Covid was the moment of truth for the life insurance industry: Experts

On the part of Irdai, they have relaxed capital requirements in certain lines of business

India’s life insurance industry has emerged from the Covid pandemic relatively unscathed, even though it suffered losses owing to higher claim payouts. That said, insurers reckon that the Covid period was a moment of truth for the industry. Top honchos of life insurance companies, including ICICI Prudential Life Insurance Managing Director (MD) and Chief Executive Officer (CEO) N S Kannan; SBI Life Insurance MD & CEO Mahesh Kumar Sharma; Life Insurance Corporation of India (LIC) MD BC Patnaik; Bajaj Allianz Life Insurance MD & CEO Tarun Chugh; and Max Life Insurance MD & CEO Prashant Tripathy, spoke to A K