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Data released by General Insurance Council shows that 27% of life insurance agents sell non-life insurance policies.
The data shows that close to 7 lakhs agents sell non-life insurance; however, India has over 26 lakh life insurance agents. An agent can tie up with one life, one non-life and one standalone general insurance.
Overall, the total number of non-life agents declined marginally from 6.82 lakh in FY 2022 to 6.77 lakh in FY 2023.
Nikhil Bharadwaj, Vice President & Head- Corporate Communications, Bajaj Allianz General Insurance believes that the number of agents will go up considering the growing demand for non-life policies. He said, “Insurance is still predominantly based on conversations, and we need advisors to have these conversations. The career of an insurance advisor/agent is and will definitely be a lucrative career/ entrepreneurship option.”
Among general insurers, HDFC Ergo has the highest number of non-life agents with an agency force of 1.30 lakh individuals. The company added close to 2800 new agents last financial year.
The New India Assurance and United India were the other two companies in terms of number of agents. Their agent count stood at 1.10 lakh and 88,000, respectively.
Let us look at the data to see company wise agency force:
|
General insurance |
No of agents 2023 |
No of agents 2022 |
Change |
|
HDFC Ergo General Insurance Co Ltd |
1,37,540 |
1,34,802 |
2,738 |
|
The New India Assurance Co Ltd |
1,11,339 |
1,07,694 |
3,645 |
|
United India Insurance Co Ltd |
88,942 |
87,490 |
1,452 |
|
National Insurance Co Ltd |
60,823 |
56,762 |
4,061 |
|
Bajaj Allianz General Insurance Co Ltd |
51,050 |
47,605 |
3,445 |
|
The Oriental Insurance Co Ltd |
49,354 |
48,651 |
703 |
|
ICICI Lombard General Insurance Co Ltd |
45,189 |
42,487 |
2,702 |
|
Tata AIG General Insurance Co Ltd |
34,010 |
58,160 |
-24,150 |
|
Reliance General Insurance Co Ltd |
33,706 |
33,482 |
224 |
|
SBI General Insurance Co Ltd |
16,337 |
14,676 |
1,661 |
|
IFFCO-Tokio General Insurance Co Ltd |
9,491 |
12,123 |
-2,632 |
|
Royal Sundaram General Insurance Co Ltd |
9,223 |
8,438 |
785 |
|
Future Generali India Insurance Co Ltd |
7,823 |
7,578 |
245 |
|
Cholamandalam MS General Insurance Co Ltd |
7,222 |
7,206 |
16 |
|
Kotak Mahindra General Insurance Co Ltd |
3,749 |
1,755 |
1,994 |
|
Shriram General Insurance Co Ltd |
2,866 |
3,543 |
-677 |
|
Universal Sompo General Insurance Co Ltd |
2,613 |
4,233 |
-1,620 |
|
Liberty General Insurance Co. Ltd |
2,513 |
2,427 |
86 |
|
Go Digit General Insurance Ltd |
1,336 |
957 |
379 |
|
Magma HDI General Insurance Co Ltd |
852 |
692 |
160 |
|
Zuno General Insurance Limited |
762 |
756 |
6 |
|
Raheja QBE General Insurance Co Ltd |
21 |
20 |
1 |
|
Acko General Insurance Ltd |
7 |
6 |
1 |
|
Navi General Insurance Co. Ltd |
6 |
198 |
-192 |
|
General Insurers Sub Total |
6,76,774 |
6,81,741 |
|