The insurance sector has been growing year on year thanks to the increased awareness of individuals towards the importance of insurance. Buying an insurance policy has become simpler and more convenient through the online medium. Individuals are, therefore, increasingly insuring themselves under relevant insurance policies, be it life or general insurance. Due to the increasing penetration of insurance, insurers are also able to post a positive growth in their premium collections. July 2019 was a productive month for the insurance sector as many insurers posted better premium collection figures compared to July 2018. Both in life and general insurance segments, many insurance companies experienced an increased collection in premiums over the last year. Let’s see what the numbers tell –
Life insurance
July 2019 was particularly noteworthy for Future Generali which posted the highest growth among life insurance companies. Future Generali led the race with a growth of 75.25% followed closely by TATA AIA Life Insurance Company Limited. The other leading insurers also posted a positive growth. Let’s see the top five performers in the life insurance segment –
General insurance
The general insurance segment also saw some tremendous growth rates from relatively new insurance companies. The top two insurers posted a growth in triple figures which shows that they have more than doubled their premium collections. Other companies also posted a good growth rate in double digits. Here are the top five performers in the general insurance segment –
The numbers show the rising face of the insurance industry which is poised to grow in future. As insurance products are becoming more customer-friendly and individuals are becoming more aware about the need of insurance, the penetration is all set to increase. This spells good news for you as the increase in insurance penetration would directly impact your insurance business. You would be able to grow your sales and earn more commissions as you find new and willing clients to buy insurance.
