December 2019 ended the year 2019 on a good note for insurance companies as many companies posted good growth figures. While general insurance companies posted a growth in three-digits, the life insurance segment saw a growth in double digits. The growth in both these sectors can be attributed to the increasing awareness of insurance among individuals and also the popularity of internet which is making insurance products reach the nooks and corners of the country. As more and more individuals are buying insurance policies, insurance companies are seeing a growth in premium collection figures. This growth in premium collection has increased revenue earnings for insurance companies. This increased revenue has, in turn, allowed the companies to innovate their products to give better benefits to customers. Let’s see how the general insurance and life insurance segment performed in December 2019 compared to December 2018 –
Growth in general insurance business
In the general insurance segment, three leading insurers posted a triple figure growth in their premium collections in December 2019 against the premiums collected in December 2018. These companies are Go Digit, Acko and DHFL all of which are relatively new insurers making their presence felt in the general insurance industry. Their growth rates stood at 144.93%, 120.18% and 101.40% respectively. Other companies also posted good growth figures but the leading three took the centre stage. Here’s a look at the top five general insurance companies which posted the highest growth in their premium collections for December 2019 –
Growth in life insurance business
While life insurance companies did not post a growth in triple digits, their double digit growth rates are also impressive. Among life insurers, Kotak Mahindra Life Insurance Company led the race with a growth rate of 69.52%. It was closely followed by LIC which increased its premium collection by more than 50% and posted a growth of 53.40%. Other top performers include TATA AIA, Exide Life Insurance and Canara HSBC OBC Life Insurance all of which followed closely behind the leading life insurance companies. The overall growth in the life insurance segment in the premium collections of 24 life insurance companies stood at 37.52% which is a good figure. Here’s a look at the top performing life insurance companies for December 2019 –
Both life and general insurance companies continued their growth story in December 2019 thereby presenting a good potential for the growth of insurance in India. With insurance companies aiming to generate awareness on a larger scale and making their products simplified, the insurance segment would boom in the coming years too. So, tap into this booming market to increase your customer base as well as your income from insurance sales.
