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.
Amazon spearheads $12mn funding campaign for India’s Acko InsurTech start-up
29th May 2018
Acko General Insurance, an online-only InsurTech start-up based in Mumbai, India, has raised an investment of $12 million led by Amazon, bringing the company’s total equity funding to nearly $42 million. This announcement confirms rumours from January 2018 that Amazon was on the verge of making its first investment in ... Read the full article
India’s IRDAI appoints new Chairman, approves 16 Cross-Border Reinsurers
14th May 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has appointed Subhash C. Khuntia as its new Chairman, and has granted approval to 16 Cross-Border Reinsurers (CBRs) for the 2018-19 financial year. Khuntia has extensive experience working in administrative sectors of the Indian Central Government, including roles in the Ministries of ... Read the full article
Indian agriculture schemes require global reinsurance industry integration
10th May 2018
Lloyd’s and catastrophe risk modeller RMS have released a report that claims the global reinsurance industry needs to more fully integrated into current Indian agricultural re/insurance schemes. India is the world’s second largest agricultural economy after China with an Agriculture Gross Domestic Product of US $392 billion, but remains largely uninsured ... Read the full article
Indian regulator reminds re/insurers on ‘order of preference’
25th April 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a reminder to all re/insurance companies stating that they must comply with established guidelines regarding ‘order of preference’ while placing reinsurance deals. “We are informed that some of the insurers are not complying with the order of preference. Insurers are ... Read the full article
Indian regulator exempts 24 re/insurance schemes from goods and services tax
12th April 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has announced that 24 re/insurance schemes are to be exempt from goods and services tax (GST), provided firms pass the savings on to customers. In a circular directed to all insurers, the IRDAI confirmed that the proposal to exempt reinsurance schemes was ... Read the full article
Liberty Mutual names Eman Securities & DP Jindal Group as new India partners
20th March 2018
Liberty Mutual Insurance has grown its insurance joint venture in India with Eman Securities and DP Jindal Group as new joint venture partners for its India promotion, set to replace Videocon Industries. The new partnership aims to expand and fortify the company’s position as one of the fastest growing general insurance ... Read the full article
India’s GIC Re to open Lloyd’s syndicate in April
16th March 2018
General Insurance Corporation of India (GIC Re), the country's state-owned reinsurer, has announced that it will begin operations as a Lloyd’s of London syndicate in April 2018, in accordance with a Lloyd’s approved business plan. The syndicate is to be managed by Pembroke, Liberty Mutual Company’s (LMC) specialist Lloyd’s managing agency, ... Read the full article
Russian National Reinsurance Company approved to operate in India
16th March 2018
Russia's state-owned reinsurer, Russian National Reinsurance Company (RNRC), has announced that it's received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to operate as a cross-border reinsurance company. Initially, the reinsurer was mainly established to offer reinsurance protection to companies barred from using Western reinsurers as part of ... Read the full article
India’s IRDAI to delay reinsurance order of preference regulations
20th February 2018
The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly delayed the setting of new regulations, part of which would have confirmed that its nascent domestic market has preference in reinsurance placements. According to Christopher Croft, Chief Executive of the London & International Insurance Brokers’ Association (LIIBA), lobbying to prevent ... Read the full article
India could become local re/insurance hub: reports
2nd February 2018
India could be home to the next wave of reinsurers, according to IRDAI Chairman T S Vijayan who is optimistic that the influx of foreign reinsurers into India and the establishment of new reinsurance hubs and government programmes to spur widespread re/insurance uptake could make India a local re/insurance hub. With ... Read the full article
Lloyd’s eyes “terrific” growth prospects in India market
25th January 2018
Speaking to the India Economic Times Lloyd's Chief Executive Officer (CEO) Inga Beale called India "a fantastic opportunity" with "terrific" growth prospects, as Lloyd's looks to expand local syndicates and increase its current $220 million annual India market revenue. "Whether the growth in insurance line is driven by government action or ... Read the full article
Swiss Re & India’s NIA sign MoU to develop country’s re/insurance industry expertise
24th January 2018
Reinsurance giant Swiss Re's Global Business Solutions division in India has signed a memorandum of understanding (MoU) with National Insurance Academy (NIA), under which the pair will collaborate to develop insurance and reinsurance industry skills and expertise among professionals and students across India. Under the new partnership, Swiss Re will use its ... Read the full article
IRDAI to finalise re/insurance regulatory framework by February
22nd January 2018
The revised Insurance Regulatory and Development Authority of India (IRDAI) re/insurance regulatory framework will be revealed by the end of February 2018, after regulators finalise any adjustments based on stakeholders' feedback. Moneycontrol reported that IRDAI Chairman TS Vijayan said regulators are "looking at the stakeholders’ responses." He added "there could be some ... Read the full article
Foreign reinsurers likely to call for level playing field in India: Reports
19th January 2018
According to industry reports, foreign reinsurance companies operating in India are likely to call on the Insurance Regulatory and Development Authority of India (IRDAI) to ensure their local branches are treated on par with domestic reinsurers. The IRDAI announced last week in an exposure draft on reinsurance regulation, that Indian reinsurers will continue ... Read the full article
IRDAI reinsurance framework to continue protectionist policy but with exemptions
12th January 2018
The Insurance Regulatory and Development Authority of India (IRDAI) said in an exposure draft on reinsurance regulation that Indian reinsurers will continue to get order of preference for placing business, but the legislation will be waived for a number of major insurance lines. First preference is to be given to Indian reinsurers ... Read the full article
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