Acting on a Supreme Court directive, IRDAI has standardised motor insurance options for private vehicles through a four-layer cover structure and mandatory customer disclosures.
Executives from Lloyd’s, Peak Re and ERGO say claims inflation, misread war-risk terms and a wide protection gap are testing (re)insurers as they follow clients into new markets.
Gallagher Re’s new APAC CEO Roshan Perera sees renewable energy, EV supply chains and data centres driving demand for specialist reinsurance and advisory solutions.
Large-risk and flood claims turned the fire book loss-making, while a ₹7.15bn (US$75m) motor third-party provision tied to a court ruling added to underwriting pressure.
Pricing, claims management and operating efficiency have narrowed the insurer’s underwriting losses, and growing scale should help it sustain profitability from 2028.
Ping An P&C’s new energy vehicle insurance premiums climbed 21.2%, faster than the 16.1% it reported for Q1, while total premium income rose 3.5% to 265.22bn yuan (US$39.78bn).
Onshore underwriting profit rose nearly elevenfold from a low year-earlier base, led by pecuniary loss business, while offshore premiums grew 18.9% but underwriting turned negative.
