In August, HDFC Ergo and ICICI Lombard withdrew sales of their insurance products from third-party brokers
The second half of 2020 is proving to be a tough period for India’s insurance companies. For years these companies wrote insurance policies and serviced claims in a limited universe of mostly salaried people but recent trends have disturbed the pace. The first of these is the Covid-19-induced furious pace of adoption of digital means to sell insurance. This digitalisation has hurt non-life companies the most with digital insurance aggregators cornering clients. The other is the dip in the interest rates that has reduced earnings from long-term investments for life and reinsurance companies.
In August, HDFC Ergo and ICICI Lombard withdrew sales of their insurance products from third-party brokers. They join LIC, which has so far resisted the temptation of
First Published: Aug 30 2021 | 06:03 AM IST