premium. Our total premium should certainly cross Rs 14,000 crore this year," Tahilyani said.

He said the awareness towards buying insurance has increased post-Covid. However, the industry will have to keep building awareness among the customers as it has been like a one-time trigger, and also that the protection gap is still very huge in India.

"I think one of the challenges and the opportunities for the industry remains that we have to continue to build awareness among the customers. If you look at the protection gap in the country today, it is 83%, which means let's have an average Indian should have a cover of say Rs 10 lakh, but instead of Rs 10 lakh, an average Indian has the cover of only Rs 1.70 lakh, which means that the protection gap is 83%. I think the task ahead of us is to spread awareness," Tahilyani pointed out.

Second, when you look at Covid peaks when cases go up people start searching for term insurance and the moment the wave recedes, people forget about it.

"People forget about masks and social distancing, among others. They also forget about life insurance, which is why my point is that Covid is only a short term awareness builder. For the long term, we have to do our work ourselves," the official said.

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