For the life insurance industry, one of the few bright spots in the economy currently, the slowdown has been a good time to refocus its priorities. As heady economic growth numbers taper down, the industry is back to the basics of making invested capital work. As the equity markets have tanked, unit linked plans—the engine for growth in recent times-have taken a back seat

The Indian life insurance industry, which grew by 16 per cent in the nine months ended December 2008, is expecting to grow at 20 per cent by FY09. The industry collected a total premium of Rs 1,31,400 crore till December 31, 2008, as compared to Rs 1,13,000 crore in the year-ago period, the Life Insurance Council said.

"The Indian life insurance industry has recorded a robust growth of more than 16 per cent for the nine-month period ended December 31, 2008, with a total premium (new business plus renewal) of Rs 1,31,400 crore compared to Rs 1,13,000 crore in the same period last year," it said. "We continue to be optimistic about the future of the insurance business in India and expect the industry to grow at 20 per cent," the industry body's Secretary General S B Mathur said, adding, in 2007-08 too the industry grew by 20 per cent.

The insurance industry has transformed considerably since the estblishment of Insurance Regulatory and Development Authority. The Industry is poised for radical evolution in times to come due to changes in the overall economic environment, its bearing on the financial sector and related need for risk management.

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