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.
Opportunities for reinsurance in India set to increase into 2018
4th December 2017
2018 is forecast to be a big year for the India re/insurance sector, with newly relaxed capital rules that allow well-established Indian insurers to attract capital with an initial public offering (IPO) and the government increasingly opening the grounds to foreign reinsurers, according to Clyde & Co. The renewed focus ... Read the full article
SCOR adopts Credence Analytics’ iDEAL Funds solution
23rd November 2017
Global insurer and reinsurer SCOR has selected Credence Analytics' iDEAL Funds platform to automate its investment management solution. Credence is a global software solution provider that boasts a reputable client base across Asia, the Middle East and African markets, and has announced a new agreement with re/insurer SCOR's Indian operations. SCOR ... Read the full article
XL Group acquires 20% stake in Indian broker
17th October 2017
XL Group has expanded its Indian market presence with the acquisition of a minority 20% stake in Indian re/insurance broker, Mahindra Insurance Brokers (MIBL), a subsidiary of Mahindra & Mahindra Financial Services (M&M). The acquisition values the broker at about $200 million. XL is to buy 15% of the equity stake from existing ... Read the full article
GIC Re IPO raises $1.5 billion
13th October 2017
In the country's biggest listing in seven years, the Indian government raised about 98 billion rupees, US$1.5 billion, in GIC Re's Initial Public Offering (IPO) which closed today, Reuters reported. State-run reinsurer General Insurance Corp of India (GIC Re) had aimed to raise up to $1.7 billion in its IPO that ... Read the full article
GIC Re aims to raise $1.7 billion in its initial IPO
4th October 2017
State-run reinsurer General Insurance Corp of India (GIC Re) is aiming to raise up to $1.7 billion in its initial public offering, that is set to run from October 11-13th, according to a public notice, Reuters reported. The upcoming IPO will see the Indian government sell 107.5 million shares of GIC ... Read the full article
Nigeria should consider the establishment of a terrorism risk pool: Reports
20th September 2017
The Nigerian insurance market has been advised to consider establishing a terrorism risk pool in order to build sufficient capacity to tackle the country's high rate of terror incidents, according to industry reports from the region. Nigeria experiences some of the highest rates of terror incidents across the world, but owing ... Read the full article
Gen Re chairman speaks of Indian business challenges
18th August 2017
Winfried Heinen, chairman of Gen Re's executive board of directors, spoke out against the regulatory hurdles of operating in India, saying the requirement to hold capital within the Indian branch would mean higher costs are passed on to consumers, in a recent interview with The Hindu. “I think I am not ... Read the full article
Indian government economic survey signals need for climate insurance
16th August 2017
Insurance against climate risks in India has lagged far behind other sectors despite India being one of the world's most vulnerable nations to the changing climate; severe weather events challenge India's economy with a set back of $9-10 billion of mostly uninsured losses every year, according to the Indian government's Ministry of ... Read the full article
GIC Re plans ambitious international growth including Lloyd’s syndicate
10th August 2017
Indian state-owned General Insurance Corporation (GIC Re) has announced ambitious plans to diversify its revenue base into the life segment and expand business lines throughout the global market, in a red herring prospectus. The firm recently filed an Initial Public Offering (IPO) constituting 14.22% of the firm’s post-offer paid-up equity share ... Read the full article
GIC Re files for IPO
7th August 2017
India's state-backed reinsurance company, General Insurance Corporation of India (GIC Re), has filed for an initial public offering (IPO) with the Securities and Exchange Board of India. According to a draft red herring prospectus, filed August 7th, 2017, the firm plans to sell 17.2 million new shares, while the government, which currently ... Read the full article
Mutual & Cooperative microinsurers key to re/insurance growth in emerging markets
28th July 2017
With over 422 million lives and properties covered, India leads microinsurance scale in Asia, but despite impressive microinsurance growth rates overall insurance penetration levels remain low at just 3.44% and non-life penetration have been nearly static, rising by just 0.5 -0.8% over the last ten years. The first ever report published on ... Read the full article
Global reinsurers’ interest in India government crop scheme dampens
25th July 2017
Indian government officials have raised concerns over potentially inadequate reinsurance supply for the Pradhan Mantri Fasal Bima Yojana (PMFBY), the government-sponsored crop insurance scheme, as global reinsurers appear to be losing interest in supporting the scheme. Money Control cited industry sources who said global reinsurers operating in India have reduced exposure ... Read the full article
ITI Reinsurance calls on the IRDAI to level the playing field
25th July 2017
India's first private reinsurance firm, ITI Reinsurance, is reportedly considering whether to surrender its licence as it feels regulations implemented by the Insurance Regulatory and Development Authority of India (IRDAI) hinder the growth and development of new reinsurers, according to reports from the region. Reports from India, citing a discussion between industry executives ... Read the full article
Willis acquires 49% stake in Indian insurance broker Almondz
10th July 2017
Willis Towers Watson has acquired a 49% stake in Indian composite insurance broker Almondz, the joint venture will combine Willis' global network and expertise with Almondz' local reach and clientele. Almondz serves clients across a broad range of industries and sectors with nine offices throughout the country and over 300 associates. Almondz ... Read the full article
Indian regulator to review right to first refusal for international reinsurers
20th June 2017
The rule giving state-owned Indian reinsurer General Insurance Corporation of India (GIC Re) first picks to reinsurance treaties is set to be reviewed in December of this year. The announcement is likely to renew foreign reinsurers' hopes that the Indian playing field will become more level as it moves closer to a ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
