January 2020 began on a positive note for the insurance sector where both life insurance and general insurance companies posted positive growth figures in terms of the premiums collected in January 2020 compared to January 2019. The growth is largely due to the increasing awareness about the importance of insurance plans in the minds of individuals. Insurance policies are emerging as a popular tool for many individuals who seek financial security by investing in suitable insurance plans. Another reason for the premium growth is the increase in the penetration of internet and the easy availability of insurance plans on the online platform. Today individuals in any corner of the country can easily buy an insurance plan as per their requirements after comparing online. Both these factors have boosted sales for insurance companies. Let’s see how the life insurance and general insurance segments performed in January 2020 –
Life insurance business
In the life insurance segment, Future Generali Life Insurance Company led the race by doubling up its premium collections in January 2020 compared to January 2019. It posted a growth in triple digits followed by Bajaj Allianz, TATA AIA Life, Kotak Mahindra and Star Union Dai-ichi all of which posted a double digit growth figure. The Life Insurance Corporation of India (LICI) also posted a positive growth rate of 20.08% in its premium collections in January 2020 compared to January 2019 but it did not feature in the top five life insurers. Here is the growth rate of the top five life insurance companies for the month of January 2020 –
General insurance business
The general insurance sector saw impressive growth rates as companies recorded almost double growth rates in January 2020. Even though public sector general insurance companies also performed well, they did not rank among the top five companies. The top five companies include Acko which led the race with a growth in triple figures followed by Go Digit, Aditya Birla Health Insurance, SBI General Insurance and Future Generali. The growth rates of the insurers can be seen in the following graph –
As both life and general insurance segments are seeing a growth in premium collections, the popularity of insurance cannot be ignored. Customers are becoming more aware of the need of insurance products which opens up a whole new opportunity for you. You should, therefore, educate your customers about the importance and need of insurance products and widen your customer base. This would help boost your business and also grow your earnings.
