The growth of insurance business May 2018 vs May 2017 – IRDAI report

growth of insurance business 2018

The month of May was quite rewarding for both life and general insurance companies as they posted good revenues compared to last years. As per the reports published by the Insurance Regulatory and Development Authority of India (IRDAI) for the month of May, the growth numbers were promising. While some insurance companies, like Cigna TTK, more than doubled its sale in May 2018 compared to May 2017, others posted growths ranging from 25% to 70%. Two of the reputed life insurance companies posted growths over 50%. Let’s see where the top 5 life insurers and general insurance companies stood in May 2018, compared to May 2017 –

Life insurance

In the life insurance segment, Edelweiss Tokio Life had the highest growth at 57.14% followed closely by Bharti AXA Life at 56.76%. Though LIC earned the highest premium among other life insurance companies at Rs.9204.88 crores, its growth was a modest 9.49% over the last year. Here is a look at the growth posted by the top 5 life insurance companies in May 2018 –

 

Growth of life insurance business 2018

 

General insurance

The revenue collection was good for general insurance companies too with Cigna TTK posting the highest growth at 113.7%. Others too have posted impressive growth which can be seen in the following graph.

Growth of general insurance business 2018

So, both life and general insurance companies seem to be doing good business. This is a positive indication for both the insurance market and for you, the distributor. While the insurance market is expanding and insurance penetration is increasing, you have the opportunity of expanding your business too. Thus, the potential of higher incomes for you is also predicted with these growth numbers.

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