As the calendar year closed on December 31st, 2018, insurance companies logged in positive growth for the month of December 2018 compared to the month of December 2017. Both life insurance business and general insurance business grew at a good pace bringing in increased revenue for insurance companies.
The increase in business suggests better awareness among individuals about buying insurance policies, both life, and non-life. Moreover, the increase in the number of distributors and the ease of online sales has also been implemental in boosting insurance business. Here is a look into the top five performers of life and general insurance segments and their corresponding growth–
Life insurance business
In the life insurance segment, TATA AIA Life Insurance Company led the race with the growth of 130.58% in the premium collected in December 2018 as compared to the premiums collected in December 2017. All other companies posted double-digit growth figures with Aditya Birla Sun Life following TATA AIA. The Life Insurance Corporation of India (LICI) also posted a positive growth of 16.08%. However, other companies’ growth overshadowed the growth recorded by LIC. Here is the performance of the top five life insurance companies in December 2018–
General insurance business
The general insurance segment proved more competitive as more than three insurance companies posted a growth exceeding 100%. The leader was Magma HDI with a growth of 153.36% followed by TATA AIG and Universal Sompo each with a growth rate of 142.37% and 112.05% respectively. Others had a double-digit growth while some also posted a negative rate. Here’s how the top five companies performed in December 2018-
With both life and general insurance segments showing good growth rates, your business prospects look good. With customers becoming more aware of insurance products, you can find easy takers for your insurance plans and boost your business.
