Insurance companies: the pandemic offers insurers a long-term opportunity
Synopsis
The insurance market was underpenetrated due to a lack of knowledge and financial literacy, as well as expensive premiums and a high mortality gap. India’s insurance penetration stood at 4.2%, with life insurance penetration at 3.2% and non-life insurance penetration at 1% in 2020-21.
The world was restarting during Covid-19, but health insurers were working around the clock to settle claims. The profitability of health insurers was affected by the increase in claims. According to the Insurance Regulatory and Development Authority of India (IRDAI) annual report, in 2020-2021, general insurers and health insurers settled 1.40 crore of claims and paid Rs 43,355 crore for insurance claims sickness. The average amount paid per claim
- FONT SIZE
ABCSmall
ABCMedium
ABCBig
Why ?
Exclusive Economic Times stories, editorials and expert opinions in more than 20 sectors
-
Stock analysis. Market research. Industry trends on more than 4000 actions
-
own experience with
Minimal Ads -
Comment and engage with the ET Prime community -
Exclusive invitations to Virtual events with industry leaders -
A trusted team of Journalists and analysts who can best filter the signal from the noise
