May 2019 turned out to be another good month for the insurance industry as it posted positive growth figures in terms of premiums collected compared to May 2018. There were newly launched companies in the general insurance segment too which contributed to the overall growth of the general insurance segment. Life insurers also saw positive premium collection figures due to the increased awareness of insurance among the common masses and also the easy availability of insurance products online. In fact, the online medium has been phenomenal in driving the positive growth of insurance business over the years. Let’s see how life and general insurance companies performed in May 2019 as compared to May 2018 –
In the life insurance segment, IndiaFirst and TATA AIA Life performed exceptionally with a growth in triple figures. While these companies doubled their premium collections, others were also not far behind. Kotak Mahindra, Future Generali and Bajaj Allianz are the next three performers which registered a growth of more than 50% in their premium collections. LIC of India also posted a positive growth of 46.63% in May 2019 against the premiums collected in May 2018. However, it was not among the top five performers. Here is a chart of the top five –
The general insurance segment was dominated by two relatively new players, Acko General and Go Digit General Insurance Company Limited. These companies registered a very high growth in their premium collections. Religare and Edelweiss also posted good returns followed closely by Aditya Birla Health Insurance which is a standalone health insurance company. Here is what the figures state –
The insurance business is growing at a good pace which means that the potential for you to grow your business is also very high. Tap into the booming markets and educate your clients about the importance of insurance products and how such products can take care of their financial emergencies. As individuals become aware about the benefit of insurance, they would readily buy insurance plans helping in the growth of your business as well as the growth of the insurance industry as a whole.