The insurance market has become quite competitive with new insurance companies joining the segment and innovative products being launched every now and then. The customer is, therefore, spoiled for choice. Moreover, as financial emergencies are growing, the customer has become more aware about the need of insurance. As such, more and more individuals are getting themselves and their assets insured under suitable insurance policies to bear the financial losses suffered. These factors have boosted the growth of insurance and increased insurance penetration. Insurance companies are now doing much better compared to a decade back. September 2019 was also a good month for most insurance companies as they registered a growth in their premium collections compared to September 2018. Let’s have a look at how the leading insurers performed in the life and non-life segments of insurance –
Life insurance business
Life insurance business grew considerably in September 2019 against September 2018 as many companies posted a positive increase in their premium collections. SBI Life Insurance led the race with a growth of 69.09% followed by others. Aviva and Star Union Dai-ichi stood second and third respectively having a very minimal margin in their growth rates. LIC also posted a positive growth rate of 18.37% but didn’t rank in the top five. The top five life insurers for September 2019 based on the growth in their premium collections are as follows –
General insurance business
The general insurance segment saw very high growth rates with insurers increasing their premium collections by more than 500%. The segment was dominated by some of the new players who have been in the business for a few years. The established insurance companies also saw a good month and stood in the fourth and fifth ranks. Here’s what the numbers say –
| Rank | Name of the insurer | Growth percent |
| 1 | Acko General | 536.45% |
| 2 | Go Digit | 296.80% |
| 3 | Universal Sompo | 231.80% |
| 4 | Bajaj Allianz | 138.70% |
| 5 | SBI General | 88.09% |
With the numbers showing a positive trend, the insurance market has never been better. You have a huge potential for tapping into the increasing demand for insurance products. Educate your clients about the importance of insurance plans and how these plans can fulfil their financial needs and you can increase your insurance sales. As you increase your customer base, the insurance penetration would also grow and the growth numbers would improve for the better in the coming months.
