IRDA Circular- The Growth of Insurance Business: April 2018 vs April 2019


As the new financial year started in April 2019, insurance companies experienced a good month and posted positive growth in the premiums collected compared to April 2018. Both life and general insurance companies posted good growth in April 2019 taking their business to greater heights. One of the reasons for the growth in business is increased awareness among individuals about insurance plans. Whether it is life insurance, health insurance, motor insurance or any other type of insurance, customers have become more knowledgeable about the benefits provided by insurance plans. Moreover, buying insurance has been simplified due to the online medium and so people find it easier to buy insurance policies. Both these reasons have, therefore, increased premium collection for insurance companies. Let’s see how life and general insurance companies fared in April 2019 compared to April 2018 –


Growth in Life insurance


In the life insurance segment, Canara HSBC OBC Life collected the highest premium in April 2019 compared to April 2018 amongst its peers. The company posted a growth of more than 300%. Following Canara HSBC OBC Life were SBI Life, IndiaFirst Life, TATA AIA Life and HDFC Standard Life. While the first three companies grew their premium collection by more than double, HDFC also posted a good growth. LIC’s premium collection also grew but the growth was only 20.96%. Here’s how the top five companies performed –


Life Insurance


Growth in General insurance


In the general insurance segment too, many companies performed impressively. Acko topped the charts with growth in four digits while Go Digit and Edelweiss also performed in triple digits. Other companies also posted positive returns. Here are the top performers in the general insurance segment –


General Insurance


Given these figures, there is a good potential of further growth in the insurance segment. This is good news for you as you can also increase your insurance business. Customers have become more inclined to protect themselves with insurance increasing your chances of selling a policy. So, use this growth to steer your insurance business in the right direction. Educate your customers about the suitable insurance policy to fulfil their needs and to earn a commission in the process too.

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