The product provides protection against economic losses caused by navigation system disruption, including port-entry bans, vessel detention and delayed departures.
Insurance could help reduce uncertainty around accident and performance risks, but KIRI says many early-stage technologies remain difficult to underwrite.
Property, cyber and D&O buyers benefited from softer pricing in Q2, while underwriters applied greater scrutiny to casualty, auto and catastrophe-prone risks.
Reinsurance and cat bond cover will limit the earnings hit, but the agency said semiconductor-driven industry clusters could push net losses above 2016's.
Aggressive pricing and weak solvency among several state-owned insurers could test India's insurance growth story despite favourable regulatory reforms, S&P says.
