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Data released by General Insurance Council, a trade body of general insurance companies shows that 22% of the total life insurance agents or 6.49 lakh life insurance agents sell general insurance policies.
Interestingly, over 45% of the total life insurance agents or 13 lakh agents sell health policies offered by standalone health insurers.
Currently, the life insurance industry has close to 29 lakhs agents. An agent can tie up with one life, one non-life and one standalone general insurance.
Among general insurers, The New India Assurance has the highest number of non-life agents with an agency force of 1.15 lakh. The company added close to 4,500 new agents last financial year.
United India and National were the other two companies in terms of number of agents. Their agent count stood at 89,000 and 63,800, respectively.
Let us look at the table to see company wise agent force.
| General Insurer |
No. of |
No. of |
Change | Change % |
| The New India Assurance |
1,15,925 | 1,11,339 | 4,586 | 4 |
| United India |
89,241 | 88,942 | 299 | 0.34 |
| National | 63,829 | 60,823 | 3,006 | 5 |
| Bajaj Allianz |
60,153 | 51,050 | 9,103 | 18 |
| HDFC Ergo |
55,639 | 1,37,540 | -81,901 | -60 |
| ICICI Lombard |
53,598 | 45,189 | 8,409 | 19 |
| The Oriental |
49,842 | 49,354 | 488 | 1 |
| Tata AIG |
44,860 | 34,010 | 10,850 | 32 |
| Reliance | 37,789 | 33,706 | 4,083 | 12 |
| SBI | 18,167 | 16,337 | 1,830 | 11 |
| IFFCO-Tokio | 11,829 | 9,491 | 2,338 | 25 |
| Royal Sundaram |
9,726 | 9,223 | 503 | 5 |
| Future Generali India |
9,431 | 7,823 | 1,608 | 21 |
| Cholamandalam MS | 8,460 | 7,222 | 1,238 | 17 |
| Kotak Mahindra |
5,555 | 3,749 | 1,806 | 48 |
| Universal Sompo | 4,451 | 2,613 | 1,838 | 70 |
| Shriram | 3,104 | 2,866 | 238 | 8 |
| Magma HDI |
3,047 | 852 | 2,195 | 258 |
| Liberty | 2,760 | 2,513 | 247 | 10 |
| Go Digit | 1,079 | 1,336 | -257 | -19 |
| Edelweiss | 879 | 762 | 117 | 15 |
| Raheja QBE |
19 | 21 | -2 | -10 |
| Acko | 15 | 7 | 8 | 114 |
| Navi | 15 | 6 | 9 | 150 |
| Kshema | - | - | - | - |
| Total | 6,49,413 | 6,76,774 | 83,978 | 14.85 |
For standalone health insurers, the number of agents increased from 11.58 lakh in FY 2023 to 13 lakh in FY 2024.
Mayank Bathwal CEO at Aditya Birla Health Insurance attributes the increase in health insurance agents to increasing demand among people. He said, “Consumer awareness, product innovation, positive regulatory changes have made the consumer experience better for health insurance. This is reason why stand-alone health insurers have been so optimistic about strengthening sales force through agency network.”
Among standalone health insurers, Star Health & Allied has the highest number of agents of 7 lakh, the insurer added 74,000 agents last year.
Care Health and Aditya Birla Health followed Star Health by adding 40,000 agents and 24000 agents, respectively.
Let us look at the table to see company wise agent force.
|
Standalone Health Insurer |
No.of Agents FY 2024 |
No. of Agents FY 2023 |
Change |
Change % |
|
Star Health & Allied |
7,00,815 |
6,25,945 |
74,870 |
12 |
|
Care |
2,80,502 |
2,40,040 |
40,462 |
17 |
|
Niva bupa |
1,43,138 |
1,45,430 |
2,292 |
-2 |
|
Aditya Birla |
1,12,183 |
87,957 |
24,226 |
28 |
|
ManipalCigna |
69,427 |
59,304 |
10,123 |
17 |
|
Total |
13,06,065 |
11,58,676 |
1,47,389 |
13 |