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Sep 2020

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India: Life insurance market sees 18.6% drop in first-year premium

Source: Asia Insurance Review | Aug 2020

Battered by the coronavirus pandemic, the Indian life insurance sector witnessed an 18.6% fall in first-year premium to INR493.35bn ($6.6bn) in the April-June quarter of the current financial year – reported the Press Trust of India quoting a report from CARE Ratings.
 
However, the quarter figures indicate that the life insurance sector is moving towards recovery as it had seen first-year premium declines of 32.6% and 27.9% in April and May respectively.
 
This decline in business in the first quarter of the current fiscal year FY2021, which ends 31 March 2021, is attributed to COVID-19 lockdowns and business disruption. A 
 
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