Indian insurance market announces two significant developments

1. With effect from 1st March 2019, owing to the guidelines issued by the General Insurance Corporation of India (writes treaties for most insurers) there will be significant increase in the PD BI premium as well as the deductibles particularly for the industries specified in the attached circulars. The increase could be 2 to even 6 times of the premium last paid. There is of course a provision to get FAC support instead of going to GIC treaty. We will keep you further informed of developments around this.

2. Recently the Central bank made a relaxation and now the local policies in India can be issued in foreign currency subject to the premiums being paid in foreign currency.