The awareness for insurance among the Indian population is steadily growing. While earlier people used to shy away from insurance, today, individuals are choosing to insure their life, health and other belongings through different life and non-life insurance plans. While motor insurance is compulsory, term insurance, ULIPs and health insurance products are also finding favour among many. That’s why the Indian insurance market has seen a positive growth over the last years. Even within the last year itself, insurance companies have posted impressive growth in the total amount of premium collected by them. Here are some figures collected and furnished by the Insurance Regulatory and Development Authority which shows the premiums collected by both life and non-life insurers in a year as on 31st January, 2018 vis-à-vis the premium collected by them until 31st January, 2017.
Growth posted by life insurers
Despite LIC having the largest market-share, HDFC Life has posted the highest premium increase in the last one year.
Growth posted by general insurers
Here is what the premium figures for general insurance companies say –
Here Bajaj Allianz has posted highest increase in the last 1 year.
So, both life and general insurers reported a good rate of growth in premium collections in the last year. Thus, the future of insurance is good and with the coming years we can see a higher penetration of insurance in India.
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