COVID-19 to hurt life insurance industry’s new business premium in FY21: IDBI Federal

IDBI Federal Life Insurance expects significant impact of coronavirus pandemic on life insurance industry in the current fiscal, as erosion in disposable income and possible delay in people’s financial decisions will hurt the new business premium.

The life insurance industry had a growth in most part of 2019-20 till the COVID-19 pandemic struck in March 2020, it said in its annual report.

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COVID-19 to hurt life insurance industry’s new business premium in FY21: IDBI Federal via @MasterMindUpdate

India set for deepest recession yet in FY21, warn economists

Professional forecasters veered towards a consensus that India’s economy will face its worst recession in 40 years, contracting by at least 5% this fiscal, a day before the statistics department releases the March quarter GDP print, which will partially reflect the unfolding impact of the pandemic on the economy.

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India set for deepest recession yet in FY21, warn economists via @MasterMindUpdate