Saurabh Bhalerao, affiliate director, CARE Rankings, says: “Life insurance coverage premiums fell primarily on account of a base impact as premiums had elevated considerably within the earlier monetary yr. The pandemic has stirred up demand for defense plans, whereas market volatility has damage linked plans. Life cowl and pension merchandise will drive development for all times insurers. The pandemic has elevated the attention of medical health insurance. Muted development within the financial system and subdued auto gross sales have impacted motor insurance coverage for now. Nevertheless, the insurance coverage trade is anticipated to develop in single digits for the yr as in contrast with a double-digit development seen final yr.”
LIFE INSURANCE
No. of Insurance policies Bought
Renewal Premiums**
in second quarter (Rs cr)
**
Of top-8 insurance coverage firms | Supply: IRDAI, CARE Rankings
“The previous yr underlined the necessity for all times insurance coverage safety greater than ever earlier than. This disaster has additionally been an enormous driver for digital transformation”
–
Naveen Tahilyani, MD & CEO, Tata AIA Life Insurance coverage
GENERAL INSURANCE
Just some fundamental segments have been thought of | Supply: IRDAI, CARE Rankings
“The overall insurance coverage trade has seen structural modifications. There may be extra curiosity in retail merchandise and motor is seeing a slight revival. Non-life will generate superior development within the coming quarters”
–
Ritesh Kumar, MD & CEO, HDFC ERGO Basic Insurance coverage
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