Due to Corona, life insurance companies have to pay Rs. Loss of Rs 2,000 crore

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Mumbai, Ta. 17 September 2020, Thursday

The country's life insurance industry has lost an estimated 40 lakh policies and a loss of Rs 5,000 crore in premiums due to the disruption caused by the spread of coronavirus and the lockdown it has caused.

Speaking at an event organized by Merchants' Chamber of Commerce and Industry, LIC MD Raj Kumar said the life insurance industry has lost a total of 40 lakh policies and lost Rs 15,000 crore in premiums through new business.

He said that after the implementation of the lockdown, people adopted a strategy of saving money for their urgent needs and no renewal premiums of Rs 20,000 crore were received.

He was speaking on the topic of post-Covid challenges and opportunities for life insurance companies. Generally, 15 to 18 per cent of the total premiums for the whole year are collected in the last fortnight of March.

The life insurance industry saw a decline in the collection of premiums for four consecutive months from March. However, the situation has improved since July and the recovery of premiums has been positive. People have become interested in life insurance after the Corona epidemic.

On August 31, LIC's premium income was back to last year's level, which could offset the shortfall in April and May. In April-May, premium collection was 5 per cent lower.

LIC has 500 million policyholders and the asset share of each policy has to be calculated and it will take a long time, so LIC's IPO is being delayed, he added.

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