Since the recession hit, life insurance sales have plummeted, but new figures released have revealed that the sector is starting to make a comeback.

According to the Insurance Regulatory and Development Authority, the life insurance industry has grown by around 13% in the first half of 2009-10.

In its annual report for the year 2008-09 it showed that the non-life segment witnessed a growth of around 8% and the insurance industry as a whole had shown 11.35% growth in premium.

In addition, the insurance witnessed a growth spurt of over 60%. “Part of this growth is certainly on account of the increase in the awareness levels of the people,” said the group.

However, it noted that: “Nevertheless, it is not that everything is hunky dory and fine with the segment,” and blamed this on “a substantial mitigation of the financial effects of the crisis and markets and covering.”

The organisation added that the sector still has a long way to go.