INDIA Law and Practice Contributed by: Neeraj Tuli, Celia Jenkins and Rajat Taimni, Tuli & Co
As regards claims, whereas the focus used to be on more traditional lines of insurance (such as catas- trophe, life, health, and motor insurance), the Indian insurance market has evolved during the past dec- ade or so and liability products such as professional indemnity (PI) insurance, D&O insurance, cyberpoli- cies, and employment practices liability insurance have come to the forefront. There is a familiarity with and demand for these products and, consequently, significant claims activity. Among liability products, the past five years show there has been a steady upward trend in claims made under PI policies, and this remains the busiest claims area, followed closely by D&O insurance.
As well as an upsurge in the frequency of claims, there has also been a sharp increase in the quantum being claimed by the insured, indicating that claims severity is also on the rise. Additionally, a growing number of cyber-insurance covers are being issued, with claims being made under them. As mentioned in 11.1 Emerg- ing Risks Affecting the Insurance Market , this has led to an increased requirement for forensic expert analysis for the purposes of assessment of coverage under such policies.
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