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 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
Indian regulator rejects ITI Reinsurance acquisition proposal
4th December 2018
The Insurance Regulatory Authority of India (IRDAI) has rejected a proposal from Go Digit General Insurance Ltd to acquire the two-year-old Indian reinsurer ITI Reinsurance from its current owners, due to a number of issues that violate regulations. Go Digit, which is owned by Indo-Canadian billionaire Prem Watsa, signed a deal ... Read the full article
JBA partners with Chaucer on new India Crop catastrophe model
14th November 2018
JBA Risk Management, the global flood risk modeller, has partnered with international specialty insurer Chaucer on the development of a new catastrophe model to help re/insurers price and assess their exposure within India’s Crop Insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY). The launch of the India Crop model is intended ... Read the full article
Insurance claims from Kerala, India floods surpass US$273 million
26th October 2018
Insurance claims from the severe flooding in the Kerala region of India in July and August, which is expected to result in economic losses of at least $3 billion, have approached Rs 2,000 crore (approximately $273.2 million), with industry sources suggesting that the payouts are more likely to hit ... Read the full article
Markel opens new office in India
5th October 2018
Specialist insurer and reinsurer Markel International has announced that its office in Mumbai, India is now open and actively writing business. Markel provides local Indian insurers with specialist facultative reinsurance in a broad range of commercial classes, including marine, energy, contingency, and professional and financial risks. Deepika Mathur, head of Markel’s Indian ... Read the full article
IRDAI to allow distribution of microinsurance products through PoS
3rd October 2018
The Insurance Regulatory and Development Authority of India has allowed distribution of all microinsurance products through point-of-sales as it aims to accelerate insurance penetration in the country, The Hindu Business Line reports. IRDAI in a circular agreed to the suggestions of insurance companies by abandoning the practice of prefixing the word ... Read the full article
Indian regulator upholds GIC Re’s right of first refusal
1st October 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to maintain its established ‘order of preference’ guidelines, which grant GIC Re first refusal to all reinsurance business placed in India, according to sources at BloombergQuint. The new regulations were finalised at a meeting on 28 September and will come ... Read the full article
Lagging personal lines’ growth a challenge for reinsurers in Southeast Asia & India: A.M. Best
7th September 2018
Ratings agency A.M. Best has highlighted challenges for reinsurers operating in Southeast Asia and India, driven in part by growth in personal lines business which typically requires less reinsurance protection. As is the case in other parts of the world, reinsurance companies operating in Southeast Asia and India are pressured by ... Read the full article
India’s planned nat cat re/insurance pool falters over funding disagreements
29th August 2018
A proposed natural catastrophe re/insurance pool that would provide coverage for incidents like floods, earthquakes, and landslides in India has been delayed for almost five years now due to a lack of consensus on funding and size, according to sources at Moneycontrol. Re/insurance companies have reportedly been unable to agree on ... Read the full article
Reinsurers likely to raise India flood rates following Kerala loss
21st August 2018
Re/insurance experts in India are expecting to see an increase in the premium charged by reinsurers for covering flood risk following the recent disaster in the Kerala region, which has caused estimated economic losses in excess of US $3 billion, according to the Indo-Asian News Service (IANS). IANS reported that ... Read the full article
Kerala, India floods to cost $3bn, insurers told to expedite claims
20th August 2018
Severe flooding in the Kerala region of India is now expected to drive economic losses of at least US $3 billion, while the toll for the insurance industry is anticipated to rise. Based on the scale of the flooding and the still developing catastrophe in the Kerala region this estimate could ... Read the full article
Generali increases stake in Indian insurance joint ventures to 49%
26th June 2018
Italian insurer Generali Group has announced an agreement with Indian conglomerate Future Group to further invest in the region’s insurance market, increasing its stake in insurance joint ventures Future Generali India Life Insurance Company and Future Generali India Insurance Company to 49%, from 25% at present. Commenting on the deal, which is expected ... Read the full article
MS Amlin & GIC Re reinsure India’s first domestic P&I market entry
19th June 2018
State-backed New India Assurance recently announced the launch of protection & indemnity (P&I) cover for the inland and coastal vessels, starting with local routes, with reports citing GIC Re and MS Amlin as its reinsurance partners. The protection is reportedly the country's first P&I cover by a domestic insurance company, and ... Read the full article
Indian regulator to allow reinsurers to invest in foreign sovereign bonds
12th June 2018
The Insurance Regulatory and Development Authority of India (IRDAI) may permit reinsurance companies to invest in overseas financial instruments, such as sovereign bonds, in an effort to reduce the risk of their global portfolio and promote the country as a major reinsurance hub, according to the Economic Times. A source close ... Read the full article
Markel approved to underwrite reinsurance through Lloyd’s India platform
11th June 2018
Specialist re/insurer Markel International has received regulatory approval from the Insurance Regulatory and Development Authority of India to write reinsurance business in the country through the Lloyd’s India platform, with capacity provided by Markel’s Syndicate 3000 at Lloyd’s. Markel India will provide local Indian insurers with both treaty and facultative insurance ... Read the full article
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