With technological disruption in the country’s Insurance sector, new age InsurTechs raising $1.33 billion in 2021 and a significant 14% growth in individual annual premium equivalent (APE), it is crystal clear that the penetration is expected to grow further, said Amit Malik , CEO and MD, Aviva India in a recent interview with ETBFSI. He is of the strong opinion that the nation’s life insurance sector will grow by 12-15% annually over the next five years. The impact of the COVID-19 pandemic on the insurance business in India was apparent, with the biggest drop of around 36% in Asia–Pacific, according to McKinsey’s Global Insurance Report 2022. However, the preliminary data suggests premium growth and profitability rebounded in 2021, particularly in locations where significant vaccine rollouts have made day to day activities possible. Kumar further highlighted that in the recent Economic Survey 2021-2022, there has been an increase in life insurance penetration from 2.82% in 2019 to 3.2% in 2020 which is close to the global average. Here are the Edited Excerpts of the interaction: Q1. What are the latest trends that Aviva life insurance is witnessing in the Insurance sector? Some of the emerging trends that we have observed in… Read full this story
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Small and customised products are in demand; millennials apprehensive about long term, says Chief of Aviva India Life Insurance have 370 words, post on bfsi.economictimes.indiatimes.com at April 21, 2022. This is cached page on CuBird. If you want remove this page, please contact us.