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

irdai-growth-circular

The awareness about the importance of life and general insurance has been increasing among the common masses. People are increasingly buying various insurance products for their as well as their family’s financial security.

 

As insurance sales have increased, insurance companies are also seeing good growth in their business and revenue. In October 2018, many life and general insurance companies witnessed substantial growth in their business. Let’s see how they performed-

 

Life insurance business

 

Five life insurers took the limelight by performing exceptionally well. Here’s how they performed-

 

life insurance business growth

 

IndiaFirst Life continued its growth from the last month taking the number one spot once again. It is followed by Aditya Birla Sun Life and TATA AIA Life both of which have a small difference in their growth rates.

 

Reliance Nippon Life and HDFC Standard Life are the next best performers close on each other’s heels. LIC, however, had a small growth of 4.14% as the premiums collected in October 2018 stood at INR 10, 156.93 crores compared to INR 9753.43 crores in October 2017.

 

General insurance business

 

Even general insurance companies were not behind in posting good growth figures. Here’s a look at their performance–

 

general insurance business growth

 

Three companies more than doubled their premium collection while Cigna TTK and Kotak Mahindra were also not far behind. Other companies also posted good growth while some had negative numbers too.

 

There are other companies too which had positive growth in October 2018 besides the top ones mentioned above. Given the growth rate witnessed by life and insurance companies, it can be safely said that insurance products would continue to become popular in coming times. You have, therefore, a good potential to increase your business and earn good commissions.

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