The COVID-19 pandemic has disrupted enterprise fashions of insurance coverage firms, which have seen degrowth, IFFCO-TOKIO Common Insurance coverage stated on Saturday. “In a scenario like this when every part is unsure, insurance coverage has turn into vital. The pandemic has disrupted all companies fashions,” MD and CEO of IFFCO-TOKIO Anamika Roy Rastrawar stated.
All insurers have seen a degrowth within the months of April and Could because of the coronavirus lockdown, she stated at a webinar organised by MCCI.
Ms Rastrawar stated whereas motor insurance coverage had been the most important line of enterprise for basic insurers, the pandemic has resulted within the well being vertical rising as an essential space.
“The motor insurance coverage enterprise was 42 per cent adopted by well being at 23 per cent in 2019-20,” she stated, including, medical health insurance will overtake motor inside a brief time period.