Reinsurance News : Indian Companies Face Higher Reinsurance Rates Due to War Risks

Global re-insurers have intimated Indian general insurers about the hardening of pricing and tighter conditions in the coming days for Indian business in the wake of Russian invasion of Ukraine and subsequent imposition of extreme sanctions by Western countries on Russia.

Domestic general insurers, who were waiting for April 1 reinsurance renewal, might have to rush for early renewals of their twelve-monthly business to avert a price hike, insurance sources said. “Indeed, we have received cautions from our global re-insurers about a potential hardening of premiums and tightening conditions in coming days. The higher pricing will be impacting marine cargo, particularly movements in Black Sea at first but if war continues, it could include property prices, going ahead,” said the official of New India Insurance, the country’s most significant general insurance provider which functions in 28 countries.

Source-

https://indianexpress.com/article/business/companies/war-risks-weighing-indian-companies-face-higher-reinsurance-rates-7812289/lite/

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