How has the insurance sector performed over the past year? Look at some important highlights

Insurance companies have achieved business growth of 33.20% in a period of one year. Till Ashoj end Life and Non-Life insurance companies have earned Rs.28.47 Arba as premium. This figure was at Rs.21.38 in the corresponding period of the previous year.

The Life Insurance companies increased their number of policies by 11% and the premium collection grew by 41% while Non-Life Insurance companies increased their number of policies by 47% but the premium collection grew by only 13%.

Previously, non-life insurance companies admitted to selling insurance policies at low cost. The unhealthy competition in the non-life insurance market has forced companies to issue policies at low premium.

Due to constant fall in number of foreign employment, the number of foreign employment insurance policy went down by 13% compared to previous year. Till Ashoj, the number of foreign employment insurance policies stood at 13.86 Lakhs.

In the review period of the corresponding year, the reach of insurance policies was 17% while this year it has grown to 20%. A few insurance companies have enabled branch extension and increased reach to 30%. The number of branches of insurance companies stood at 2603 this year while it was 1996 in the previous year.

The number of employees in the insurance sector also went up by 23%. In the previous year, the number of employees was 7,836 while in the current year it has grown to 9,661 employees.

The sector has been booming after the insurance board issued permits to 10 new life insurance companies and 3 new non-life insurance companies. The board also asked the old companies to increase their paid up capital and grow their business.