What has COVID 19 taught us About Insurance ?

Pandemics, in general, come with many lessons. They bring to table new ways of leading life, stimulate scientific explorations into uncharted territories and end up shaking the existing world order. COVID-19 is no different.

Insurance is a form of personal or corporate risk management to shield you from financial losses. It is used as a hedge against the risk of a contingent or uncertain loss. To put it simply, insurance covers the uncertain and unexpected loss-inflicting events in future. 

General insurance, popularly known as non-life insurance, include automobile and homeowner policies, and provide payments depending on the loss suffered due a particular financial event. Individually as well, there are many learnings to be absorbed. Before COVID-19 engulfed us all, very few people took health insurance seriously. Most of them were satisfied with the group insurance cover from their employers.

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