New India, GIC-RE, other insurance stocks fall up to 6% as GST cut deferred

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New India, GIC-RE, other insurance stocks fall up to 6% as GST cut deferred - Business Standard

Quick Summary:

According to the brokerage firm, insurance penetration is still low as compared to international benchmarks.

In one month, the stock prices of ICICI Prudential, HDFC Life and SBI Life have fallen between 6 per cent and 10 per cent, as against the 2 per cent decline in the benchmark index.

Factors such as a large protection gap and expanding per capita income are key long-term growth drivers for the sector."India has a high protection gap; and credit protection products are still at an early stage and have the potential to grow multi-fold as penetration of retail loans improves in the country.