Non-life insurers are considering a minimum rate for fire insurance’s natural catastrophe component. This move follows concerns about steep discounts exposing the industry and reinsurers to losses. The Insurance Regulatory and Development Authority of India chairman also expressed worries about insurer financial health. Aggressive pricing and recent fire losses in Gujarat have fueled these discussions. Insurers aim to restrict discounts to the flexible fire rate component.
Read more at the source
Disclaimer: The content of this post is sourced from external sites and is for informational purposes only. All rights and credits belong to the original authors and publishers.