Reinsurers drive hard bargain in negotiations for cover

General insurers secure reinsurance cover but find themselves at the mercy of tougher terms and IRDA stipulations

General insurance companies in India have completed their reinsurance arrangements for the next financial year, though the terms have considerably stiffened. Sources said that the primary non-life insurers, both public and private, completed their arrangements within the deadline set by regulator, the Insurance Regulatory and Development Authority (IRDA), which has yet to approve the terms.