Insurer AIA's new business drops 37% in first-half as pandemic hits sales

Insurers across the world have been hit by pandemic-related claims including for travel, business interruption and event cancellation, while economic slowdown and job losses have led to reduced demand for life insurance.

Hong Kong-based insurer AIA Group Ltd on Thursday reported a 37% fall in new business for the first half of the year, as the COVID-19 pandemic dented sales of its insurance products in its main markets of Hong Kong and China.

Insurers across the world have been hit by pandemic-related claims including for travel, business interruption and event cancellation, while economic slowdown and job losses have led to reduced demand for life insurance.