Non-life insurance: towards a rate increase in India

The Indian non-life insurance industry is expecting an average rate increase of 8 to 10% in the upcoming months.

The price surge would apply to property, third party liability, marine and motor classes of business.

The 40-60% increase in reinsurance costs is believed to be the main reason for property and casualty insurers to adjust their pricing policies.

For years, global reinsurers have been affected by several major losses, including the Russian-Ukrainian war and natural disasters.