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Motor insurance bleeds with lockdown, nearly 50% dip in April sales – Times of India

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BENGALURU: The lockdown has sent the insurance industry into a tailspin with every sector showing a sharp decline in April. Motor insurance was the worst affected with a 49% year-over-year dip in sales to Rs 2,621 crore for the month of April. Most other categories like marine, engineering, aviation, crop and personal accident insurance also saw declines between 5-40%.
Bucking the trend, health insurance was the only category posting a 5.4% increase in sales to Rs 4,509 crore during the pandemic. “More individuals are now aware of the need for health insurance given the high costs of private healthcare. But on the other hand some corporates wanted to cut costs and have asked if the number of dependents insured for employees can be reduced,” said Dr S Prakash, managing director, Star Health Insurance Co.
Insurers say, sales under the lockdown were also impacted because IRDAI gave nearly a two-month grace period for premium payment for motor and health insurance policies.
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While motor-insurance in total declined 49%, the fall was sharper in motor-owned damage which fell 51% to Rs 1,047 crore; than in motor third-party which fell 48% to Rs 1,574 crore. Motor…



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