Despite positive results in the Indian domestic market, the renewal was subject to issues similar to those faced in other Asian countries. The Indian market, which relies on proportional treaty capacity, has found it to be limited this year. Despite the introduction of event limits to all proportional treaties, new capacity was hard to find outside the key two or three markets.
Following some losses to the Indian market caused by the Thailand floods, information and restriction of cover were newly introduced in order to restrict Indian interests abroad. Additionally, contingent business interruption clauses on pro rata treaties were introduced.
The quoting market for excess of loss protection is also within a fairly limited panel and catastrophe excess of loss reinsurers insisted on minimum rates on line for top layers.