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IRDAI data shows that the non-life insurance industry depends on insurance brokers and agents to generate new business. Both the intermediary categories brought in 57% of the total new business premium collection of the general insurers in FY 2022.
While insurance brokers account for 35% of the total new business premium, agents have contributed over 22% to the new business of non-life companies and standalone health insurers.
Also, direct sale i.e. business generated by in-house employees has healthy share in the new business premium. Non-life insurance companies received 26% of the new business premium from this channel.
|
% Share in Individual New Business |
|
|
Type of Intermediary |
Total |
|
Individual Agents |
22.01 |
|
Corporate Agents (Banks and Others) |
8.42 |
|
Direct sale |
25.42 |
|
Others |
9.04 |
|
Brokers |
35.11 |
|
Total |
100.00 |
*Others include, online direct sales, micro insurance agents, CSCs, web aggregators, IMFs, and point of sales
Contribution to the public sector
Individual agents dominate the new business of PSU general insurers by contributing 37% to the total new business premium. Direct sale and brokers have also contributed 30% of the total new business premium collection.
|
% Share in Individual New Business |
|
|
Type of Intermediary |
LIC |
|
Individual Agents |
36.76 |
|
Corporate Agents (Banks and Others) |
1.57 |
|
Others |
0.74 |
|
Direct sale |
30.17 |
|
Brokers |
30.77 |
|
Total |
100.00 |
*Others include, online direct sales, micro insurance agents, CSCs, web aggregators, IMFs, and point of sales
Contribution to the private sector
With a lion share of 41%, brokers took the lead here. Direct sales and individual agents have the next highest share of 25% and 15%, respectively.
|
% Share in Individual New Business |
|
|
Type of Intermediary |
Private Sector |
|
Corporate Agents (Banks and Others) |
14.19 |
|
Individual Agents |
14.72 |
|
Direct sale |
25.38 |
|
Brokers |
41.26 |
|
Others |
4.45 |
|
Total |
100.00 |
*Others include, online direct sales, micro insurance agents, CSCs, web aggregators, IMFs, and point of sales
