December 2020, the closing month of the calendar year 2020 was a good month for life and general insurance companies. The continued growth in the demand of insurance policies post the pandemic pushed the sales for insurance companies. Many life and general insurance companies posted a positive growth in their premium collection figures in December 2020 compared to the same month last year. In fact, in the general insurance segment, Raheja QBE increased its premium collection by more than four times thereby gaining the first spot among other companies. The life insurance segment also saw good performance as the top three companies posted a growth of more than 50% in their premium collection.
Let’s have a look at the top five life and general insurance companies with respect to the premiums collected in December 2020 vis-à-vis the premiums collected in December 2019 –
Life insurance companies
Among the 24 life insurance companies operating in the market presently, Bajaj Allianz Life Insurance Company emerged the winner by posting a growth of 64.16% in its aggregate premium in December 2020. Bajaj Allianz was followed very closely by Aditya Birla at 61.37% and IndiaFirst Life at 53.76%. The Life Insurance Corporation of India (LIC), however, posted a decrease in its premium collection by 14.92% in December 2020 compared to December 2019. Here’s a look at the top performers in the life insurance segment –
The general insurance segment saw an exceptional performance by Raheja QBE which grew its business by 297.63%. The second spot was taken by Future Generali at 60.83%. The other three insurers competed closely with each other and the Government insurer, National Insurance, also found the fifth spot among other companies. Here’s a look at the performance by the general insurance sector –
These numbers indicate a strong awareness about insurance in the minds of consumers. You should also educate your clients about the importance and need of insurance policies for financial protection. Moreover, both life and health insurance plans provide tax benefits and this being the tax season, your clients can also save their tax liability by investing in suitable insurance plans. Use te numbers to your advantage and find out which company is popular in the market so that you can cash on the company’s popularity to boost your business.