Life insurance sees positive growth

The life insurance industry is slowly coming back to normal after second wave of the Covid-19 pandemic.

“The industry is doing well. With every passing month, business is improving. Private sector life insurance companies are doing well and public sector bank-led banca companies are doing especially well,” said Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance.

Gandhi said there are green shoots across the industry as well as for the insurers and there continues to be strong demand amongst consumers for life insurance.

“A large part of our portfolio is non-participating products; the contribution of protection business is growing. Quotations for term life are increasing. It is a visible and sustainable trend,” he noted.

Claims, which shot up by two to three times in the second wave of the pandemic compared to the first wave, have also come down for life insurers, he further said.