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General insurance busines in India expected to contract by 9%

Written by Adam Cadle
08/09/2020

General insurance business in India is expected to contract by 9% in 2020 due to COVID-19, a sharp decline from the 10% growth witnessed in 2019, according to GlobalData.

India’s general insurance market is expected to register a compound annual growth rate (CAGR) of 4.7% over 2019-2024, as compared to the pre-COVID forecast of 11.9%, primarily due to the ongoing economic uncertainty and the imposition of country-wide lockdown restrictions.

Pratyusha Mekala, insurance analyst at GlobalData, commented: “The Indian economy is projected to contract sharply by 4.5% in FY2021, primarily due to the economic impact of the pandemic.

"With businesses coming to a grinding halt and consumer spending on a decline, the general insurers are expected to witness lower premium collection.”

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