The impact of COVID-19 on the Indian Insurance Market[Bestofpolicy.com] - 0 views

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  #1 themartini on 05 Jun 20

   

  The impact of COVID-19 is unexampled with the accelerating jump of coronavirus. With the Government adhering strict restrictions by imposing lockdown, clinching the borders, closing down of schools and colleges, no travel movements etc.

  
  

  The catastrophe impact of this deadly disease is exasperating but still, it is yet to determine how much more consequences the world has to fight. With this turmoil, the countries are facing a crash in various sectors such as aviation, leisure, travel, entertainment, banks, retail and wholesale markets etc.

  
  

  As, the coin has two sides, similarly the impact of COVID-19 in the Insurance market.

  
  

                                         Positive Growth

  
  

  
  
  • The insurance sector has received broaden sustainable growth in India. Due to this pandemic and people are now suddenly concerned about their health.  LIC premium business jumping to 25.2% in the current financial year of 2019-2020.
  
  
  • With corporation collecting single premium of Rs 21,967 crore and non-single premium of Rs 29,260 crores. At the same time pensions and group, scheme policy has made a new record of over Rs 1-lakh crore. It has lead to victory rather than other players of private sectors with the increased growth of 11.64.
  
  
  • Now, people are seeking more of health or medical insurance. All the business activity are taking place via telemedicine with the increased rate of 9 to 10 per cent.
  
  
  • The insurance sector is now going through prototype change with the increase in awareness of fear of death. People have started to  invest more in this viable sector.
  
  
  • Marketing the policy has made a widespread impact on the mind of the public by all the emotional and sentimental plea. Viewing the advertisement and other initiatives taken by the Government. Such as Chief Minister of Assam Sarbanda Sonowal has earlier announced a life insurance scheme of Rs 50 lakh for the journalist. In the view of the services they are providing to the nation.
  
  
  • Making humans realizing that insurance is essential like food and water. This moment is just an investment in their resilient.
  
  

  
  

                                                    Negative Growth

  
  

  
  
  • Insurance sector despite its boundless growth has also face inflexion. Instances such as delay in the payments and with no fine policy by the regulators has led to pain with the difficulty in cash flow as well as in their recurring expenses.
  
  
  • With some business collapsing or crashing down people are distancing themselves from insurance on the sight of retaining money and low investment on cars, house, insurance will stand as a barrier now for a long time.
  
  
  • Even though insurance policy doesn’t lead to the security of pandemic but government officials from the various sector are urging the insurance companies to help the people in the need of crisis to cover this discourse just on the behalf of social responsibility.
  
  

  
  

  
  

  According to the Managing Director and executive officer of HDFC Vibha Padalkar said

  
  

   “She said the insurance industry has been face to face with the virus, unlike the common perception of it being an annual thing. She further explained how this could emerge as an opportunity for the sector as people are starting to realize the importance of insurance and the backing it provides. “This is a penny dropping moment where Indians realize that this is like bread and butter,”.

  
  

  Thus it is exceptionally challenging times for individuals, business, societies and economy. This  sector is playing an important role in helping their customers through this time of crisis and recovery. Hoping the insurance market to have confident growth.

  
  

  
  

   

  
  

   

