ALIGNED with the spread of the Covid-19 pandemic worldwide, there has been a late growth in the demand for mortality insurance or life insurance. This follows an expected stagnation, with severe lockdowns hampering business. While the average return to the investor in this sector has always been uncertain, according to a report prepared by McKinsey late last year, titled “The future of life insurance: Reimagining the industry for the decade ahead”, there has been rising interest among the public to get insured. The interest spike has generally been because of the uncertainty of times.
This trend has been universal, with it being higher in emerging economies, including India. What the report says is that around the world and in emerging markets, specifically in Asia, the burgeoning of this sector has become a sort of growth driver, accounting for more than half of the global premium growth. The entire growth comprises “84 percent of individual annuities growth”.
This late spurt in this sector has benefitted governments that have stayed invested in it. Early reports say that India’s private insurers (in the life segment) have recovered well from the early Covid-induced market stagnations.
According to latest data, as available in various news reports that quoted the state regulator, there was a 13.7 percent growth in premium collection year-on-year for India’s private life insurers. This is the August 2020 figure and is in sharp contrast to the 6 percent growth in July last.
This came after severe contractions across the board, effected by the lockdowns.
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