|
 |
|
Our experience in the direct insurance market has brought to the light the glaring problems that the insurance companies face while providing terms for specialized insurance products. Lack of proper underwriting information to be sent to the reinsurance markets, improper documentation for placing the risk and so on have been some of the areas of concern that the insurance companies have. This was the opportunity that India Insure saw and decided to enter into the Reinsurance broking Space.
Our Journey in the Reinsurance broking space started in April 2006 and since then we have serviced a premium volume of almost USD 25 Mn. We have also had the privilege of having placed one of the largest programs for a Hydro Power Project in India. 80% of the specialty lines of business being done by the Direct Broking team involves Reinsurance placement being done by the Reinsurance team of India Insure.
|
Our value proposition in the reinsurance broking space is two fold: |
| |
 |
Represent the Indian Market Risk to the International Underwriters in a comprehensive and effective manner for better understanding. |
|
Act as a consultant to the Indian Cedant and provide them with information about the global best practices on Reinsurance structuring and assist in developing new products for the Indian Market. |
|
| |
Our key areas of focus in the Reinsurance Broking space are as follows: |
| |
Specialty Lines |
| |
 |
Director’s & Officer’s Liability |
|
Professional Indemnity – primarily for Technology companies |
|
Commercial general Liability |
|
Product Liability for Pharmaceutical & Auto-Component Industries |
|
Clinical Trial Liability Insurance |
|
| |
Property Insurance |
| |
|
Focus on very large corporate and Infrastructure projects who would need to take Mega Risk Covers |
|
| |
Large Power Projects |
| |
|
Target all the large Power projects being promoted by the Indian government across the country |
|
| |
Credit Insurance |
| |
|
The growth of the export market in India has alerted a lot of corporate on the Increasing Credit Risk. |
|
Credit Insurance policies offered by insurance companies are proving to be a welcome respite from the government promoted cover available. |
|
Focus on all the large corporate to get a buy-in on this policy is another key focus area for the team. |
|
| |
Treaty Market |
| |
We will be concentrating on identifying new markets that would be keen on underwriting the Indian Treaty business and work with the Indian Insurance companies on their programs. The business we place with these insurance companies on the direct broking side gives us the extra edge in being able to participate on their treaty programs. Our approach for the Treaty Programs is to offer our customers advice and consultancy on structuring the treaty programs in an effective way. We also attempt at bringing in the global best practices and introduce the same to the Indian markets. |
| |
