India's domestic market faced restrictions at renewals

Despite positive results in the Indian domestic market, insurers faced problems similar to their Asian counterparts at the April 1 renewals, according to Guy Carpenter.

"The Indian market, which relies on proportional treaty capacity, has found it to be limited this year," the broker said.

"Despite the introduction of event limits to all proportional treaties, new capacity was hard to find outside the key two or three markets."

Following losses in the Indian market from the Thailand floods, information and restriction of cover were introduced to restrict Indian interests abroad. In addition, contingent business interruption clauses on pro rata treaties were introduced.

The quoting market for excess of loss protection was also within a fairly limited panel and catastrophe excess of loss reinsurers insisted on minimum rates on line for top layers, Guy Carpenter said.