The insurance industry picked up speed after initial hiccups due to the Coronavirus pandemic. July 2020 proved to be a good month for both life and general insurance companies as they experienced good premium collection numbers. The growth in premium collection in July 2020 was positive compared to July 2019 and some insurance companies even increased their premiums three times. This is good news for the industry, especially after the pandemic struck and impacted the insurance business. Let’s have a look at what the numbers have to say about the insurance industry’s growth story –
Life Insurance Business
In the life insurance segment, IndiaFirst Life reached new heights as it recorded more than 250% growth in its premium collection figures in July 2020 against July 2019. Following IndiaFirsh is Star Union Dai-ichi which also doubled its premium collection figures and posted a growth in triple digits. Bajaj Allianz, Aviva and SBI Life Insurance Companies follow next taking up the top five ranks. LIC collected the highest amount of premium among other life insurers but, compared to July 2019, the premium collection was lower by 0.92%.
So, here’s a look at the top 5 performers in the life insurance segment –
General insurance companies
Even general insurance companies performed very well. The increased requirement of a health insurance plan after the COVID pandemic might have contributed to the growth story of general insurance companies. Edelweiss Tokio was the leader in the general insurance business which posted more than 200% growth followed by Aditya Birla and SBI General in the second and third places. Even the four public sector general insurance companies posted a positive premium collection rate in July 2020 but did not feature in the top 5 spot. Here’s a look at the top 5 performers in this segment –
The future of the insurance industry looks bright as individuals are getting aware about the need of an insurance cover, especially after the recent pandemic. As the insurance business is growing with increased premium collection numbers, it offers a good potential for you to boost your business as well. People have become more receptive towards insurance plans. You can also educate your clients about the need of insurance in today’s times and help them create a protection portfolio for themselves. As your clients would get financially covered, you would be able to increase your business, expand your client base and, ultimately, earn higher revenue yourself.