Insurance Sector - A ‘Healthier' Reboot

Given the significant increase in sales of health insurance policies post the outbreak of the virus pandemic, it is high time the insurance sector was re-rated to find out where it is headed towards. Join Anthony Fernandes as he looks at the potential impacts of COVID-19 on the Insurance Industry.

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The Indian insurance industry is at an inflection point with the outbreak of the coronavirus, with the average Indian realising now that insurance is almost as essential as bread and butter. The demand for life and health insurance has certainly magnified since March 2020 in tandem with the increase in the number of corona virus-positive patients. According to online distribution portal policybazaar.com, health insurance has seen a jump of 35-40 per cent on its platform during this period, while life insurance registered a 20 per cent growth.

Even though the insurance industry invariably records strong growth in March with people rushing to buy policies before the end of the financial year, this year, in particular, has seen stronger growth as compared to the average 10 per cent growth logged in the previous years in both categories, the online portal states. Similarly, digital insurance player, Digit Insurance saw a 50 per cent increase in average policies sold a day in March over January for its comprehensive health insurance policies.

The company received a robust response for its corona virus-specific insurance product as well which was launched in the first week of March.