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.
InsuranceDekho enters India’s reinsurance broking sector with composite licence
29th July 2024
India-based insurtech InsuranceDekho has received a composite insurance broking licence from the Insurance Regulatory and Development Authority of India, allowing the firm to offer reinsurance broking in addition to its insurance broking services. InsuranceDekho intends to add value in this segment by placing a portion of insurance risk of an insurance ... Read the full article
GIC Re to implement SAP Fioneer’s technology to meet IFRS17 requirements
16th July 2024
In order to adopt the International Financial Reporting Standard 17 (IFRS17) by the official target date India's General Insurance Corporation (GIC Re) has chosen to implement SAP Fioneer’s Financial Products Subledger (FPSL) for Insurance solution offering. IFRS17 was introduced by the International Accounting Standards Board (IASB) and mandates significant changes in ... Read the full article
India’s GST Council exempts reinsurance and coinsurance from taxation
26th June 2024
India's 53rd GST Council meeting has announced a decision that reinsurance commissions and co-insurance premiums will no longer be considered taxable services, providing significant relief to the insurance and reinsurance industry. Last year, several top insurance companies reportedly received tax notices for allegedly failing to pay relevant taxes from July ... Read the full article
Zurich acquires 70% of India’s Kotak General Insurance
19th June 2024
Zurich Insurance Company's acquisition of a majority stake in Kotak Mahindra General Insurance Company Limited, for a total consideration of Rs. 5,560 crores (USD 670 million), makes it the first foreign insurer to enter India since the FDI rules were changed to allow up to 74% foreign ownership in 2021. Together, ... Read the full article
Assurex Global welcomes Prudent Insurance Brokers to its partnership
19th June 2024
Assurex Global, a private commercial insurance, risk management, and employee benefits brokerage group, has announced the addition of Prudent Insurance Brokers Pvt. Ltd., based in Mumbai, India, to the Assurex Global Partnership as of May 1. Established in 2005, Prudent Insurance Brokers began as an intermediary for TATA-AIG General Insurance Co. ... Read the full article
Extreme heat triggers combined insurance loss of income policy pay out to over 46k women in India
18th June 2024
Thousands of low-income women based in India are receiving assistance to deal with the economic and health effects of the extreme heat temperatures that are currently gripping the country. From what we understand, extreme heat temperatures in India triggered insurance and cash payments in 22 districts across the states of Rajasthan, ... Read the full article
Climate risk insurance for vulnerable women in India’s informal sector: CelsiusPro
6th May 2024
CelsiusPro’s Global Parametrics team, in collaboration with Mahila Housing Trust, Howden Insurance Brokers Limited, and Go Digit General Insurance, has introduced a pioneering climate risk insurance (CRI) product providing financial protection for women in India's informal sector against extreme heatwaves. In India, where 80% of the workforce operates in the informal ... Read the full article
The Indian government has plans to sell 10% of GIC Re in FY 2025
29th April 2024
The Central government of India may sell up to 10% stake in the state-run reinsurer General Insurance Corporation (GIC Re) in the current financial year, a senior official told Financial Express. The officials commented, “GIC Re received a very good response in the roadshows held recently to apprise potential investors of ... Read the full article
India’s GST Council to review reinsurance exemption for insurance sector: report
17th April 2024
The Indian insurance sector could see relief from taxes as the Goods and Services Tax (GST) Council plans to review the exemption for reinsurance after the elections, according to a Moneycontrol report. In an effort to avoid disrupting insurance industry practices, a senior government official suggested that the GST Council may ... Read the full article
Shailendra Sapra named CEO of Aon Reinsurance Solutions in India
15th April 2024
Global insurance and reinsurance brokerage Aon has announced the appointment of Shailendra Sapra as CEO of the firm’s Reinsurance Solutions in India and a member of the APAC region’s Reinsurance Executive Committee. In his new role, based in Mumbai, Sapra will seek to identify and develop growth opportunities for insurers and ... Read the full article
GIC Re targets domestic growth after strong April 1 renewals: Chairman, Narayanan
11th April 2024
India's General Insurance Corporation (GIC Re) continues to focus on growth within its domestic portfolio following strong April 1 2024 renewals, says Ramaswamy Narayanan, Chairman & MD of GIC Re, in an interview with CNBC TV18. At GIC Re’s April 1 renewals, its domestic portfolio witnessed substantial growth, increasing by nearly ... Read the full article
April 1 renewal in India sees resurgence in property cat capacity: Aon
8th April 2024
In contrast to last year’s renewal, April 1 in India reportedly saw a resurgence in property catastrophe capacity, with reinsurers demonstrating an increased appetite to grow their books, according to a new report from Aon. Despite this excess capacity in property catastrophe, Aon's report explained that reinsurers remained disciplined. Meanwhile, being one ... Read the full article
IRDAI makes regulation changes to develop India’s reinsurance sector
25th March 2024
In a move aimed at fostering a conducive insurance regulatory environment and aiding the systematic development of the country's reinsurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has announced the approval of eight principle-based consolidated regulations. According to the IRDAI, these changes mark a significant milestone in regulatory ... Read the full article
Indian insurance sector to be fastest growing among G20: Swiss Re
16th January 2024
The Indian insurance sector is expected to be the fastest growing among the G20 with total insurance premiums forecast to grow by 7.1% in real terms over 2024-2028, according to reinsurance giant Swiss Re. 7.1% growth over the next five years is well above the market averages for global of 2.4%, ... Read the full article
Re/insurance growth in India is inevitable: Rohit Boda, J.B. Boda Group
16th January 2024
Global Indian broker J.B. Boda Group is confident of insurance and reinsurance market growth opportunities in the country as it looks to be the bridge between counterparties in an expanding marketplace, according to Managing Director, Rohit Boda. “Re/insurance growth in India is inevitable. The country has high economic growth, and it ... Read the full article
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