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January 29, 2020
Fire insurance premiums have been increased by 10-50% for most types of businesses for 291 business segments since 1 January. The revision comes after GIC Re hiked reinsurance rates. When GIC Re hikes reinsurance rates, insurers which take risk cover from the former pass the increase on to their customers.
In 2019, 36 segments in eight industries were mandated to be charged market rates based on past claims experiences. This year, almost all of India Inc has been included in the premium increases and discounting is barred.
Discounting has been a common practice in classes of insurance like fire insurance, where despite higher claims in the previous year, lower premiums are charged. While this helps the incumbent insurer to retain corporate clients, hits their profitability.
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