Reinsurance News
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IRDAI approves registration of Allianz Jio Reinsurance & Kiwi General Insurance
10th March 2026
The Insurance Regulatory and Development Authority of India (IRDAI) has granted a Certificate of Registration to new reinsurer Allianz Jio Reinsurance Limited, and new general insurer Kiwi General Insurance Limited. The approvals were passed at the 134th Meeting of the Authority, held on 9th March 2026, and enables the two companies ... Read the full article
India’s re/insurance market at inflection point: Mathur, Policybazaar for Business
9th May 2025
India’s risk transfer market is at an inflection point, as reinsurance infrastructure in the country lags the evolution of the rapidly expanding primary insurance market, creating opportunities for new ideas and models, according to Tarun Mathur, Co-founder and Chief Business Officer, Policybazaar for Business. Founded in 2008, Policybazaar is an insurance ... Read the full article
The reinsurance pie in India will increase: Azeem Kanjiani, Prudent Insurance Brokers
23rd April 2025
Insurance companies in India continue to grow and as the primary market expands, insured sizes are on the rise, driving more and more mega and ultra mega insurance policies in the country, all of which suggests growth for India's reinsurance market, according to Azeem Kanjiani, Member Executive Board, Reinsurance, Prudent ... Read the full article
India’s IRDAI retains obligatory cession to be placed with GIC Re at 4% for FY’26
4th March 2025
For the third year in a row, the Insurance Regulatory and Development Authority of India (IRDAI) has retained the ‘obligatory cession,’ which is the portion of business that Indian non-life insurers must mandatorily place with state-owned General Insurance Corporation of India (GIC Re), at 4% for financial year (FY) 2026. In ... Read the full article
IRDAI Chairman calls for 100% foreign direct investment in insurance sector
26th November 2024
At the Business Standard's annual BFSI event, the Insurance Regulatory and Development Authority of India’s (IRDAI) Chairman, Debashish Panda called for 100% foreign direct investment (FDI) in the insurance sector to reach the goal of ‘insurance for all’ by 2047, for which a lot of capital is needed. Panda said that ... 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
IRDAI to implement collateral requirements for reinsurance deals with CBRs: report
23rd February 2024
According to a report from Business Standard, the Insurance Regulatory and Development Authority of India (IRDAI) is planning to introduce collaterals for reinsurance transactions with Cross Border Reinsurers (CBR). These changes aim to protect both policyholders and insurers, building confidence in the market and creating a healthier insurance system. These guidelines ... 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
IRDAI views state-owned reinsurer GIC Re as “too important to fail”
31st December 2021
The Insurance Regulatory and Development Authority of India (IRDAI) has said that General Insurance Corporation of India (GIC Re), alongside Life Insurance Corporation of India (LIC) and New India Assurance Co. Ltd., continue to be identified as Domestic Systemically Important Insurers (D-SIIs). D-SIIs are re/insurers that are believed to be "too ... Read the full article
IRDAI urges Indian insurers to concentrate on risk prevention
11th May 2021
Insurance Regulatory and Development Authority of India’s (IRDAI) Chairman, Dr. Subhash Khuntia, has advised Indian insurers to concentrate on risk prevention and continuous engagement with policyholders. Focusing on these aspects will enable policyholders to benefit not only through claim settlement, but also from prevention of loss. Khuntia believes that this will generate ... Read the full article
IRDAI identifies 3 new Domestic Systemically Important Insurers for 2021
29th September 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has developed a methodology for the identification and supervision of Domestic Systemically Important Insurers (D-SIIs). This has been done through measuring the size of operations in terms of total revenue, including premium underwriting and the value of assets under management. D-SIIs refer to ... Read the full article
Indian regulator considers pandemic risk pool
22nd September 2020
India's re/nsurance sector regulator, the Insurance Regulatory and Development Authority (IRDAI), has suggested setting up a pandemic risk pool with a Rs 75,000 crore (USD 10.2 billion) backstop guarantee from the government. This is currently in the initial stages, with a view to help MSME workers and migrant labourers facing loss ... Read the full article
India’s insurance regulator (IRDAI) is exploring a pandemic risk pool
10th July 2020
The Insurance Regulatory and Development Authority of India (IRDAI) has established a nine-member working group to explore the possibility of establishing a pandemic risk pool. India is the latest country to reveal that it's exploring the launch of a pandemic risk pool to manage the risks related to reduced economic activity ... Read the full article
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