A government-backed report points to captives and other alternative risk-transfer mechanisms as insurers grapple with rising catastrophe and cyber exposures.
Ajay Seth says IRDAI has checked its industry-sourced data repeatedly and will accept a better interpretation if one comes through the consultation with evidence to support it.
The partnership adds Lloyd's Asia to GAIP's growing network as the platform seeks to address regional protection gaps through greater industry collaboration.
The proposed transaction is expected to deepen cooperation between the companies across group medical and general insurance, subject to the satisfaction of multiple closing conditions.
Fire and ISR, the largest unauthorised foreign insurer (UFI) class, led the decline with new or renewed premiums invoiced down 27.3%, based on APRA data.
Insurers in Taiwan and Japan are reworking products to ease capital and surrender pressures, while panellists warn that data-centre exposures and interacting emerging risks may outpace current models.
Subramanian also pushed back against claims that the overhaul would lead to widespread job losses, adding that reforms would expand the distribution network.
