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Munich Re, the largest reinsurer in the Indian market, has hiked its reinsurance premiums by 30-40 per cent, according to a recent report in Business Standard. It has informed 8-10 insurance companies about the hike. As a result, term insurance premiums are expected to rise. The German reinsurer has also tightened underwriting standards. 

The Covid impact  

The sale of term insurance gathered momentum in India only over the past seven-eight years. During this period, competition led to decline in premium rates to unsustainably low levels. “Online term premium rates in India were perhaps the cheapest in the world,” says Vighnesh