In the following months, the non-life insurance market in India anticipates an average rate hike of 8 to 10%.
Property, third-party liability, marine, and motor classes of business would be affected by the price increase. Property and casualty insurers are thought to have altered their pricing strategies mostly as a result of the 40–60% increase in reinsurance costs.
A number of significant losses, notably the Russian-Ukrainian War and natural calamities, have been felt by international reinsurers for years.
