Reinsurance News
India
India’s insurance and reinsurance market is dynamic and growing, a key location for global players and with an expanding domestic marketplace.
Read our India insurance or reinsurance news and analysis below.
Indian regulator bans insurers from adopting Capital Gearing treaties
1st April 2020
In a circular to all general, specialist, and health insurers in India, the Insurance Regulatory and Development Authority of India (IRDAI) has prohibited carriers from entering into any fresh Capital Gearing treaties, effective March 28th, 2020. Capital gearing concerns the volume of debt a company holds compared to its equity. According ... Read the full article
India’s reinsurance market to reach $7.8bn by 2024, says GlobalData
27th March 2020
As India’s reinsurance business continues to achieve impressive growth, recent regulatory changes by the Insurance Regulatory and Development Authority of India are set to encourage offshore companies to set up operations in the country Data analytics company GlobalData believes these amendments will not only bring a level playing field for all ... Read the full article
Lloyd’s anticipating a more liberal Indian market, says Chairman
10th February 2020
Bruce Carnegie-Brown, Chairman of insurance and reinsurance marketplace Lloyd’s of London, has said that he believes the market in India is “on path to liberalisation,” according to reports from The Economic Times. In an interview with the publication, Carnegie-Brown suggested that Lloyd’s was still uncomfortable with the order of preference rules ... Read the full article
Indian insurtech Digit secures $84m from equity investors
23rd January 2020
Digit Insurance, an India-based insurance start-up backed by Fairfax Group, has secured regulatory approval to raise $84 million from three growth equity investors, bringing total investment to $224 million. Digit started its operations in October 2017 and has since expanded its distribution through direct channel partners such as e-commerce giants Policybazaar, ... Read the full article
Lloyd’s Chairman wants more access to Indian market
22nd January 2020
Bruce Carnegie-Brown, Chairman at insurance and reinsurance marketplace Lloyd’s of London, has said that he wants more syndicates to be able to access the Indian market, according to reports from CNBC. The Lloyd’s Chairman criticised the Indian government for its delay in opening up the country’s re/insurance sector to overseas companies, ... Read the full article
India’s slowing economy to weigh on re/insurers, says Moody’s
21st January 2020
While Moody’s Investors Service expects India’s slowing economy to hurt insurance premium growth over the next few years, a low 3.7% penetration rate alongside supportive measures put in place by regulators will help counterbalance the deterioration. Analysts note that GDP growth slowed to 6.8% in fiscal 2018 and could slow further ... Read the full article
India to consider more foreign investment for insurance: reports
14th January 2020
India has proposed easing foreign investment rules for its insurance and aviation sectors as part of a push to help stimulate the economy, according to reports from Bloomberg. Sources said the Finance Ministry has considered increasing the limit on foreign direct investment in insurance and pension companies from 49% to 74%. The ... Read the full article
Markel hires QBE’s Anirudh Singh as CUO for India
9th January 2020
Specialist insurer Markel International has announced the appointment of Anirudh Singh as India Chief Underwriting Officer (CUO), effective from December 24, 2019. Singh has 16 years’ re/insurance industry experience, and joins Markel from QBE General Insurance, where he most recently served as Chief Risk Officer. In this role, he was also responsible ... Read the full article
India regulator seeks approval for state-backed catastrophe insurance
9th December 2019
The Insurance Regulatory and Development Authority of India (Irdai) is seeking government approval to launch a state-backed catastrophe insurance scheme in certain states, according to reports from The Indian Express. If approved, the project would be launched on a pilot basis, with the aim of offering government-funded catastrophe cover for the ... Read the full article
AIR Worldwide launches multi-peril crop insurance model for India
4th November 2019
Catastrophe modelling firm AIR Worldwide has released a Multiple Peril Crop Insurance Model for India designed to aid probabilistic assessments of potential losses caused by yield shortfalls. The event-based model covers 11 major crops across the two main growing seasons in India: Kharif - the summer period from late spring into ... Read the full article
Arthur J. Gallagher takes minority stake in Indian broker Edelweiss
28th October 2019
Global insurance brokerage Arthur J. Gallagher & Co. has completed its purchase of a minority stake in Edelweiss Insurance Brokers Limited (EIBL), the broking unit of Indian financial services conglomerate Edelweiss Group. EIBL provides a range of both insurance and reinsurance solutions, and benefits from the distribution network of its parent ... Read the full article
Gov-owned AIC looks to offer crop reinsurance services outside of India: Reports
29th August 2019
India's Agriculture Insurance Company (AIC) is in discussions with intermediaries about the launch of crop reinsurance services in countries outside of India, reports Business Standard. According to reports, government-owned AIC has already received approval from the IRDAI (International Regulatory and Development Authority of India) for inward insurance, and is now in ... Read the full article
Indian gov lowers capital requirements for foreign reinsurers
6th August 2019
An amendment in the Insurance Act 1938, the notification of Finance (No.2) Act, 2019 by the Indian government, has significantly lowered the required volume of Net Owned Funds (NOF) for foreign insurers and reinsurers looking to establish a branch in the Gandhinagar International Financial Services Center (IFSC). Specifically, the NOF requirement ... Read the full article
India looks to reduce reinsurance on agricultural insurance program
29th July 2019
The Government of India is reportedly considering a pool mechanism for its national agricultural insurance program to limit money flowing out of the country to international reinsurance companies. Indian publication Business Standard reported that foreign reinsurance and private insurance firms have been big beneficiaries of premiums collected under Pradhan Mantri Fasal ... Read the full article
MS Amlin exits Indian reinsurance sector after group-wide review
10th July 2019
MS Amlin has informed the Insurance Regulatory and Development Authority of India (IRDAI) that as part of a group-wide review of its operating structure and performance, it has decided to exit the Indian reinsurance market. Commercial insurance and reinsurance specialist MS Amlin was the first company to have been welcomed ... Read the full article
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