India's insurance sector saw an 11% decline in Annual Premium Equivalent (APE) in April 2023 due to the rundown by the state-run Life Insurance Corporation of India (LIC). However, the long-term prospects of the sector remain strong as people are increasingly viewing insurance schemes as a risk-mitigation necessity, rather than just a tax-saving or investment tool. While LIC reported a 25% drop in overall APE, HDFC Life was relatively strong, as ICICI Prudential Life was weak and SBI Life Insurance Company was moderately down. Kranthi Bathini, Director-Equity Strategy at WealthMills Securities, suggested that the outlook for the insurance sector should improve by Q2/2024.