According to a study by Generali, a global Insurance and asset management company, 80 per cent of working Indians have experienced income loss and 92 per cent of them are bracing themselves to undergo further economic losses in the future.
95 per cent of Indians surveyed expect some form of relief in the case of income loss. 53 per cent of those who have experienced losses expect help from the government. 60 per cent are planning to dig into their savings and investments, while 39 per cent expect help from family members. Significantly, 40 per cent of Indians expect their employers to step in with some form of relief.
Half the Indian working population now works from home. They expect this to continue for the next few months. Most of them put in the same number of hours as they did at their workplace, said the study.
The study was conducted in 22 countries, to understand consumers’ sentiments during the current global COVID19 crisis, overall found that there was a feeling of fear and anxiety as people are worried about the uncertainty of life as they knew it.The study in India was done through Epiphany – a global market research firm.
Some of the other findings of the study are-
-Many are apprehensive about being able to protect their families and are worried about the economic losses likely to occur at every level going ahead.
-30 per cent of the Indian respondents – who are adults living in large cities, perceive the COVID-19 threat as a severe national challenge. Further 30% feel that the crisis will worsen in the coming months. 4 out of 10 Indians worry about the impact of the pandemic on physical, mental, social and financial health. Urban families are mainly concerned about the impact on their physical health.
– Customers facing extreme income losses expect their insurers to provide flexibility in payment schedules. 38% people had contacted their insurance company proactively to get financial support or relief during this critical moment. Further, 63% of Indian insurance policy holders said that they would remain loyal to their current insurer. Awareness about purchasing insurance is one of the many changes that the COVID pandemic has brought about. 73% of Indians consider life insurance purchase as a result of the crisis. Income protection shows the highest growth.
– Globally people felt COVID-19 impacts daily life in multiple ways and consumers are now feeling the need to adjust to the ‘new reality’. Expectations of a quick recovery are low; people expect the pandemic to stay for at least a few months. But consumer’s hopes reveal aspirations for a better society. The impact on financial health is expected to hit hard with a long-lasting impact.
In India, Generali has a joint venture partner with the Future Group