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

growth in Insurance business IRDAI mintpro

As the population is increasingly understanding the need for insurance and embracing insurance products, the insurance segment is showing a positive growth. Month on month, insurance companies are posting a positive growth in their premium collection. This growth has led to an increased penetration of insurance. Moreover, with insurance products becoming popular among individuals, insurance companies are also offering new and developed products for their customers. The growth in the insurance business has been steadily increasing month on month. Even in the month of September, both life insurance and general insurance companies posted good growth. Let’s see the growth of the top five performing life and general insurance companies–

 

General insurance companies and their growth in September 2018

 

Among general insurance companies, Royal Sundaram posted the highest rate of growth at 136.8% followed by Magma HDI at 90.6%. The other three insurers also performed well. Among public sector general insurance companies, all four insurers posted a positive growth.

 

general insurance growth

 

Life insurance companies and their growth in September 2018

 

In the case of life insurers, IndiaFirst Life posted exceptional growth. The growth more than doubled in September 2018 as compared to September 2017 stands at 279.43%. Though other insurance companies also recorded good growth, IndiaFirst’s growth was unmatched. LIC, on the other hand, had a negative growth. It earned a premium of INR 10778.81 crores in September 2018 compared to INR 15302.99 crores in September 2017 posting a negative premium growth of 29.56%. However, many other insurance companies had a positive growth as September 2018 proved to be a good month for them.

 

lifeinsurance growth

 

Given the continuing growth of life and general insurance companies, you can also look forward to growing your insurance business. As customers are becoming more open towards insurance plans, you can easily sell insurance policies to your clients and grow your business.

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