Slow Down effect

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Everyone is now a days talking about global Slowdown and recession.

American economy is heading toward a recession and entire globe is either directly or indirectly dependent on American economy, because of this economy of entire world

is facing slowdown. India is no exception.

All this events has slowly started impacting India, with companies firing employee, exposure of Indian banks in American mortgage wiping out their wealth, profit margin erosion, and above all share market at 3 years low, we have

already entered in to a slow down phase.

Many of the Indian insurers has Global partner (eg TATA and AIG), and any financial impact on global partner is surely going to impact local partner as well.

We have seen this in case of TATA-AIG, AIG which has faced

Liquidity problem in September and later got bailout from US government, but in the middle of all this events

all the rumors started on day 1 itself generating panic among the policy holder which has forced to make immediate announcement by IRDA in India.

Secondly as shine of the share market is fading gradually people are shying away from ULIPS which account for almost 80% of private insurer’s business.

To update the readers on latest impact of global slowdown on insurance industry I have started a separate section of “Slow down effect”.

We will try to cover all the events starting from the very first AIG liquidity crunch.

Wishing all the readers a happy diwali and a very prosperous new year.

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