In the aftermath of COVID, private life insurers like SBI Life and HDFC Life have shown commendable speed in returning to pre-COVID levels. According to data released by companies, not only the premium collections, but even the new business premiums and the premium equivalents of life insurers is now back to pre-COVID levels. The benefits accrued most to the insurers with a strong bancassurance channel as the sales were the quickest to pick up in such cases. However, CARE Ratings expects the growth in the industry to taper this year from double-digit growth to single digit growth. One argument is that the pandemic has highlighted the risks of not being insured and that has resulted in a surge in demand for life covers as well as health covers. ICICI Pru Life was the underperformer in the life pack.

Source:- Navia-Tradeplus