Growth of insurance business — IRDAI report

insurance business growth

It is good to see the insurance industry in India growing at a steady pace. Both life and general insurance companies are boasting growth in their sales volume from October last year to this year. Though some companies saw a reduction in revenue, the overall one-year growth story is promising. If companies continue to grow at this rate, the penetration of insurance in India is expected to increase. The main factor of increase in business volumes is higher awareness among individuals and competition in the insurance sector which has made premiums low. According to the data furnished by the Insurance Regulatory and Development Authority (IRDA), here is the aggregate premium collected by top 5 life and non-life insurers from 31st October 2016 to 31st October 2017

Though LIC has the highest premium volume, maximum premium growth is seen by Bajaj Allianz Life Insurance Company Limited.

Here are the figures for General Insurance companies –

Here too, private insurers like HDFC Ergo and Bajaj Allianz have witnessed the highest growth.

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