UNDERWRITING LOSSES RISE IN INDIA

Non-life insurers in India saw their underwriting losses in 2010-11 rise by 68% to INR99.7bn ($1.94bn) in the financial year 2010-11, compared with the previous financial year, according to the annual report on the industry from the Insurance Regulatory & Development Authority (Irda). The regulator said that "the increase in underwriting losses was observed in both public and private sector non-life insurers, impacted by the provisioning requirements in the third-party liability segment. Net claims rose to INR295bn, from INR223bn in 2009-10. The industry as a whole fell from a gain of INR12bn to a loss of INR1bn.