Surging unemployment, coupled with state lockdowns, a large increase in hospitalizations and fatalities amid the second wave and fears of a third wave, are prompting many people to cut spending.
Meanwhile, sales of cars and motorcycles fell 30% in April over March and are expected to slump by over 60% in May as automakers including Maruti Suzuki and Hero MotoCorp halted production for several days amid rising infections. Dealerships remain closed.
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Tobacco consumption is the single leading cause of cancer in India
“Smokers are affected far more with severe Covid complications than non-smokers, so quitting tobacco should be the top most promise that one should make to one self,” said Mudit Agarwal, Sr. Consultant — Head & Neck Surgical Oncology at RGCIRC.
The World Health Organization (WHO) has also stated that tobacco use increases the risk of suffering from serious symptoms due to Covid-19 illness. Smokers have up to a 50 per cent higher risk of developing severe disease and death from Covid-19, WHO has stated.
AM Best maintains negative outlook on India non-life insurance
However, in fiscal year 2021, despite India’s GDP contracting by approximately 8%, the non-life insurance market achieved a positive, albeit muted, growth rate of over 5%. Prospectively, AM Best expects the trajectory of non-life insurance premiums in India to continue to be one of growth over the long term with rising consumer awareness and accessibility of insurance products.
Factors that could lead AM Best to revise its segment outlook to stable from negative include evidence of sustainable improvement in underwriting performance, supported by better pricing discipline, as well as an improved balance of overall earnings and stabilised economic indicators.
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