New Delhi, May 27 -- The extended lockdown in the country in the wake of covid-19 has resulted in a sharp drop in the number of claims for general insurance companies, as policyholders mostly remained off roads. Fewer accidents in the last 60 days meant lower loss ratio for insurers.

In a bid to pass on the benefit to customers, some companies such as Acko General Insurance Ltd are offering a discount of 10-15% on renewal of motor policies. "Until the second lockdown, claims had dipped by almost 90%. We are giving discounts on the comprehensive (third-party plus own-damage) cover on renewal, but it is on a case-to-case basis," said Animesh Das, head of product strategy, Acko General Insurance.

Premiums started falling from April itself ...