India survey reveals 'huge challenges' for insurers post-pandemic

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India survey reveals 'huge challenges' for insurers post-pandemic

The Insurance Institute of India (III) has published the results of a suvey suggesting the covid-19 pandemic will have long-lasting effects on the country's insurance sector.

The Mumbai-based III canvassed the opinions of 62 current and retired insurance industry professionsals, according to Asia Insurance Review.

The survey focused in particular on respondent's reactions to the covid-19 outbreak. The greatest challenge for the Indian insurance sector, the survey found, was the acceleration to digital services and reskilling its workforce for online insurance.

Respondents revealed a high degree of concern for increased healthcare costs during and after the covid-19 crisis, which in turn is likely to fuel a surge in demand for cover.

Amid this rise in demand, repsondents flagged their concern at an increasing reliance on reinsurance by the industry, as the sector looks to repair stressed balance sheets.

To date, India has reported 203,000 cases of covid-19, with 5,679 deaths.

The III was established in 1955 in Mumbai for the "purpose of imparting insurance education to persons engaged or interested in insurance." 

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.