Uttar Pradesh Surpasses Maharashtra in Number of Life Insurance Agents
According to data released by the Insurance Regulatory and Development Authority of India (IRDAI), Uttar Pradesh has overtaken Maharashtra to become the state with the largest number of life insurance agents. This shift highlights evolving trends in the insurance sector across India.
In March 2024, Uttar Pradesh boasted approximately 3.45 lakh insurance agents, marking a substantial 14% increase compared to the previous year. This growth propelled the state to the top spot, surpassing Maharashtra, which held the lead in fiscal year 2023.
Maharashtra now holds the second position with 3.33 lakh agents. West Bengal is third with 2.11 lakh agents, experiencing a 13% growth in the past year. Tamil Nadu and Karnataka follow, with 2.01 lakh and 1.65 lakh agents, accordingly.
Suhail Chagla, the author of the article.
The top 10 states with the highest number of agents also include Gujarat, Bihar, Rajasthan, Andhra Pradesh, and Madhya Pradesh. The smaller union territories displayed the most significant percentage growth, with Lakshadweep leading at 86.67%, followed by Daman & Diu, Dadra & Nagar Haveli at 57.52%. Among all states, Uttarakhand recorded the highest growth in the number of agents at 37%, followed by Punjab, which saw a 36% increase in its agent force.
Conversely, some states witnessed a decline in the number of agents, including Madhya Pradesh, Assam, Chhattisgarh, and Ladakh. The following table summarizes the agent count and changes.
