With a long run-way of growth, improving regulatory environment, and strong innovation opportunities, we remain positive on the general insurance sector. Regulatory crack-down on motor TP pricing is key risk. Pvt. multi-line insurers Apr-20 GDPI declined 16.2% YoY to Rs 67.2bn. Decline in Apr-20 was along expected lines as new policy sales have fallen as a result of the nation-wide lockdown, and renewals have been impacted by the forbearance (until 21-May-20) given by IRDAI on premium payments, and extra time (until June-20) allowed for claiming deduction under the IT Act, for the purchase of health cover.