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.
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
International insurers expanding in India as FDI cap increase spurs investments: AM Best
27th December 2023
India's increase of the foreign direct investment (FDI) cap in the insurance sector from 49% to 74% in 2021 has spurred international insurance companies to make significant strides, injecting fresh capital and global best practices into the market to stimulate growth, according to a recent commentary by AM Best. Since the ... Read the full article
Fiji, India and UN launch “ambitious” project to scale parametric insurance in the island
2nd November 2023
Fiji, India and the United Nations have announced the launch of the 'Scaling Climate and Disaster Risk Financing Framework and Parametric Insurance in Fiji' project. This initiative was created in collaboration between the United Nations Capital Development Fund (UNCDF), the India-UN Partnership Fund, the United Nations Office for South-South Cooperation (UNOSSC) ... Read the full article
India to become the second largest economy in Asia Pacific by 2030: Allianz Trade
13th October 2023
As the global economy continues to face challenges, Allianz Trade has identified a new growth engine in Asia, India, and has planned further investments to support growth in the country this year. Imran Khan, Country Manager for India at Allianz Trade in Asia Pacific, stated: “India is poised to become the ... Read the full article
InsuranceDekho raises $60m in second funding round of the year
12th October 2023
India-based InsuranceDekho has raised $60 million Series B funding, a mix of equity and debt, as the startup looks to supercharge its growth. The round was led by Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, Japan’s Mitsubishi UFJ Financial Group and Beams Fintech Fund. Its existing investors ... Read the full article
IRDAI approves overhaul designed to place India as global reinsurance hub
24th August 2023
The Insurance Regulatory and Development Authority of India (IRDAI) has approved a series of amendments to the Reinsurance Regulations to promote a favourable business environment and "position India as a prominent global reinsurance hub." The main objective of these amendments, which were made during the IRDAI's 123rd authority meeting, is to ... Read the full article
IRDAI appoints Liberty General Insurance as lead non-life insurer for Delhi
14th August 2023
Liberty General Insurance (LGI), one of the leading non-life insurance companies in India, has been appointed as the lead insurer for Delhi by the Insurance Regulatory and Development Authority of India (IRDAI). The appointment comes as a part of IRDAI’s State Insurance Plan, which aims to enhance financial awareness and drive ... Read the full article
Volante names Laxmeekant Walikar as MD of Indian Subcontinent
21st April 2023
Volante Global, an international managing general agent platform and Lloyd’s Syndicate, has appointed Laxmeekant Walikar as managing director of the Indian Subcontinent. Walikar made the announcement on LinkedIn where he also mentions that he is responsible for setting up Volante Syndicate 1699 in India. The Syndicate 1699 was created to bring ... Read the full article
Global business insolvencies expected to rise in 2023, 2024: Allianz Trade
17th April 2023
Global business insolvencies are expected to rise +21% in 2023 and +4% in 2024, after a small rebound by +2% in 2022 after two years of decline due to the pandemic, according to Allianz Trade. The trade credit insurer noted global business insolvencies might stay -5% below their pre-pandemic levels ... Read the full article
India’s property cat pricing sees significant uplift at April renewal: Aon
12th April 2023
India's property catastrophe pricing increased by double digits at this April's renewal, a significant uplift for the market by historical standards, and higher than those seen in Japan, suggests Aon. Aon's analysts explain that April is the main renewal for India, as it sees a vast amount of the country’s P&C ... Read the full article
India’s state insurers continue market share loss to private sector: GlobalData
8th March 2023
The combined market share of state-owned general insurers in India has dropped from 51.3% in 2017 to 40.8% in 2021, while gross written premiums (GWP) of private insurers grew by 15.7% during this time, suggests a new report from GlobalData. Along with lower growth in GWP (which crept at a CAGR ... Read the full article
Heat microinsurance launched in India to protect women workers
17th February 2023
The Adrienne Arsht-Rockefeller Foundation Residence Center (Arsht-Rock) has announced the launch of the Extreme Heat Income Insurance, a new parametric insurance to help women in India recover wages lost due to climate-driven extreme heat events. Arsht-Rock partnered with insurtech Blue Marble, and the Self Employed Women’s Association (SEWA), a 50-year-old Indian ... Read the full article
Indian regulator excludes IIB rates rate from reinsurance treaties
21st December 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has written to local reinsurers asking them to stop including the burning costs rate published by the Insurance Information Bureau (IIB) for fire and engineering risks in their reinsurance treaties. In an address to the management of Indian Reinsurers and Non-Life Insurers/Foreign ... Read the full article
RAB welcomes proposed changes to India’s reinsurance rules
23rd November 2022
The Reinsurance Advisory Board (RAB) has responded to a consultation by the Insurance Regulatory and Development Authority of India (IRDAI) on a draft amendments to its reinsurance regulations. The IRDAI’s proposed changes on order of preference would deliver positive developments towards a more open and balanced reinsurance market, the RAB ... Read the full article
Indian regulator considers revision to GIC Re preference rules
26th October 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to the country’s rules for the order of preference on reinsurance business, which could see alterations to GIC Re’s right to first refusal. A new exposure draft detailing the amendments to regulations under consideration shows that IRDAI is looking ... 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.
