Bermuda market to identify new opportunities.

Those new opportunities could come from reinsurers like IPC Re and PartnerRe, which are already involved in the Indian insurer's property catastrophe programmes.

But Madhumalati Damle, the manager of the reinsurance department of the firm, said other lines of business, like general liability, with Bermuda insurers would also be explored. Ms Damle is here on a fact-finding mission. She is responsible for reinsurance treaty and facultative underwriting and accounts, aviation underwriting and accounts and satellite insurance.

India has total market premium of $1.837 billion and total capital of $2.156 billion. New India Assurance Co, has 31.8 percent of the market. The Indian insurance market consists of General Insurance Corporation of India and its four subsidiaries, The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd., The National Insurance Co. Ltd. and The United India Insurance Co.

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Ms Damle pointed out: "I'm really interested in finding out what new products in the Bermuda market my company can introduce in India, adding value to our business.'' New India Assurance, a near 80 year old government-owned firm, is writing annual premium volumes between $600 million and $700 million annually. Ms Damle's Bermuda mission is to identify potential new opportunities, after a recent visit to the Island by the company chairman, who was impressed by the innovation and creativity in the Bermuda market.

Ms Damle said, "I have already identified something that can add to our product line and provide more depth. For example, D&O (directors & officers) liability is not very common cover in India. But it could catch on because of the changes in India, where things are opening up.'' Her visit here has been coordinated, in part, by ACE Ltd., whose senior vice president of business development Roger Gillett said her itinerary has included meetings with a wide variety of insurers and reinsurers. She added, "We're looking to develop contacts so that we can work together for the mutual benefit. There is a belief that the Indian market really will open up (to more private enterprise and non-Indian businesses.)'' But any potential changes are still in the discussion stage, a development driven by political and market forces. US interests have been pushing for the opening up of the market. India's billion people includes a large middle class. Premium volume is expected to grow substantially as insurance becomes more commonly employed. Ms Damle stated, "The market is a huge one, although right now it is a 90-percent untapped market.'' Apart from Bermuda's reinsurers and commercial market insurers, Ms Damle is also meeting with the major brokers on the Island which play a huge part in the distribution process for insurers and reinsurers.

ASSURING INDIAN COVER -- Manager of the reinsurance department of The New India Assurance Co. Ltd., Ms Madhumalati Damle, meets with senior vice president for business development at ACE Ltd., Roger C. Gillett. Ms Damle has been on a fact finding mission here to study the potential for mutually beneficial business relationships with Bermuda insurers and reinsurers.