Supply-side issues weigh on retail cover business for life insurers

Supplyside issues weigh on retail cover business for life

Overall, the protection segment saw decent growth, mainly due to the strong pull in credit life insurance, supported by disbursements from banks and NBFCs.

Life Insurance Net’s premiums rose 14 percent to Rs 11,443.96 crore from Rs 10,045.44 crore a year ago.

Ongoing supply-side constraints due to the Covid pandemic and rate hikes made by insurers over the past two years have impacted the growth of life insurers’ retail protection business. However, the protection segment saw decent growth overall, mainly due to the strong pull in credit life insurance, supported by disbursements from banks and NBFCs.

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