IRDAI Circular– The Growth of Insurance Business: July 2018 vs July 2017

The Indian population has become more aware of the need and importance of insurance plans. They are increasingly investing in life and general insurance policies to secure any possible financial loss. Even the insurance market is growing every day and with the advent of technology, the process of purchasing insurance policies has become simpler!

 

These two factors have led to an overall growth in the insurance penetration in India, leading to growth in the insurance business. Both life and general insurance companies have posted a positive growth in the month of July 2018 as compared to July 2017.

 

In the life insurance segment, Shriram Life Insurance is at the forefront with the growth of 87.55% followed by others. In the general insurance market, Aditya Birla Health Insurance leads the race.

 

Let’s see what the numbers say–

 

Life insurance industry

 

Shriram Life has posted the highest growth in the life insurance segment followed closely by Kotak Mahindra and TATA AIA Life Insurance.

 

Contrary to this, LIC had a negative return as its premium collections reduced. This also proves that the private insurance companies are increasing their market share by the year!

 

Here is the chart of the top five companies which had the highest return-

 

growth in insurance business by Turtlemint MintPro

 

General insurance industry

 

In the general insurance industry, Aditya Birla more than tripled its premium collection at INR 29.43 crores in July 2018 compared to INR 6.62 crores in July 2017. SBI General Insurance, Magma HDI, Cigna TTK and Liberty Videocon were the other four insurers that more than doubled their premium collections. Here’s the chart–

 

growth in insurance turtlemint mintpro

 

Other insurance companies too posted positive growth but these five insurers were among the top performers. As the insurance industry posts positive growth, you have the potential of posting a positive growth in your earnings too. Insurance policies are becoming popular and you can bank on this popularity and build your business.

 

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