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 re/insurers permitted to raise new forms of capital
4th August 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed new rules that would allow Indian insurers and reinsurers to raise capital in different forms. The idea is that new forms of capital such as debt could be issued more quickly, and could allow foreign institutional investors to invest in ... Read the full article
Swiss Re GBS India and T-Hub partner to boost insurtech innovations
28th July 2022
Swiss Re Global Business Solutions (GBS) India, an analytics and innovation hub of Swiss Re, and T-Hub an innovation hub and ecosystem enabler, have announced a partnership aimed to improve innovation in the insurtech sector. Based in Hyderabad, T-Hub is the world’s largest innovation campus, according to the business incubator; it ... Read the full article
India’s life insurance industry to reach $150.6bn by 2026: GlobalData
18th July 2022
According to analysts at GlobalData, India’s life insurance industry is expected to grow at a compound annual growth rate (CAGR) of 10.3% through 2026, driven by growing awareness and positive regulatory landscape. It is forecasted to grow from $92.3 billion in 2021 to $150.6 billion in 2026, in terms of gross ... Read the full article
Swiss Re & IIRM to support re/insurance academia in India
29th June 2022
Global reinsurer Swiss Re has signed a memorandum of understanding (MoU) with the Institute of Insurance and Risk Management (IIRM), an organisation dedicated to providing executive education across the financial services sector. The partnership is aimed at supporting and strengthening re/insurance academia in India. Specifically, Swiss Re Global Business Solutions India will ... Read the full article
India forms $64m pool to insure Russian and Belarussian fertiliser imports
20th June 2022
India’s insurance sector has created a $64m pool to provide cover for fertiliser imported from Russia and Belarus. As reported by the Indo-Asian News Service (IANS), a senior industry figure told the site that bulk of the pool amount will be contributed by GIC Re, with all other multi-line non-life insurers ... Read the full article
Fairfax-backed Go Digit seeks approval to launch Indian reinsurer: Report
13th June 2022
According to reports, Go Digit General Insurance, an Indian-based insurtech subsidiary and part of Prem Watsa's Fairfax Group, is seeking regulatory approval to launch a reinsurance entity. India has just the one domestic reinsurance company, GIC. So this is seen as big news, as Prem Watsa backed Go Digit could become ... Read the full article
Swiss Re GBS to open new tech centre in Hyderabad, India
11th May 2022
Swiss Re Global Business Solutions (GBS) India, the technology and analytical hub of reinsurance giant, Swiss Re, has announced that it is set to open a new centre in Hyderabad in September 2022. The new GBS centre is expected to help strengthen Swiss Re’s commitment to India, as well as its ... Read the full article
Generali acquires stakes in Indian P&C joint venture
9th May 2022
Italian insurer Generali has announced that it has finished acquiring 25% of the shares of P&C business, Future General India Insurance (FGII), following regulatory approval. Following the acquisition, the firm will now hold a stake of around 74% in FGII. The deal was originally signalled in January, alongside an acquisition of 16% ... Read the full article
KKR invests in Shriram General Insurance Company
13th April 2022
Global investment firm, KKR and Shriram General Insurance Company (SGI) have announced the signing of definitive agreements under which, subject to the receipt of the necessary regulatory approvals, KKR will acquire a 9.99% stake in SGI. KKR’s investment will help position SGI for continued growth in India’s fast-growing general insurance industry. Founded ... Read the full article
Generali takes majority stakes in Indian life and P&C ventures
27th January 2022
Italian insurer Generali has announced new agreements to become the majority shareholder in both its Life and P&C joint ventures in India. The company plans to acquire 25% of the shares of P&C business Future Generali India Insurance (FGII) and 16% of Life business Future Generali India Life (FGIL), bringing its ... Read the full article
Government reforms to strengthen Indian insurers: Moody’s
24th January 2022
Analysts at Moody’s have reported that rising premium growth and government reforms are expected to strengthen Indian insurers’ profitability. The rating agency says growth prospects are favorable in the months ahead, supported by strong GDP expansion in India and demand for health insurance. Specifically, the government's plans to recapitalize India's dominant state-owned ... Read the full article
Indian regulator lowers mandatory reinsurance cession rate
19th January 2022
India's insurance and reinsurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has announced plans to lower the country's obligatory reinsurance cession rate by 1% for the 2022 to 2023 financial year. Currently, insurers are required to cede 5% of the sum insured on each general insurance policy ... Read the full article
Swiss Re eyes stake in India’s Paytm Insuretech for $123mn
27th October 2021
According to local reports, reinsurer Swiss Re is planning to make a Rs 920 crore (USD 123 million) investment in the Paytm Insuretech Private Limited (PIT) business of Indian financial services firm Paytm, through which it will take a 23% stake in the initiative. Paytm, which specializes in digital payment systems, ... Read the full article
Indian brokers Amicus and First Policy approved for merger
10th September 2021
Indian broking firms First Policy Insurance Brokers and Amicus Insurance Brokers have announced plans to merge, following approval from the country’s regulator. The Insurance Regulatory and Development Association of India (IRDAI) granted in-principle approval for the transaction last month. Leaders from the two broking firms expressed confidence that the merger would enable ... Read the full article
India life industry premiums to hit $98.5bn in 2024: GlobalData
12th July 2021
The life insurance industry in India is projected to grow from INR 5.7 trillion (US $81.4bn) in 2019 to INR 8.0 trillion ($98.5bn) in 2024, in terms of gross written premium (GWP), according to analysts at GlobalData. GlobalData, which has revised its India forecasts in the aftermath of COVID, believes that ... Read the full article
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