Kolkata, Jun 27 (PTI) The COVID-19 pandemic has disrupted business models of insurance companies, which have seen degrowth, IFFCO-TOKIO General Insurance said on Saturday

"In a situation like this when everything is uncertain, insurance has become critical. The pandemic has disrupted all businesses models," MD and CEO of IFFCO-TOKIO Anamika Roy Rastrawar said.

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All insurers have seen a degrowth in the months of April and May due to the coronavirus lockdown, she said at a webinar organised by MCCI.

Rastrawar said while motor insurance had been the biggest line of business for general insurers, the pandemic has resulted in the health vertical emerging as an important area.

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"The motor insurance business was 42 per cent followed by health at 23 per cent in 2019-20," she said, adding, health insurance will overtake motor within a short period of time.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)