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 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
GIC to launch $1.44 billion IPO in September
14th June 2017
The General Insurance Corporation of India (GIC) is expected to launch its $1.44 billion (Rs 9,000 crore) initial public offering (IPO) from September to October, money control news reported. This represents a 10% company stake sale issue by the Indian government. GIC reported a gross premium for the financial year at Rs 33,585 ... Read the full article
Indian regulator sets up committee to review reinsurance framework
8th June 2017
The Insurance Regulatory and Development Authority of India (IRDAI) has announced plans to form a panel of 17 members to conduct a comprehensive reinsurance framework review. The panel will examine the current regulatory framework for reinsurance and study international best practices, as well as look at the framework for health insurance - ... Read the full article
Axa Re gets approval to open India reinsurance branch
7th June 2017
French reinsurer, Axa Re, has received second stage R2 regulatory clearances from Indian regulator, IRDAI, to open a branch in the country. The reinsurer hopes to begin operations in July when it receives the final round of regulatory clearances, R3, after completing its capital infusion plan, the Press Trust of India (PTI) ... Read the full article
Pricing discipline needed in Indian re/insurance market: reports
6th June 2017
India's state-backed reinsurer, the General Insurance Corporation's (GIC Re) chairperson, Alice Vaidyan, highlighted the need for pricing discipline and a level playing field to achieve long-term sustainability in the re/insurance industry in India, in an interview with The Economic Times. The reinsurer, which benefits from India's policy of offering first-picks in ... Read the full article
Emerging markets – the flagbearer of re/insurance growth: EY
31st May 2017
Emerging markets are the primary drivers of global re/insurance growth, new figures released by EY in its latest market trends report estimate that the average real global re/insurance industry growth rate will increase by 3.7% over 2016 to 2018 - and this growth is being led primarily by booming developing markets. Over the ... Read the full article
Gen Re gets IRDAI approval to open Mumbai branch
15th May 2017
Gen Re, which is owned by Warren Buffett's Berkshire Hathaway, has received final approval from the Insurance Regulation and Development Authority of India (IRDAI) to open a Mumbai branch. The new branch will allow the firm to deliver reinsurance solutions from a local base, enabling a more efficient operation within the Indian ... Read the full article
Markel becomes second syndicate to join Lloyd’s India platform: Reports
24th April 2017
Markel is set to become the second syndicate to join Lloyd's India operations, after the specialist insurance and reinsurance market kicked off its India market expansion in April with MS Amlin as the first syndicate to join its newly launched domestic India reinsurance branch, the India Express has reported. Markel International Underwriter, ... Read the full article
Lloyd’s prepared to negotiate with Indian regulators: John Nelson
11th April 2017
Lloyd’s Chairman, John Nelson, said in an interview with the India Economic Times, that Lloyd’s would shift away from an India focus mostly surrounding reinsurance and expand into direct and specialist lines, after the first Lloyd’s syndicate, MS Amlin, joined the India platform. Lloyd’s already writes $220 million in offshore ... Read the full article
India’s GIC Re prepared to move into Iranian market
10th April 2017
Leaders of India’s GIC Re and Central Insurance of Iran set the agenda for closer re/insurance collaboration between the two countries on the sidelines of the Management Board Meeting of Asian Reinsurance Corporation (Asian Re). Alice Vaidyan, Chief Executive Officer of state-owned GIC Re said she was prepared to meet officials ... Read the full article
Lloyd’s India branch opens, welcomes MS Amlin as first syndicate
5th April 2017
Lloyd's of London has officially opened its India branch office today and has welcomed MS Amlin as the first syndicate (which we covered yesterday here) to join the branch and begin underwriting as of the 1st April. A ceremonial Lloyd's policy was signed today and witnessed by the UK Chancellor ... Read the full article
MS Amlin the first to launch on Lloyd’s India platform
4th April 2017
Commercial insurance and reinsurance specialist MS Amlin is the first company to have been welcomed to the new Lloyd's of London India branch office. According to an announcement from the UK Department of Trade, the news that MS Amlin would be the first syndicate manager to operate out of the Lloyd's ... Read the full article
India considers allowing 100% foreign investment in insurance broking
24th March 2017
The Indian government is considering lifting the lid on foreign direct investment (FDI) in insurance broking to give its insurance sector a capitalisation boost, the new Indian Express reported. According to an official, the government’s looking at a proposal to give insurance brokers the same treatment as India's other financial services ... Read the full article
Indian government agriculture insurance could add 3 million farmers
16th March 2017
Weather Risk Management Services (WRMS), a pioneer for the Indian weather insurance market, has announced plans to connect 3 million farmers across 150 districts to the Pradhan Mantri Fasal Beema Yojana (PMFBY)- the Prime Minister’s Crop Insurance Scheme, BusinessLine reported. The climate risk management firm works with farmers across the country, ... Read the full article
Indian insurer takes on country’s largest ever transaction
16th March 2017
India’s state owned insurer, New India Assurance, has secured the largest single insurance transaction in the country’s history from conglomerate Reliance Industries (RIL), according to PTI news. In the historic deal, New India will offer RIL combined cover for the coming fiscal year with a premium fixed at Rs 500 crore (US$76 ... Read the full article
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