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Indian general insurance business to stagnate in 2020 due to COVID-19:GlobalData

Jun 16, 2020

Decline in key sectors such as auto, manufacturing and construction is expected to heavily impact insurance industry as they account for more than 47 per cent of general insurance premiums in 2019.

Motor industry is facing severe slowdown due to supply chain disruptions, stalled production and low demand. In April 2020, automobile manufacturers registered zero sales due to the lockdown. Sales have picked up marginally in May after the lockdown restrictions were eased by the government; but are well below the pre-COVID levels.

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