  <div class="cArrow"> </div><div class="cContentInner"><p>The impact of COVID-19 is unexampled with the accelerating jump of coronavirus. With the Government adhering strict restrictions by imposing lockdown, clinching the borders, closing down of schools and colleges, no travel movements etc.</p> <br /> <p>The catastrophe impact of this deadly disease is exasperating but still, it is yet to determine how much more consequences the world has to fight. With this turmoil, the countries are facing a crash in various sectors such as aviation, leisure, travel, entertainment, banks, retail and wholesale markets etc.</p> <br /> <p class="has-text-align-left">As, the coin has two sides, similarly the impact of COVID-19 in the <a href="http://bestofpolicy.com/impact-of-covid-19-on-the-indian-insurance-market/" rel="nofollow">Insurance market.</a></p> <br /> <h2 class="has-text-align-center">                                       <strong>Positive Growth</strong></h2> <br /> <ul> <br /> <li>The insurance sector has received broaden sustainable growth in India. Due to this pandemic and people are now suddenly concerned about their health.  LIC premium business jumping to 25.2% in the current financial year of 2019-2020.</li> <br /> <li>With corporation collecting single premium of Rs 21,967 crore and non-single premium of Rs 29,260 crores. At the same time pensions and group, scheme policy has made a new record of over Rs 1-lakh crore. It has lead to victory rather than other players of private sectors with the increased growth of 11.64.</li> <br /> <li>Now, people are seeking more of<a href="http://bestofpolicy.com/impact-of-covid-19-on-the-indian-insurance-market/" rel="nofollow"> health or medical insurance</a>. All the business activity are taking place via telemedicine with the increased rate of 9 to 10 per cent.</li> <br /> <li>The insurance sector is now going through prototype change with the increase in awareness of fear of death. People have started to  invest more in this viable sector.</li> <br /> <li>Marketing the policy has made a widespread impact on the mind of the public by all the emotional and sentimental plea. Viewing the advertisement and other initiatives taken by the Government. Such as Chief Minister of Assam Sarbanda Sonowal has earlier announced a life insurance scheme of Rs 50 lakh for the journalist. In the view of the services they are providing to the nation.</li> <br /> <li>Making humans realizing that insurance is essential like food and water. This moment is just an investment in their resilient.</li> <br /> </ul> <br /> <h2 class="has-text-align-center"><strong>                                                  Negative Growth</strong></h2> <br /> <ul> <br /> <li>Insurance sector despite its boundless growth has also face inflexion. Instances such as delay in the payments and with no fine policy by the regulators has led to pain with the difficulty in cash flow as well as in their recurring expenses.</li> <br /> <li>With some business collapsing or crashing down people are distancing themselves from insurance on the sight of retaining money and low investment on cars, house, insurance will stand as a barrier now for a long time.</li> <br /> <li>Even though insurance policy doesn’t lead to the security of pandemic but government officials from the various sector are urging the insurance companies to help the people in the need of crisis to cover this discourse just on the behalf of social responsibility.<img sizes="(max-width: 557px) 100vw, 557px" width="557" height="349" data-id="45" srcset="http://bestofpolicy.com/wp-content/uploads/2020/05/Untitled4555-1-1-1024x640.jpg 1024w, http://bestofpolicy.com/wp-content/uploads/2020/05/Untitled4555-1-1-300x187.jpg 300w, http://bestofpolicy.com/wp-content/uploads/2020/05/Untitled4555-1-1-768x480.jpg 768w, http://bestofpolicy.com/wp-content/uploads/2020/05/Untitled4555-1-1-1536x960.jpg 1536w, http://bestofpolicy.com/wp-content/uploads/2020/05/Untitled4555-1-1-2048x1280.jpg 2048w" class="wp-image-45 aligncenter" data-link="http://bestofpolicy.com/?attachment_id=45" src="http://bestofpolicy.com/wp-content/uploads/2020/05/Untitled4555-1-1-1024x640.jpg" data-full-url="http://bestofpolicy.com/wp-content/uploads/2020/05/Untitled4555-1-1-scaled.jpg" alt="" /></li> <br /> </ul> <br /> <figure class="wp-block-gallery aligncenter columns-1 is-cropped"></figure> <br /> <p>According to the Managing Director and executive officer of HDFC Vibha Padalkar said</p> <br /> <p> “She said the insurance industry has been face to face with the virus, unlike the common perception of it being an annual thing. She further explained how this could emerge as an opportunity for the sector as people are starting to realize the importance of insurance and the backing it provides. “This is a penny dropping moment where Indians realize that this is like bread and butter,”.</p> <br /> <p>Thus it is exceptionally challenging times for individuals, business, societies and economy. This  sector is playing an important role in helping their customers through this time of crisis and recovery. Hoping the insurance market to have confident growth.</p> <br /> <div class="addtoany_share_save_container addtoany_content addtoany_content_bottom"> <br /> <div data-a2a-title="Impact of COVID-19 On The Indian Insurance Market" data-a2a-url="http://bestofpolicy.com/impact-of-covid-19-on-the-indian-insurance-market/" class="a2a_kit a2a_kit_size_32 addtoany_list"> </div> <br /> </div></div>

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