Life insurers post 34pc premium growth in '07

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FE ReportbrThe country's life insurance companies posted an impressive 34 per cent growth in premium income in calendar 2007 over the previous year, sources said.brPremium income of 17 private life insurers and the state-run Jibon Bima Corporation (JBC) rose to nearly Tk 31.63 billion in 2007 compared to Tk 23.61 billion in 2006, official figures showed.brThe combined premium income of local life insurance companies was higher by Tk 8.01 billion in the last calendar over that of 2006, officials said, adding that the total premium income in the country's life insurance business was nearly Tk 20.45 billion in 2005. brOfficials and market operators attributed such a robust growth in the premium income to aggressive marketing drives by the insurers coupled with people's increased awareness about the life insurance policies.brPremium income of life insurance companies continues to grow significantly over the years as the market operators have intensified their marketing drives along with diversification of their products, said an official.brThe official went on The overall premium income of the life insurance sector was only Tk 8.18 billion in 2001, which has now almost touched Tk 32 billion.brReferring to the figures, the official said the state-owned JBC currently shares around 10 per cent of the total premium business in the life insurance sector while 17 other private companies jointly share the remaining 90 per cent business.brIn 2006, the JBC's premium income was recorded at over Tk 2.23 billion while the premium income of 17 private life insurers was Tk 21.38 billion. brThe officials and market operators also expressed the hope that such a better growth trend in the overall premium business would persist in the years ahead.