Both agencies said the benefit will hinge on how the five state-owned (re)insurance groups deploy the money, with heavier equity investment raising asset risk.
International reinsurers will take a significant share of what is covered, with hydropower plants, engineering projects and commercial property along the China trade corridor driving most claims.
Life insurance growth remained subdued in H1, while health and non-motor business supported gains in the non-life sector amid sweeping regulatory changes.
Aggressive pricing and weak solvency among several state-owned insurers could test India's insurance growth story despite favourable regulatory reforms, S&P says.
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