The second wave of pandemics was devastating. Life Insurers saw claims at 3-4x. Due to the claim settlement and additional reserve creation, life insurers saw a decline in profits & some insurers faced losses. The weighted average market share of India’s top 10 private life insurers has increased from 84% in 2017 to 87% in 2021, leading to consolidation in the industry. The private life insurance industry is celebrating 20 years in India this year. Revenue in the life insurance business now has returned to the pre-pandemic level in the first half of this year, in line with the economic recovery.