The growth of insurance business April 2018 vs April 2017 – IRDAI report

Growth of insurance business

Insurance plans, both life and general, are becoming quite popular among individuals as is evident from the increasing revenue earned by both life and non-life insurers. Recently, the Insurance Regulatory and Development Authority (IRDA) issued statements depicting the premiums earned by both life and non-life insurance companies in the month of April 2018. These figures were compared with the premiums earned during the same period last year, i.e. April, 2017. When you compare these figures you can see that many insurance companies have posted a positive growth in insurance premium. Here is a graph showing the growth in premium of top 5 life insurance companies –

Aviva Life has posted the highest growth of 188.57% increasing its premium earning to Rs.14.82 crores from the earlier Rs.5.13 crores. After Aviva, HDFC Life is the second highest grossing insurer with a premium growth of 115.40%. Following closely behind is Bharti AXA Life with a growth of 115.20%.

In case of general insurance companies too, the growth is good. Take a look –

General-Insurance April'18

Cigna TTK has posted the highest growth of 64.9% followed closely by SBI at 62.6% and Raheja QBE at 60%.

In both the graphs, private players are seen to post the highest growth. This growth in insurance business is good news to you, the distributors, who can expect to increase their revenue as well through higher sales volumes.

Read more about Qualities of a successful insurance agent

Read more about Turtlemint’s guide on how to close Insurance deals

 

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