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Sarvada research, workflows, and commentary focused on underwriting & risk.
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Underwriting & Risk
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October 6, 2026
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131 articles
Underwriting & Risk - August 24, 2026 - 10 min read
The 2026 Gujarat rains put close to Rs 5,000 crore of expected claims into the districts holding some of India's densest textile processing and chemical accumulation. Here is what resets at the 2027 renewal for a plant in Surat or Vapi.
By Tarun Kumar Singh
Underwriting & Risk - August 23, 2026 - 10 min read
DRAM prices rose up to 89% in a single quarter of 2026 as AI data centres pulled wafer capacity into high-bandwidth memory. Indian EMS firms, distributors and importers who set stock sums insured on last year's component costs are now exposed to the average clause. The arithmetic, the fix, and the Section 64VB mechanics of resetting mid-policy.
By Tarun Kumar Singh
Underwriting & Risk - August 22, 2026 - 8 min read
IRDAI's Actuarial, Finance and Investment Functions (Second Amendment) Regulations, 2026 introduce a Certifying Actuary for Foreign Reinsurers' Branches and standardised actuarial reporting, including Financial Condition Reports. For brokers leaning on FRB capacity in a jumbo placement, that adds a fourth leg to security review: branch-level attestation, alongside parent rating, registration standing and book fit.
By Tarun Kumar Singh
Underwriting & Risk - August 21, 2026 - 9 min read
An IRDAI circular of 7 August 2026 requires general and health insurers to report gross direct premium, claims paid and investment income every month, starting with July 2026 data, to feed MOSPI's Index of Service Production. This piece explains what the monthly series will and will not show, and how a broker reads claims-paid movement against premium growth as a counterparty check and a renewal argument.
By Tarun Kumar Singh
Underwriting & Risk - August 21, 2026 - 10 min read
BSPGCL's tender for 150 MW of solar with 75 MW/300 MWh of BESS closes on 21 August 2026 and requires storage as a condition of the solar bid. Co-location puts lithium-ion thermal runaway inside the solar fire perimeter, ties the whole PPA to one grid connection, and splits the delay-in-start-up exposure across two commissioning clocks.
By Tarun Kumar Singh
Underwriting & Risk - August 20, 2026 - 11 min read
IRDAI has issued orders against Acko General and Niva Bupa over FY2024-25 Expenses of Management breaches, with Niva Bupa barred from opening any new place of business for six months. Neither order stops them writing group mediclaim, but both change the diligence conversation. Here is a concrete panel-review checklist, and a clear line on when a sanction is and is not a reason to move a group policy.
By Tarun Kumar Singh
Underwriting & Risk - August 18, 2026 - 6 min read
Envelop's Lloyd's Syndicate 1925 adds dedicated cyber treaty capacity just as IBM puts India's average breach cost at a record Rs 25.5 crore. This post traces how reinsurance supply travels from London to an Indian mid-market cyber quote, and what to test at the 2027 renewal.
By Tarun Kumar Singh
Underwriting & Risk - August 17, 2026 - 9 min read
GIC Re's Q1 FY27 investor presentation showed a combined ratio of 104.88%, an overseas book back in underwriting profit at 95%, and an explicit strategy of profitability over growth. Facultative capacity for large, loss-affected and catastrophe-exposed Indian risks flows straight out of that appetite, and brokers placing single risks in the second half of FY27 need to plan around it.
By Tarun Kumar Singh
Underwriting & Risk - August 14, 2026 - 11 min read
L&T's August 2026 order to build India's largest NVIDIA B300 AI factory with Together AI puts a construction programme reported at up to Rs 15,000 crore on the table. This piece works through what a GPU-dense build does to the marine cargo per-sending limits, the erection all risks testing extension and the delay-in-start-up sum insured, for the developers, EPC contractors and lenders pricing these deals now.
By Tarun Kumar Singh
Underwriting & Risk - July 28, 2026 - 11 min read
The Supreme Court's Sayona Colors judgment voided an entire fire policy for fraud, with a police SIT ordered on top. The facts that damned the insured are the same facts an honest capacity expansion generates. Here is the documentation protocol that separates the two.
By Tarun Kumar Singh
Underwriting & Risk - July 27, 2026 - 11 min read
IRDAI's 22 July 2026 letter to general insurer CEOs targets fire discounts of up to 99% off benchmark rates. For risk managers, the message is that the bottom of the property pricing cycle now has a date on it, and the window to convert cheap premium into durable policy structure is closing.
