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General insurance rates unlikely to rise in 2016 in India

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General insurance premiums are not expected to increase significantly in India in 2016 as a result of declining global reinsurance rates, reports The Hindu BusinessLine.

Reinsurance premium rates are likely to fall in 2016 due to no major global catastrophes and overcapacity in terms of capital in the market, industry experts said.

General Insurance Corp. of India chairman K. Sanath Kumar and The New India Assurance Co. Ltd. chairman G Srinivasan expect reinsurance rates to remain soft in the year.

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