India eyeing creation of P&I insurance club

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The Insurance Regulatory and Development Authority of India (IRDAI) is discussing the possible creation of a protection and indemnity (P&I) club in the Indian marine insurance market.

The regulator is in talks with the Indian National Shipowners Association (INSA) regarding the move, which will boost the country’s marine insurance market, as revealed during the 2021 Maritime India Summit on March 02, The Hindu Business Line reported.

Marine insurance makes up around 2% of gross domestic premiums in India, and the national regulator has been planning to create a homegrown P&I club for several years now.

Another potential move that

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