The insurance industry, which broadly encompasses life, property and casualty (PC) as well as multiline insurers, has been suffering a setback from the COVID-19-led adversity. In fact, insurers had earlier predicted that their second-quarter results will be impacted significantly due to coronavirus-induced restrictions. The June quarter is likely to have witnessed a decline in new sales of insurance products.
The life insurance industry has been particularly hit hard by the very low interest rate levels, given their exposure to products that provide guaranteed minimum returns. PC insurers are witnessing weak investment income, induced by soft investment yields and equity market