Numerical Study on the Impact of COVID – 19 to Insurance Sector

Abstract

Life is uncertain; there are no predictions about what will happen in one's life. Similarly, business and share market also don't have any guarantee as this face many unexpected losses in the long run. Assets like cars, bikes, costly mobile phones, laptops etc. also do have any certainty in their lifetime. They may get stolen or damaged. So, a person can defend all these risks with an insurance cover. The year 2020 is like a hurricane for the whole world. The world economy faced so many downfalls almost in every branch of life. The business of insurance needs a special attention as compared to the other business due to the change in economy and employment. The insurance sector has lost roughly 43% of their market value. Maximum of the minimum value and minimum of the maximum value technique as matrix multiplication is applied as get results. The intuitionistic index values are calculated and made using Sanchez’s approach.The decline in the general insurance sector faced more loss in comparison of health insurance. So, insurance works by spreading the cost of unexpected risks among a large number of people in the same region who share similar risks.