Innovation, Customer Centricity Overriding Themes

The year 2022 started with yet another spurt of Covid-19 as the third wave spread rapidly. However, this time we were prepared. The mass vaccination drive meant that the severity and mortality of Covid-19 was significantly reduced. As a result, the global economy started to get back to its pre-pandemic ways. Not for long though. Shortly thereafter, businesses started feeling the pressure of a volatile macro environment, with rising interest rate and inflation, and turbulent geopolitics. Despite this, the Indian private life insurance sector grew at a compounded annual growth rate (CAGR) of around 14 per cent in each of the last two pandemic years, and continues to record double-digit growth in 2022. There is a lot to look forward to in terms of growth for the industry on the back of development focus of the insurance regulator, the Insurance Regulatory and Development Authority of India...