Data released by General Insurance Council shows that nearly 700,000 agents sell non-life insurance in India.
Overall, the total number of non-life agents declined marginally from 682,000 in the financial year ended 31 March 2022 (FY2022) to 677,000 in FY2023, reported Cafe Mutual, an industry platform for mutual fund professionals.
Mr Nikhil Bharadwaj, vice president & head of corporate communications at Bajaj Allianz General Insurance, believes that the number of agents will increase 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.”
|
Number of non-life insurance agents
|
|||
|
General insurer
|
No of agents
2023
|
No of agents
2022
|
Change
|
|
HDFC Ergo General Insurance
|
137,540
|
134,802
|
2,738
|
|
The New India Assurance
|
111,339
|
107,694
|
3,645
|
|
United India Insurance
|
88,942
|
87,490
|
1,452
|
|
National Insurance
|
60,823
|
56,762
|
4,061
|
|
Bajaj Allianz General Insurance
|
51,050
|
47,605
|
3,445
|
|
The Oriental Insurance
|
49,354
|
48,651
|
703
|
|
ICICI Lombard General Insurance
|
45,189
|
42,487
|
2,702
|
|
Tata AIG General Insurance
|
34,010
|
58,160
|
-24,150
|
|
Reliance General Insurance
|
33,706
|
33,482
|
224
|
|
SBI General Insurance
|
16,337
|
14,676
|
1,661
|
|
IFFCO-Tokio General Insurance
|
9,491
|
12,123
|
-2,632
|
|
Royal Sundaram General Insurance
|
9,223
|
8,438
|
785
|
|
Future Generali India Insurance
|
7,823
|
7,578
|
245
|
|
Cholamandalam MS General Insurance
|
7,222
|
7,206
|
16
|
|
Kotak Mahindra General Insurance
|
3,749
|
1,755
|
1,994
|
|
Shriram General Insurance
|
2,866
|
3,543
|
-677
|
|
Universal Sompo General Insurance
|
2,613
|
4,233
|
-1,620
|
|
Liberty General Insurance
|
2,513
|
2,427
|
86
|
|
Go Digit General Insurance
|
1,336
|
957
|
379
|
|
Magma HDI General Insurance
|
852
|
692
|
160
|
|
Zuno General Insurance
|
762
|
756
|
6
|
|
Raheja QBE General Insurance
|
21
|
20
|
1
|
|
Acko General Insurance
|
7
|
6
|
1
|
|
Navi General Insurance
|
6
|
198
|
-192
|
|
Total
|
676,774
|
681,741
|
-4,967
|
