Reinsurance and cat bond cover will limit the earnings hit, but the agency said semiconductor-driven industry clusters could push net losses above 2016's.
Aggressive pricing and weak solvency among several state-owned insurers could test India's insurance growth story despite favourable regulatory reforms, S&P says.
Life & Health reinsurance business emerged as an increasingly important earnings driver in the first half, as the group posted higher profits and appointed a new division chief.