By Tarun Kumar Singh
Underwriting & Risk - July 24, 2026 - 9 min read
A sum insured that was right in April can be short by March, because reinstatement costs rise while the policy sits still. The escalation clause raises the sum insured automatically through the year, but only if the opening figure was right and the escalation rate was set from real cost inflation.
By Tarun Kumar Singh
Underwriting & Risk - July 22, 2026 - 9 min read
A warehouse holding Rs 100 crore of stock will never lose all of it to a single burglary, so insuring the full value against theft wastes premium on cover that cannot be used. First-loss insurance sets the sum insured to the realistic maximum theft, and the arithmetic behind it rewards buyers who understand it.
By Tarun Kumar Singh
Underwriting & Risk - July 21, 2026 - 9 min read
An empty building is a different risk from an occupied one, and Indian fire wordings say so through an unoccupancy condition most buyers never read. How the condition works, what counts as occupied for a seasonal plant or a unit under renovation, and how a vacancy no one disclosed defeats an otherwise valid claim.
By Tarun Kumar Singh
Underwriting & Risk - July 20, 2026 - 9 min read
Two large fire claims cost a major insurer about Rs 63 crore in a single quarter, roughly one point of combined ratio. The number is a reminder that fire underwriting fails on severity, not frequency, and that the PML assumption behind every large risk is where the discipline actually lives.
By Tarun Kumar Singh
Underwriting & Risk - July 19, 2026 - 9 min read
A single Supreme Court judgment on the economic value of a homemaker's work moved a quarter of a large insurer's underwriting result. That is not an accident of one book, it is how long-tail motor third-party reserving works, and why fleet buyers should read a reserve top-up as a signal about their next renewal.
By Tarun Kumar Singh
Underwriting & Risk - July 17, 2026 - 10 min read
Commission is not added to a technical premium, it is divided into it. What that means when a broker asks for five more points, where the money goes when the market will not bear the resulting rate, and why an underwriter measured on loss ratio never sees any of it.
By Tarun Kumar Singh
Underwriting & Risk - July 9, 2026 - 8 min read
How brokers structure fire declaration and floater covers for traders, FMCG distributors and warehousers with volatile stock values, using monthly declarations and provisional premium to avoid the average clause while insurers re-rate accumulation after GST-driven warehouse consolidation.
By Tarun Kumar Singh
Underwriting & Risk - July 8, 2026 - 10 min read
The LMA5410 property-treaty cyber exclusion and the LMA5400 fire and explosion carve-out are flowing into Indian fire and engineering wordings through treaty renewals, opening a non-affirmative gap that brokers now have to reconcile against the affirmative cyber tower.
By Tarun Kumar Singh
Underwriting & Risk - July 7, 2026 - 9 min read
The SHANTI Act 2025 rewrites how nuclear suppliers face recourse liability in India, and the Budget 2025 Nuclear Energy Mission brings private operators into the pool. Here is how vendor and supplier right-of-recourse exposure is actually insured.
By Tarun Kumar Singh
Underwriting & Risk - July 6, 2026 - 9 min read
The domestic terrorism pool caps out at Rs 2,000 crore per location, well below the value of a hyperscale data centre or gigawatt solar park. Here is when and how brokers place standalone sabotage and terrorism cover through international and GIFT City reinsurance.
By Tarun Kumar Singh
Underwriting & Risk - July 5, 2026 - 10 min read
How brokers and underwriters should read the private commercial coal-mine operator as a distinct risk: open-cast highwall failure, the HEMM and conveyor fire load, monsoon inundation, spontaneous heating and mine-development delay-in-start-up in a de-tariffed engineering market.
By Tarun Kumar Singh
Underwriting & Risk - June 30, 2026 - 6 min read
When a cyclone or a monsoon flood hits an accumulated property book, the recoverable is the output of treaty mechanics most direct underwriters treat as a black box. The hours clause decides whether a multi-day flood is one event or three. Reinstatements decide how many times the catastrophe layer can be tapped. The event definition decides clash. This post unpacks those clauses for catastrophe-exposed Indian property books and shows why they shape what an underwriter can safely accumulate.
By Tarun Kumar Singh
Underwriting & Risk - June 30, 2026 - 6 min read
The most expensive gap in an Indian liability programme is usually not the limit but the trigger. Professional indemnity, directors and officers, and product liability are written claims-made, so the retroactive date and the continuity of cover decide whether an old wrongful act is covered when a claim finally lands. This post explains how claims-made differs from occurrence cover, why the retroactive date must be preserved across renewals, and how brokers guard against a silent retro reset.
By Tarun Kumar Singh
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