MS Amlin has become the first to launch on the Lloyd’s India platform. John Nelson was accompanied by members of Markel and MS Amlin during his fact finding tour in the summer last year with MS Amlin applying for a licence soon after. It has been reported that although Markel has explored joining the Indian platform they have chosen to review options in more detail for the foreseeable.
More than half of the Indian property treaty book came up for renewal at 1 April, along with some agricultural business meaning MS Amlin have joined at an important time in the Indian insurance calendar. Other key reinsurance renewal dates include September and October for agriculture, aviation, accident and health and motor, while June and July see the majority of India's energy reinsurance books placed.
GIC Re, which owns a large part of the Indian market, has opted not to drop its rate but increase them by 10 to 15% showing how India could be an attractive market for insurers who are having to reduce prices elsewhere.