November 2020 was a good month for insurance companies compared to November 2019. Many life and general insurance companies saw a growth in their premium collection numbers in November 2020 as against the same month in 2019. The life insurance segment’s growth was driven due to the increasing awareness of the need of a life insurance policy. The general insurance segment, on the other hand, saw a push due to the popularity of health insurance plans given the pandemic and the necessity of motor insurance plans required by law. Many factors contributed to the positive growth in premium of life and non-life insurers thereby increasing their profitability. Let’s have a look at the insurance companies which stood at the top five positions in both life and general insurance business.
In the life insurance segment Canara HSBC OBC recorded a growth in triple digits as it doubled its premium collection in November 2020. Following Canara HSBC OBC were Reliance Nippon and Shriram Life in the second and third positions. LIC, on the other hand, recorded a negative growth as its premium collection fell by 35.58%. Here’s a chart of the top five life insurers in terms of their premium collection –
In the general insurance segment, Raheja QBE recorded the highest growth in its premium collection at 61.10%. The other top performers had a considerable margin in their growth rate compared to Raheja QBE. However, the next four contenders had a very narrow margin amongst themselves and all of them recorded a growth of more than 25%. Here is how the top five stand –
This growth in the life and general insurance business is expected to continue in the coming months too as insurance penetration in India is increasing steadily. The reasons for the growth is increased awareness, ease of availability of insurance products, the online marketplace and the need of financial security in these uncertain times. Understand how the insurance industry is performing so that you can also bank on the growth of the industry and boost your insurance business in the months to come.