An Empirical Study of The Pre-COVID 19 to Post-COVID 19 Pandemic Effect on The Business Performance of The Insurance Sector in India

Abstract

India witnessed a double-digit growth in the life and non-life insurance sector after the breaking of monopoly and deregulation in the sector. Covid-19 pandemic and lockdowns have had a far-reaching and adverse effect on the insurance sector as well. There is a need to see the effect on a few key variables during pre-Covid 19 to post-Covid 19 duration. The researcher has selected dependent variables under study such as first-year premium, number of policies, number of lives covered under group schemes, and total sum assured. This is an empirical study with a quantitative research approach and the analysis is based on secondary data collection. The key results reveal that there was an adverse effect of the pandemic on the growth of the insurance sector during the year 2020. From April 2021 onwards the insurance sector is witnessing positive growth and will continue at the same pace.