The new financial year started on a positive note. Most insurance companies registered a positive growth in premium in April 2021 compared to April 2020. Last year, the COVID pandemic caused lockdowns and affected the business of insurance companies, both life and general. However, this year, as the vaccine drive has been launched in full swing, the industry bounced back. The pandemic reinforced the awareness of insurance plans and the demand for insurance policies increased. This caused a considerable jump in premium collections and many insurers registered an impressive growth. Let’s have a look at the top performers in life and general insurance segments.
In the life insurance segment, the top five performers registered growth in triple figures as they more than doubled their premium collections in April 2021. The top performer was Star Union Dai-ichi that led the race with 800.45% growth. Following closely is Canara HSBC OBC Life at 692.01%. LIC also posted a positive growth of 35.60% however it did not rank in the top five position. Here’s a look at the top five performers in the life insurance sector –
General insurance segment
Leading general insurance companies also posted triple digit growth figures as their premiums grew by more than 100% in the last year. The importance of health insurance policies followed by the mandatory motor insurance plans bolstered the business of general insurance companies. Navi General Insurance was the leader among other general insurance companies as it recorded a growth of 313.16%. Acko also gave a close competition to Navi by registering a growth of 294.73%. Go Digit, Raheja QBE and Max Bupa were in the third, fourth and fifth positions respectively. Even Government owned general insurers posted a positive growth but their growth was overshadowed by the private players. Here’s a look –
The financial year has opened with a bang as April 2021 has proved profitable for insurance companies. The growth story is expected to continue with an increased awareness of insurance and the products becoming consumer-friendly with IRDA’s intervention. So, educate your clients about the need of insurance policies and help them choose the right plans based on their needs. The insurance sector is poised to grow and you can bank on the growth story by boosting your business and increasing your revenue.