Business of Uncertainties: An Afflict of COVID-19 on Indian Insurance

  • Anjali Department of Mathematics, Lovely Professional University, Phagwara, India
  • Geeta Arora Department of Mathematics, Lovely Professional University, Phagwara, India https://orcid.org/0000-0002-3786-545X
Keywords: COVID-19, Insurance, Economy, Health Insurance, Business.

Abstract

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

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Author Biographies

Anjali, Department of Mathematics, Lovely Professional University, Phagwara, India

Anjali is a student of post-graduation in Statistics and Data Analytics at Lovely Professional University, Punjab, India. She has completed her graduation in Mathematics (Hons) with 71.8% marks from BR Ambedkar Bihar University and Post-Graduation with 8.72 CGPA from LPU

Geeta Arora, Department of Mathematics, Lovely Professional University, Phagwara, India

Geeta Arora is an Associate Professor in the Department of Mathematics at Lovely Professional University, Punjab, India. She has her M.Sc. degree in Mathematics from Gurukul University, Haridwar and Ph.D. degree in Mathematics from the IIT Roorkee, India. She has over nine years of teaching experience and has published around 30 research papers with eight book chapters in both international and national Journals. Her area of research is development of numerical methods and is currently working in the field of Statistics.

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Published
2021-09-17
Section
Articles