Listen to this article
The life insurance industry has added over 1 lakh new agents in just one year, shows data released by Life Insurance Council (LIC), a trade body of the life insurance industry.
As a result, the total number of insurance agents has increased from 24 lakh in September 2021 to 25 lakh in September 2022, a growth of 4%.
Of the total agent count of 25 lakh agents, India’s largest insurer LIC India account for 53% of the total agency force or 13.34 lakh agents.
However, the growth in number is largely due to private insurers. While the private insurers have added 1.10 lakh new agents, LIC India saw attrition of close to 9000 agents. The total number of agents stood at 11.66 lakh for private insurers.
Agent count
|
Insurer |
Net No. of Agents as on 30 September 2021 |
Net No. of Agents as on 30 September 2022 |
Change |
Change (%) |
|
Private Total |
1056847 |
1166503 |
109656
|
10% |
|
Life Insurance Corporation of India |
1343587 |
1334811 |
-8776 |
-1% |
|
Grand Total |
2400434 |
2501314 |
100880
|
4% |