Subsequent to the passage of the Insurance Regulatory and Development Authority (IRDA) Act, 1999, the life insurance market in India underwent major structural changes in recent years. Between end-March 2000 and end-March 2005, the number of life insurance companies operating in India has increased from 1 to 15. As on March 31, 2005, the private sector life insurers enjoyed nearly 10% of the premium income and nearly 25% of the new business. In view of the changing scenario of competition in the life insurance sector, the paper compares 13 life insurance companies for the financial years 2002-03, 2003-04 and 2004-05 in respect of technical efficiency and changes in total factor productivity. For the purpose of computation of technical efficiency and total factor productivity, the net premium income of the observed life insurance companies has been taken as the output, and equity capital and the number of agents of insurance industries have been taken as the inputs. The results suggest that all the life insurers exhibit positive total factor productivity growth during the period.
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