Double-digit surge in insurance sector by FY21-end: LIC MD Raj Kumar

The life insurance industry, which saw a huge slump in business in the first quarter of the current financial year due to the virus-induced lockdown, returned to growth path by posting strong numbers in Q2. 

With the worst behind, the life insurance sector is expected to get back to double-digit growth by the end of this fiscal year (FY21), said Raj Kumar, managing director (MD), Life Insurance Corporation (LIC).

Growth of the industry had fallen by 19 per cent in April. But it revived, and by August end, the insurance industry has shown positive growth of 2.4 per cent compared