Individual agents account for 75% of the total individual health policies sold during FY 2019-20, shows the annual report released by IRDAI.
Other intermediaries like corporate agents, direct sales through company and insurance brokers account for 9%, 8% and 4% of the total individual health policies, respectively.
In group health policies, brokers and direct business account for 42% and 33% of the total health insurance sales in FY 2019-20, respectively.
Business performance of health insurance for FY 2019-20 (in % of premium)
|
Health Insurer |
Individual Agent |
Corporate agents |
Direct business |
Brokers |
|
Group business |
7.99% |
16.44% |
33.05% |
42.31% |
|
Individual business |
75.21% |
8.91% |
8.77% |
4.30% |
|
Total industry business |
33.64% |
11.88% |
30% |
23.26% |
In non-life segment, which includes motor, fire and other policies, individual agents contributed 24% of the total general insurance policies sold during FY 2019-20. While agents account for 40% of the total non-life policies sold by PSU companies, their share in private companies is just 15%.
Direct sales (other than online) has become the largest contributor with share of 28% in the total business premium of the general insurance industry. Corporates buy non-life insurance policies for their employees directly from health insurers to save cost.
Brokers follow direct sales with 26% share in the total general insurance policies in FY 2019-20.
Business performance of general insurers for FY 2019-20 (in % of premium)
|
General Insurer |
Individual Agent |
corporate agents |
Direct business |
Brokers |
|
Public |
39.32% |
2.50% |
31.84% |
19.27% |
|
Private |
14.71% |
17.81% |
27.77% |
33.84% |
|
Industry Total |
24.17% |
10.32% |
28.39% |
25.93% |
