IRDAI Circular– The Growth of Insurance Business: March 2018 vs March 2019

As the financial year closed on 31st March 2019, life and general insurance companies did a very good business in the month of March as compared to March 2018. In both life and general insurance segments, the majority of the companies had positive growth in the premiums collected by them. Some general insurance companies, which are relatively new, performed exceedingly well by posting triple-digit growths. In the life insurance segment, private players grew commendably and posted a growth which was more than 50%. Let’s see what the numbers indicate and the top five companies in the life and general insurance sector –

Life insurance business

In the life insurance segment, TATA AIA continued with its good performance over the last few months by posting the highest growth in the premiums collected in March 2019 against the premiums collected in March 2018. TATA AIA was followed by Bajaj Allianz and Canara HSBC OBC. Life Insurance Corporation of India (LIC), though had good growth, did not qualify among the top 5. It had a growth of 32.16%. Here’s a look at the performance of the top 5 insurance companies in March 2019 –

General Insurance business

As stated earlier, the general insurance segment saw tremendous growth due to the exceptional performance of newly established general insurance companies. Acko posted the largest growth in four figures following in the trend of its last month’s performance followed by Go Digit, Edelweiss and Aditya Birla all three of which posted three-figure growth rates. The fifth spot was earned by Magma HDI while other insurers were also not far behind.

These growth rates suggest that customers are becoming more open to buying insurance policies whether it is life insurance or health insurance. This is because of the increased awareness and the ease of availability of insurance products through the online mode. You can also bank on the growth of insurance companies and increase your insurance sales. As the future of the insurance segment is bright, so is the future of your insurance career.

Read More
InsureFinServe May 29, 2019 0 Comments
Need Help? Chat with us