India Insurance Sector Half-Annual Update - April 2021

Calendar year 2020 was remarkable for the Indian insurance industry in more ways than one. For starters, insurance underwent an image makeover from a push to a pull product for an increasing number of Indians. Then, the COVID-19 pandemic made health insurance premiums – for the first time in India’s history - take precedence over motor insurance. On the downside, though, it became clear that insurance would not be able to immediately benefit from digital solutions the way retail, banking, and healthcare have done, because Indian consumers believe insurance is a face-to-face issue. ​