Life insurers eye double-digit growth as Covid-19 pandemic pain eases

The new business premia (NBP) of the industry have grown at 8.43 per cent in the first 11 months of the current financial year (FY22)

The life insurance sector has witnessed a couple of turbulent years ever since the pandemic began, with growth rates plummeting the first year because of supply-side issues, and just when they were stabilising from the initial impact of Covid, the second wave hit insurers hard as a flurry of death claims ate into their profitability. After the second wave of the pandemic, growth for the sector has picked up, with the easing of supply-side issues; the industry looks set to register double-digit growth in FY22.

The new business premia (NBP) of the industry have grown at 8.43 per cent in the