November 2018 was yet another productive month for life and general insurance companies as the insurance segment recorded positive growth figures over November 2018 compared to November 2017. Both public sector companies and private players saw good growth in premium collection in the month. Here’s what the numbers say for life and general insurers–
Life insurance business
In the life insurance segment, Edelweiss Tokio Life Insurance Company posted the highest return at 63.89% followed by Kotak Mahindra and Aditya Birla. Though LIC of India earned the highest premium among other life insurance companies at INR 9511 crores, it recorded negative growth in November 2018 compared to November 2017 where it earned INR 12,336.53 crores.
There were other insurers too which posted a negative return but many posted positive returns. Here are the top 5 performers in the life insurance segment–
General insurance business
In the general insurance segment, many insurance companies posted positive growth. Private players even recorded growth in triple figures while public sector companies also performed quite well.
The top performer was Aditya Birla Health Insurance Company which recorded a substantial growth of 244.9% in November 2018 compared to November 2017. Religare Health and Magma HDI also collected more than double the premium that they collected in November 2017. Here are the top 5 performers in the non-life insurance category–
So, November 2018 held a good promise for both life and general insurance companies as they posted good growth during the month. Increased awareness among individuals and ease of buying insurance policies are the driving factors which have resulted in such good growth numbers.
With the insurance market changing with changing trends, the growth is expected to continue in the coming months too.