Ever since March 2020, the Indian economy has been battling the effect of the Coronavirus pandemic. The insurance sector, however, has been recording a growth in its premium collection figures as individuals are realising the importance of insurance in these times of crisis. To cover the cost of hospitalisation, individuals are increasingly buying health insurance policies to protect their finances. This has, therefore, pushed the revenue figures of general insurance companies. Similarly, life insurance plans are also becoming popular in these uncertain times and life insurers are also performing well. Let’s have a look into the top performing companies of life and general insurance business in terms of their premium collection figures –
General insurance business
Launch of Corona Kavach, Corona Rakshak and Aarogya Sanjeevani health insurance plans have seen a positive impact on general insurance companies. These plans are increasingly being bought by policyholders to cover themselves in this pandemic. Moreover, existing policyholders are increasing their coverage levels for optimal coverage against possible medical costs. Both these factors have increased the premium collected by general insurance companies in June 2020 compared to June 2019. Edelweiss Tokio is the top performing general insurer with a growth rate in triple digits followed closely by SBI General. Here are the other top performers and their respective growth figures –
Life insurance business
Even the life insurance business is growing as individuals are buying life insurance plans to protect against uncertainties. In the life insurance segment, insurance companies are posting a decent growth rate despite the lockdowns and social distancing practices. The top performer in the life insurance segment is Aditya Birla which more than doubled its premium collection in June 2020 compared to June 2019. In the second position is TATA AIA with a 30.90% growth in premium collection and following closely behind are the other three top performers – Canara HSBC OBC, Max Life and SBI Life. Here’s a look –
The growth in the insurance segment is expected to continue in the coming months as insurance awareness is spreading among individuals. You can also educate your clients about the need of an insurance coverage in these times. Help your clients invest in a comprehensive health insurance and term insurance plan for emergencies. Similarly, motor insurance plans are a must if your clients own vehicles and you can help them choose the best motor insurance policy. As you educate your clients about the importance of insurance, your business would grow and you would also be able to generate revenue with the growth in the insurance segment. So, a growth in the insurance sector is good news for your business as well and you can use this opportunity to grow.