Page 30 - Life Insurance Today July - December 2020

A STUDY ON

DIFFERENT INSURANCE

SEGMENTS IN

CONTEXT WITH

INSURANCE

PENETRATION AND

INSURANCE DENSITY

1. Introduction: sector has also suffered a lot. It can be stated that the impact
of pandemic COVID 19 on insurance sector exists. A report
The pandemic COVID-19 has pushed different areas of
by professional services firm PWC, titled COVID-19: Impact
business to change the way they operate. Different sectors
on the Indian Insurance Industry disclosed that the two
have been suffering a lot due to this pandemic. COVID-19
productive months for the insurance industry - March for life
has been scattering all sectors and activities of their
insurance and April for non-life corporate renewals have
stakeholders. Stakeholders of different sectors have forced
been hit by around 30% and 15% respectively. This report
to change their way of work and rather it can be said that
further emphasized the changes insurers will have to bring
some of the sectors are fighting for their survivals. The
about in terms of their product categories. We can have a
insurance sector irrespective of their wings is very essential
look on different segments of insurance market:
and integral part of our daily life.
Life Insurance:
But during this pandemic like other sectors the insurance
The most saleable and demanding part of insurance
industry is life insurance. Like other two wings of insurance
About the author the positivity of Covid-19 on life insurance has impacted a
lot. The insecurity of lives of human community forced
Swarup Saha
State Aided College Teacher (SACT), themselves to buy term insurance policy to protect him/
Department of Commerce, her and their families because they are feeling very insecure
Maharaja Srischandra College and cannot predict unforeseen risk. According to the
Prof. Ram Prahlad Choudhary experts of this industry that, consumers are more inclined
Professor, towards pure protection covers leading to an increased
Department of Commerce, demand for term plan. So under the changed scenario there
University of Calcutta is a favourable environment for the life insurance product

30 July - December 2020 Life Insurance Today