As the New Year started on the hope of the COVID vaccine, the economy also continued its recovery journey as businesses became profitable. Even the insurance industry enjoyed good growth in January 2021. Many insurers posted positive growth in the amount of premium that they collected in January 2021 compared to January 2020. In the general insurance segment, Universal Sompo more than doubled its premium collection while in the life insurance segment Star Union Dai-ichi posted impressive growth. Let’s find out the top performers in both the life and general insurance segments.
Life insurance segment
In the life insurance sector, Star Union Dai-ichi ranked first with a growth of 77.33% in the premium collected in January 2021 compared to that collected in January 2020. Following Star Union were IDBI Federal, Canara HSBC OBC and Shriram Life which gave a tough competition. Kotak Mahindra ranked fifth with a growth of 28.35%. LIC posted a negative return of -2.43% as its premium collection dipped in January 2021. Here is a look at the top five performers –
General insurance segment
In the general insurance segment, none of the standalone health insurance companies managed to finish in the top five. The top positions were ruled by private insurers offering a multitude of insurance products for their customers. Two, out of the four, public general insurance companies, i.e. The New India Assurance and United India, posted positive premium collections while the other two faced a dip. However, other companies outperformed Government-owned insurance companies and stood in the top five positions. Here is a look –
As the insurance industry is touching new highs month on month, it is a lucrative market for you out there. You can ride on the growth wave of insurance companies and boost your insurance business. Talk to your clients and educate them about the need for life and general insurance policies. Drive-up your business with referral leads and a continued relationship with your existing clients. Check which insurance companies are growing so that you can sell their popular plans and earn good income on the sales that you generate.