The regulator pointed to higher claims costs, tighter reinsurance appetite and pressure on trade-exposed lines as external volatility feeds into the sector.
The broker operates capability centres in Bengaluru, Noida and Gurgaon supporting global operations, alongside client-facing offices in 17 cities across India.
The initiative could redirect NZ$600-700m (US$360-420m) annually towards natural hazard risk reduction while shifting fire services funding to the Crown.
