While reinsurance rates for this year are likely to remain flat because no major catastrophic event impacted the books of companies in 2014, some segments such as aviation are expected to see some marginal impact.
In 2014, besides a few aircraft accidents, Malaysian Airlines flight 370 went missing on March 8.
It was carrying 12 crew members, all from Malaysia, and 227 passengers from 15 nations, all of whom have been declared dead.
Their nominees are eligible to make claims. At the time of renewal of insurance contracts, the premium is based on the experience of claims. Wherever the claims are high, there is an increase in price.
A senior reinsurance executive said at the time of renewal, a slight hardening in the aviation segment would be seen this year. He added this was not just for India, but for other countries as well.
24/02/15 M Saraswathy/Business Standard
In 2014, besides a few aircraft accidents, Malaysian Airlines flight 370 went missing on March 8.
It was carrying 12 crew members, all from Malaysia, and 227 passengers from 15 nations, all of whom have been declared dead.
Their nominees are eligible to make claims. At the time of renewal of insurance contracts, the premium is based on the experience of claims. Wherever the claims are high, there is an increase in price.
A senior reinsurance executive said at the time of renewal, a slight hardening in the aviation segment would be seen this year. He added this was not just for India, but for other countries as well.
24/02/15 M Saraswathy/Business Standard
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