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 cancels ITI Re’s license after failing to commence business
10th May 2019
The Insurance Regulatory and Development Authority of India (IRDAI) has moved to cancel ITI Reinsurance’s licence to transact reinsurance business after the company failed to commence business operations. ITI Re, which is the only domestic reinsurer in India besides GIC Re, was originally granted a Certificate of Registration (CoR) by IRDAI ... Read the full article
Indian regulator maintains 5% obligatory cession rate for GIC Re
15th April 2019
The percentage of business that general insurers in India have to cede to the country's national reinsurance company, General Insurance Corporation of India (GIC Re), for 2019-2020 is to remain at 5%, according to a notification from the Insurance Regulatory and Development Authority of India (IRDAI). The regulator says the 5% ... Read the full article
IRDAI grants special approval to 11 cross-border reinsurers for 2019-2020
8th April 2019
The Insurance Regulatory and Development Authority of India (IRDAI) has granted special approval to 11 cross-border reinsurance companies for the 2019-2020 year. This compares to 16 cross-border reinsurers that were approved by the regulator to operate in India for the 2018 year. According to a circular published by the IRDAI, the recently ... Read the full article
Air India’s insurance costs double following Ethiopia Airlines crash
29th March 2019
India’s national carrier Air India has seen its insurance renewal costs almost double to around $28 million for the year 2018/19 following the recent Ethiopian Airlines crash, according to reports from The Indian Express. The publication said that a host of adverse factors in combination with the crash, which is ... Read the full article
India’s Digit Insurance becomes fastest-growing insurer
26th March 2019
Digit Insurance, an India-based insurance company backed by Fairfax Group, has announced that it has gained two million customers during its 16 months of operation, which it claims makes it the fastest growing insurer in the world. During its tenure, the company has also closed more than 30,000 claims, with 92% ... Read the full article
GIC Re’s pricing revisions cause Indian property rates to soar
20th March 2019
Companies in a number of Indian industries have seen their property insurance rates soar by as much as eight times after the country’s only active domestic insurance, GIC Re, revised the rates at which it provides reinsurance. This is according to reports from The Times of India, who said that corporates ... Read the full article
Swiss Re, Zurich offered stake in IAG’s Indian venture, say sources
19th February 2019
Swiss Re, Zurich Insurance, Gen Re and Liberty General are among a group of almost 40 companies who have been approached to buy out Insurance Australia Group’s (IAG) 26% stake in SBI General Insurance, according to sources at The Economic Times. IAG is reportedly seeking Rs 3,400 crore (US $476 million) ... Read the full article
Munich Re partner looking to drop stake in Indian health venture, report sources
13th February 2019
The founders of India’s Apollo Hospitals Enterprise are reportedly planning to sell their stake in a joint health insurance venture with Munich Re, according to sources at Bloomberg. People with knowledge of the matter told the publication that Prathap C. Reddy and his family were looking to sell their entire holding ... Read the full article
India set for strong re/insurance sector growth, says Moody’s analyst
24th January 2019
Strong economic progress and an evolving regulatory regime are expected to support the growth of India’s re/insurance sectors over the coming years, according to an analyst at Moody’s Investors Service. In addition, robust gross domestic product (GDP) expansion and low insurance penetration should help foster double-digit growth for the non-life sector ... Read the full article
India primed to become global reinsurance hub, says regulator
23rd January 2019
A number of factors, including recent regulatory changes, geography, economic growth and exposure to natural catastrophes have positioned India to become a global reinsurance hub, according to the International Regulatory and Development Authority of India (IRDAI). IRDAI noted in its annual report that India currently has very low levels of insurance ... Read the full article
$872m of premium accepted by foreign reinsurers between 2017-18: IRDA
21st January 2019
The International Regulatory and Development Authority of India (IRDA) says a total of $872 million in reinsurance premium was accepted by foreign reinsurance branches in 2017-18, with Swiss Re taking the largest share at $287 million. Munich Re and SCOR reported $183 million and $166 million, respectively. In the same time period, ... Read the full article
Allianz (AGCS) opens new reinsurance branch in India
21st January 2019
Allianz Global Corporate & Specialty (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has opened a new reinsurance branch in Mumbai, India to help it target growth in Asia Pacific. AGCS said that the branch would allow it to capitalise on opportunities in one of the fastest emerging re/insurance markets ... Read the full article
Generali completes stake increase in Indian joint ventures
2nd January 2019
Italian insurance giant Generali has finalised its previously announced plans to increase its stakes in Future Generali insurance joint ventures in India from 25.5% to 49%. The completion of the transaction saw Generali commit approximately €120 million to the Future Group, a platform and customer ecosystem that offers digital insurance ... Read the full article
Carlyle and GIC to take 10% stake in India’s SBI Life for $742mn
31st December 2018
U.S private equity firm Carlyle Group and Singapore’s sovereign wealth fund GIC plan to team up on a Rs 5,200 crore (US $742 million) deal that will see the companies take a 10% stake in Indian insurer SBI Life Insurance Co. SBI Life Insurance was formed in 2001 as a joint ... Read the full article
Indian regulator retains first preference rule for GIC Re
14th December 2018
The Insurance Regulatory Authority of India (IRDAI) has announced that it will retain its first preference rules, which require that cedants give first refusal in reinsurance contracts to the country's only active domestic reinsurer, GIC Re. Newly released reinsurance regulations state that from 1 January 2019 insurers will have to give ... Read the full article
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