India city Mumbai covid-19 outbreak 2020 India city Mumbai

Covid-19 impact: Life insurance industry growth may contract in 2020

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MUMBAI: Life insurance business in India is likely to contract in 2020, with growth declining 0.9% in 2020, compared to 8.8% growth recorded in 2019, due to the outbreak of covid-19 and the subsequent lockdown, data and analytics company GlobalData said on Wednesday. “As per the latest data, India’s life insurance market is forecasted to grow at a compound annual growth rate (CAGR) of 5.3% during the forecast period 2019-2023," said GlobalData.

The new business premium for life insurers in India shrunk for the second month in April, with business significantly hit by the covid-19 outbreak and the subsequent lockdown.

According to the Insurance Regulatory Development Authority of India or Irdai, in April, new business premium declined 32.6%

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