The world changed drastically with the onset of coronavirus at the beginning of 2020. A disease, which originated in China, soon turned into a pandemic making people across the world kneel to its whims and fancies. It challenged globalization, banned leisure travel and forced people to confine to their homes to stay safe. Just like other countries, India too witnessed a harsh nationwide lockdown that, ultimately, impacted the economy. With an adverse effect on the country’s GDP, an influence on the insurance industry had to be coming.
The GDP of a country is one way of measuring the insurance penetration in the country. With several industries shut for months, the revenues have fallen drastically impacting general insurance renewals. For example, vehicles went off the road and travel was banned resulting in a decline in motor insurance and travel insurance renewals. While most of the insurance industry has seen a considerable decline in its revenue, health insurance has been thriving within this pandemic.
