News From Press Covid-19 second wave hits life insurers’ business but outlook is better

Covid-19 second wave hits life insurers’ business but outlook is better

Data from the regulator showed that retail business growth for private life insurers was 5% in May on an annualized premium equivalent (APE), while government-owned Life Insurance Corporation of India (LIC) showed a contraction of 22%

Mint Jun 9, 2021

India’s private life insurers’ business growth has taken a blow once more this year due to the second wave of covid-19 infections, but may soon see a pickup June onwards as state governments lift restrictions in a phased manner. After all, a pandemic is reason enough for Indians to think seriously about life insurance. Data from the regulator showed that retail business growth for private life insurers was 5% in May on an annualized premium equivalent (APE), while government-owned Life Insurance Corporation of India (LIC) showed a contraction of 22%.

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