The Coronavirus pandemic affected the economy of India as several businesses were affected due to the lockdown. The insurance segment was also affected and while some insurance companies managed to grow, some had a challenging time. April 2020, however, proved to be a good month for the insurance segment as companies recorded a growth in the collected premium. The premium collected in April 2020 was higher than that collected in April 2019. Let’s have a look at the top 5 life insurance companies which recorded the highest premium collections in April 2020 compared to the same month last year
Growth of the Life Insurance segment
The life insurance segment experienced a very good month as insurance companies managed to grow their premium collections considerably. The two insurance companies, which performed the best, recorded a growth figure of more than 100% while the rest also performed considerably well. Let’s have a look at the top five life insurance companies which recorded a positive growth in their premium collections in April 2020 compared to April 2019 –
Here is a chart showing the percentage increase in premium collection of the above-mentioned top life insurance companies –
Here is a chart showing the percentage increase in premium collection of the above-mentioned top life insurance companies –
|
Name of the insurer |
Premium collected in April 2019 (amount in crores) |
Premium collected in April 2020 (amount in crores) |
Growth rate |
|
Aviva Life Insurance |
5.40 |
19.02 |
252.05% |
|
Aditya Birla Life Insurance |
118.83 |
261.75 |
120.28% |
|
Edelweiss Tokio Life Insurance |
11.16 |
16.46 |
47.52% |
|
Bajaj Allianz Life Insurance |
218.63 |
314.04 |
43.64% |
|
Tata AIA Life Insurance |
122.19 |
154.36 |
26.32% |
The Life Insurance Corporation of India did not have such a good month as its premium collection actually reduced by 32.01% in April 2020 compared to April 2019. Some of the other insurance companies also saw a reduction in their premium collection given the pandemic but the future prospect looks positive.
Even though the current pandemic has brought about some concerns, the picture is expected to improve as the demand for insurance is increasing. People are becoming aware of the need of insurance plans to safeguard against the possible financial strain of this pandemic and are investing in life and health insurance policies. The next months, therefore, are expected to bring in good business for insurers and you can lend a hand in this by selling insurance to your clients.
Insurance is becoming popular in this pandemic as individuals are realising the need to have an insurance cover for financial protection. Thus, the insurance industry is expected to continue its growth story in the coming months too. You can also boost your business by educating your clients about the need of insurance policies in their portfolios. So, be a part of the growth of the insurance industry and increase your business in the coming months.
