Insurers are bracing for claims worth nearly 5,000 crore from the recent floods in Gujarat, predominantly for property losses, though they do not foresee an increase in premiums within the competitive property insurance market.
Marine war-risk premiums for West Asian shipping routes, particularly the Red Sea corridor, have surged by as much as 200 per cent due to renewed geopolitical tensions, with some high-risk transits seeing increases of over 1,000 per cent, according to industry brokers.
Despite Iran allowing 'non-hostile vessels' through the Strait of Hormuz, marine insurance premiums are expected to remain elevated due to persistent high-risk classifications and ongoing geopolitical tensions, with experts cautioning that the threat of attacks and collateral damage still exists.
In 2025, Indian firms may face higher premiums for fire and engineering insurance covers as reinsurers are likely to revise rates due to rising claims from catastrophic events and higher loss ratios, according to people in the know.
The nationality of the passengers onboard will define the minimum liability applicable to the airline operator as per the Montreal Convention, Prudent Insurance Brokers vice president (aviation & specialty lines) Hitesh Girotra said.
A customer can also appoint a surveyor on his own expense
Health insurance policy-holders will be able to avail a discount on the premium payable if there were no claims made in the previous year, according to the circular released by the regulator.
Ajit Mishra, Vice President, Research, Religare Broking, answers readers' queries on stocks they own or want to buy.
