September 2020 proved to be a fruitful month for the insurance segment as both life and general insurance businesses saw good premium collections. When compared to the premium collected in September 2019, the premiums collected by many insurance companies in September 2020 were higher. This increase in premium collection might be because of the rising awareness of insurance in this post-COVID world where individuals are extremely worried about the financial implication of suffering from the infection. That is why both life and health insurance plans are on the rise and insurance companies are experiencing increased sales which have increased their premium collection numbers too.
Let’s, therefore, have a look at the top performing insurance companies in the life and general insurance segment in the month of September 2020.
Life insurance business
In the life insurance business, some companies saw a positive growth in their premium collection rates while some recorded lower collection numbers compared to last year. The leader in the life insurance business was HDFC Life which posted a growth of more than 50% in its premium collection numbers. HDFC Life closely followed by Kotak and TATA AIA both of which have a minor difference between each other in the second and third spots. LIC also recorded a good growth and stood at the fourth spot and the fifth spot was claimed by ICICI Prudential Life. Here’s a chart showing their growth rates –
General Insurance business
In the general insurance industry, standalone health insurance companies showed the major growth in premium collection. The increased demand of health insurance plans to protect against the financial implication of COVID drove up the premium collection numbers for health insurance companies allowing them to enjoy a growth rate of more than 70%. Aditya Birla Health Insurance took the first position followed closely by Edelweiss Tokio. Here is the chart showing the top five companies in the general insurance category –
These growth figures indicate that the insurance business holds potential, with or without COVID. Especially in this COVID stricken time, individuals are waking up to the importance of insurance plans and are insuring themselves against possible risks. So, you can bank upon this awareness and boost your insurance business too. Educate your clients about the need of insurance plans for financial protection and help them buy a suitable policy for their needs. This would build trust and also help you increase your business on goodwill and reputation.