IRDAI Circular– The Growth of Insurance Business: February 2018 vs February 2019

IRDAI circular

As the financial year was drawing to a close, many insurance companies, both life and general, posted positive growth in terms of premiums collected. When the premiums collected in February 2019 were measured against the premiums collected last year in February 2018, many insurance companies had a good growth rate.

 

In life insurance, growth of more than 70% was recorded while in the general insurance category, relatively new companies posted tremendous figures. Let’s see how life and general insurance companies performed in February 2019–

 

Growth in the general insurance business

 

In the general insurance segment, there were some relatively new companies which joined the segment in the last couple of years. As such, these companies posted amazing growth rates which crossed even the three-figure mark. Even established insurers posted very good returns and some managed to double their premium collections in 2019 compared to 2018.

 

Amidst general insurance companies, Acko General led the race at a growth of 19,737.50% followed by Edelweiss at 5484.62%. The other top players posted returns in triple figures. Here are the top five performers in the general insurance segment–

 

growth in general insurance

 

Growth in the life insurance business

 

The life insurance segment didn’t see three-figure growth rates but still, insurers performed very well. LIC of India was at the fifth spot with a growth of 42.22% with respect to the premiums collected in February 2019 compared to the premiums collected in February 2018. The top spot was taken by TATA AIA Life followed by Aviva Life both of which had very good growth rates. Here are the top five companies in the life insurance segment–

 

Growth in the life insurance business

 

These positive growth rates of both life insurers, as well as general insurers, predict the good growth of the insurance industry. Individuals are becoming more and more aware of different insurance products available in the market and the importance of each product.

 

As a result insurance policies are selling more which is good news for you as you can tap into the increasing awareness of insurance to boost your insurance business.

 

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