News From Press Life insurers record negative business growth yet again in May

Life insurers record negative business growth yet again in May

Insurance industry saw a 25.3 percent year on year contraction in new business premium. However, leading companies, most notably Life Insurance Corp of India (LIC) saw some aspects of their business bounce back in the month as these companies shored up their digital distribution and outreach channels.

The Economic Times Jun 10, 2020

Business growth of life insurers was yet again impacted in the month of May due to the economic fallout induced by the coronavirus pandemic as the insurance industry saw a 25.3 percent year on year contraction in new business premium whereas the fall in new business in the two months of FY21 was at 30.7% against the same period last year.

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