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

IRDAi insurance growth

The insurance industry is growing by leaps and bounds as innovative insurance products are being offered, customers are becoming more aware of the importance of insurance and the policies are easily being sold online. Both the general insurance industry and the life insurance industry are witnessing a positive growth in the premiums collected month on month. Even in the month of January 2019, many insurance companies saw an increase in the premium collected by them compared over the month of January 2018. Let’s see what the numbers tell –

 

Growth in the general insurance business

 

In the general insurance segment, Go Digit, a relatively new insurance company, posted the highest growth of 267.83% followed closely by Aditya Birla Health Insurance at 247.79%. The other three players also posted impressive growth in double digits. Here are the top 5 performers in the general insurance sector –

 

general insurance growth

 

Growth in the life insurance business

 

Even in the life insurance segment, many companies saw good growth rates. Leading the race was IndiaFirst Life Insurance Company Limited which posted a growth of 117.95% in January 2019 compared to January 2018. Aditya Birla Sun Life was ranked in the second position in the life insurance segment too with a growth of 97.95% followed by other companies. LIC also performed well coming in the fifth position. Have a look –

 

life insurance growth

 

The insurance segment is booming as the numbers indicate and it implies that your business is also poised to grow. The growth of insurance companies indicates that you can grow your business too if you sell more policies. So, bank on the growth of insurance and make the future of your insurance career bright.

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