Abstract

COVID-19 had far-reaching consequences for different economic sectorsaround the world. While the impact was not standardised throughout, onething was consistent: every sector and region, including India and the Indianinsurance sector, faced challenges in adapting to the new normal. The insuranceindustry provided both life and non-life or general insurance. COVID-19had a mixed effect on the insurance industry. The effect of COVID-19 on theinsurance industry was not uniform; some products saw a significant increasein business, while others saw a significant decrease. The aim of this researchis to examine and assess the overall effect of COVID-19 on the insuranceindustry with emphasis on the steps to be taken to prepare the insurancesector to deal with these types of the consequences in the future. Data fromthe regulatory authority’s website is used to compile and analyse the findingsof the study.

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