Insurance woes

Recent growth masks sustained underperformance

Over the course of the pandemic, insurance companies in India have done reasonably well. Health insurers saw a bump in the number of customers taking out standard health policies, and the number of payouts under automotive insurance schemes decreased because of lengthy and stringent lockdowns. Over the last financial year, gross direct premiums for the non-life insurers grew at 5.19 per cent with a total gross direct premium income (GDPI) of Rs 1.98 trillion. Life insurers also did well: They recorded a new business premium of Rs 2.78 trillion over the year, representing 7.49 per cent year-on-year growth. Within that