Magazine date:
May 2023 
The Indian non-life insurance industry is expecting an average rate increase of 8 to 10% in the upcoming months.
The price surge would apply to property, third party liability, marine and motor classes of business.
The 40-60% increase in reinsurance costs is believed to be the main reason for property and casualty insurers to adjust their pricing policies.
For years, global reinsurers [4] have been affected by several major losses, including the Russian-Ukrainian war and natural disasters.