Business Daily from THE HINDU group of publications
Wednesday, Jan 10, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Jan 10, 2007 ePaper |
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Money & Banking
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General Insurance Howden sees better scope here than in China Our Bureau
Mumbai , Jan. 9 The Indian insurance market holds greater potential than its Chinese counterpart, said Mr David Howden, Chief Executive, Hyperion Insurance Group. The Hyperion Group is an international insurance group that offers wholesale, retail and reinsurance broking and underwriting and handles about $1.5 billion-2 billion in premium. "Indian insurers have a longer relationship with the London reinsurance market and, hence, there is a better understanding. Besides, the Chinese market has more local reinsurance capacity and so for large and specialised covers such as liability insurance, the opportunities are more in India," said Mr Howden.
Liability insurance
Liability insurance business is one of the core areas for the UK-based Hyperion Insurance Group and its subsidiary Howden India. Mr Howden said the Indian liability insurance market was very small compared to the US and the UK. In the US, 50 per cent of the gross written premium of the non-life insurance market comes from liability insurance while in the UK, it stands at 30-40 per cent. In India, liability insurance contributes just 3 per cent of the market and chips in with $100 million-180 million as premium. The major buyers of liability insurance are companies in the IT and ITES sector and the pharmaceutical and auto ancillary industries, which have large exposures in the US and UK markets. "As the judicial environment in India becomes more advanced, there will be a spurt in the growth of liability insurance," Mr Howden said.
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