Being a diligent Insurance sector operator, OneInsure keeps a tab on the Insurance industry in specific and the Finance industry in general. And it is during this last quarter that we have observed a substantial rise in amounts Indians have invested in insurance this year. A huge increase of 13% has been recorded in premium payments, and insider information suggests that major sales have come from health, motor, and personal accident insurance.
With the coming of 2019, is the Insurance industry finally getting the acknowledgment it deserves? Our insurance experts have evaluated the sector’s business and after-sales statistics to see how the growth may have come because of catering to the most important aspect of this sector – the policyholder.
The report we have evaluated has experts share information about profits and loss for the General Insurance sector. The insurance industry of India consists of 53 insurance companies, of which 29 are general insurance companies. With lots of talk regarding falling shares of public sector companies alongside success stories of private insurance companies, the statistics speak for themselves. A few trends do have its roots in new-age transformations that the industry is going through to serve its consumers better. Let’s explore.
Insurance Information Has Been Shared Well
Health, Motor, and Personal Accident Insurance Have Seen the Most Growth
Personal accident insurance is a cover that offers pay-outs if you meet with any kind of accident, by replacing your income with timely payments while you recover. Among all insurance policies, personal accident insurance is one of the cheapest, but one of the least known. A rise in the sales of personal accident policies directly indicates that people are understanding how insurance policies can be useful for everyday protection, wherein the policy offers large pay-outs to cover many kinds of risks.
Rise in payments towards motor insurance is understandable, as there is an ongoing rise in car sales. Additionally, the rise in payments towards health insurance shows that there’s a rise in hospitalization and medical costs. The positive side of this is that health insurance has been successful in tackling these issues, and that is why people are drawn towards health cover.
Substantial Growth for General Insurers
General Insurance sector gross premium collection rises 13.4% between April 2018 and February 2019
Summarizing the scenario of high growth of 13.4%, investments in all types of insurance are on the rise. Moreover, other than investing in other saving mediums, insurance is being preferred. This choice is wise for people who want to save more as well as be protected from unforeseen and unnecessary financial setbacks like vehicular accidents and hospitalization bills. Insurance has today become the top choice for the steady growth of money while saving tax and ensuring one’s family is financially protected.
Furthermore, new services of information sharing and assistance offered by brokers and digital aggregators are helping people get the best from their plans.
Standalone Health Insurance Companies See 40% Rise in Collected Premiums
Two of the top standalone health insurance companies in India have shown growth above 75% year-on-year, with one growing 101.89%
101.89% is a phenomenal number. In general, companies that only offer health insurance have managed to do quite well.
There isn’t much of a difference between policies of standalone health insurance companies and other general insurance providers; you can compare here to see which policy suits you better.
To conclude, the Insurance business in India is picking up in an organized manner like never before. New customer-assisting apps, web services, and an increase in client servicing companies are making the lives of policyholders secure and simultaneously more convenient.
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