John Lee outlined plans to mobilise insurer capital for infrastructure, establish a marine risk pool, and boost insurance innovation in emerging sectors.
Market Lane's deal with ARAG comes less than two months after the latter announced it would withdraw from Australia due to unmet business expectations.
The proposal would mark India's third FDI liberalisation in a decade, potentially reshaping insurer joint ventures and aligning with the government's “Insurance for All by 2047” goal.
The system will require vessels to hold P&I cover from IG P&I Clubs, domestic insurers, or international carriers with a credit rating of at least BBB.
