The failing finances and banking sector of the nation have caused the insurance sector to fall, too, and the nation has been seeing the fall of the major insurance giants in the region. A recent downfall and bankruptcy are one of the insolvencies of the insurance firm that was very popular in the insurance industry and went by the name Aviva Life Insurance Co. Ltd India. There have been losses reported by some other insurance companies, and this has been a rising trend from the nation’s insurance sector.
General Insurance Corporation of India has reported some losses in its operations just as the rest of the insurance firms have in the recent times in the light of the failing finance sector of the nation and slowing global as well as a national economy that has made matters worse for almost all the sectors of the nation. The company has reported a loss of Rs 652.60 crore in the quarter ended September 2019 as against a net profit of Rs 727.50 crore during the previous quarter ended September 2018 which has been a very bad one for the company as the insurance sector has taken a major hit as we go ahead in the future. Although the sales rose, there was no way they could cover up for the loss that was made to the company.
So with this new report from the General Insurance Corporation of India, we expect that some more insurance companies will be reporting the same numbers in terms of losses made.
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