A SURVEY RESEARCH ON THE IMPACT OF COVID-19 ON THE INSURANCE SECTOR IN INDIA

Authors

Dr. Varsha Agarwal (Assistant Professor) & Sonu Azmi
Centre for Management Studies, Jain (Deemed to be University), Bangalore, India.

Abstract

Corona Virus has affected not only the country but also the whole world in every aspect. Since March 2020, Corona Virus or COVID-19 in India have affected the health of individuals in a drastic manner. The main reason for this study is to find out whether this pandemic had any effect on the insurance sector and mostly focusing towards the life and health insurance policies because these policies covers COVID-19 which is the immediate need of the people. And how can insurance policies help people be protected from the financial risk. From the research I have concluded that this pandemic have changed the mentality of various individuals towards insurance policies and right now they have a positive perception about the insurance policies. And now people don’t think insurance policies as burden, but they think about it as an investment which will help them in the current situation rather than making them money in the future. From the research out of 104 respondents, 88% of respondent perception towards insurance policies have change and have started investing in insurance policies post this pandemic i.e. COVID-19.