November 2019 proved to be a positive month for the Indian insurance industry as many insurance companies posted a growth in premium collections in November 2019 compared to November 2018. Within one year, the insurance industry witnessed tremendous changes in the form of an increase in insurance awareness, increase in internet penetration making it easier for people to buy insurance and also the changes brought about by the insurance regulator. All these factors contributed to an increase in the popularity of insurance products among customers and more people invested in insurance plans for covering their financial risks. Whether it was life insurance or general insurance, companies in both the sectors posted good growth rates which also increased their profitability. Let’s have a look at the growth posted by the leading life and general insurance companies in their premium collections in the month of November 2019.
Growth in life insurance business
In the life insurance segment companies saw exceptional growth rates as the premium collections doubled up for a few. Others also posted more than 50% growth in premium collections. The leader among life insurance companies turned out to be Aviva Life which more than tripled its premium collection. Aviva Life was followed by Bajaj Allianz which doubled its premium collection in November 2019 compared to November 2018. Even LIC’s premium collection was close to a triple digit growth rate. Here are the five top companies which showed the highest gro
Growth in general insurance business
The general insurance industry had very good growth rates as many companies competed to post a growth rate in triple digits. Such companies more than doubled their premium collections thereby adding to their revenues considerably. The leader in the general insurance segment was DHFL General Insurance Company with a growth of 372.99% while SBI General Insurance and Go Digit followed DHFL with growth rates of 183.37% and 148.09% respectively. The four public sector general insurance companies also posted a possible growth in premium collection but they did not make it to the top five. Here is a chart showing the top five general insurers with the growth in their respective premium collections.
This growth story shows that the insurance segment is growing tremendously. This creates a great potential for you to benefit from the growth of the insurance industry. You can sell more number of insurance policies and contribute towards the growth of insurance companies. As your sales increase, you can also earn higher commissions and boost your income. So, educate your clients about the need and importance of insurance plans and help the insurance segment to grow further.
