RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

RMS adds cyclones and earthquakes to its Asia-Pacific risk models

Risk modelling and analytics firm RMS has expanded its portfolio of risk models with the addition of tropical cyclone and earthquake models covering Asia-Pacific. More specifically, the new models include typhoon models for South Korea and Taiwan, adding to existing ones for Japan and China, as well as earthquake models for Vietnam, Singapore, Malaysia and Thailand, which will not sit…

Willis Towers Watson buys stake in Indian broker

Willis Towers Watson buys stake in Indian broker

Willis Towers Watson buys stake in Indian broker

Willis Towers Watson (WTW) has bought a 49% stake in Almondz Insurance Brokers in India. Willis said the joint venture will combine WTW’s global network and expertise with Almondz’ skilled team and wealth of experience in India. Almondz is a leading Indian composite insurance broker, with more than 300 associates in nine offices in India serving clients with a broad…

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia operating three-speed insurance market: Allianz

Asia’s insurance market may have been growing at an average annual rate of 7.5% for the past nine years and its gross written premiums may account for 32% of total global premium income, but current premium growth rates are sharply divided within the region, according to a recently released report from global insurer Allianz. The report describes the region as…

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Global non-life premium growth driven by China and emerging markets in 2016

Another “exceptional performance” in China, together with solid expansion among the emerging countries, saw global non-life premiums grow 3.7% in 2016, down from 4.2% in 2015 but more than the ten-year average growth rate of 2.0%, according to Swiss Re. The reinsurer’s latest sigma report, World insurance in 2016: the China growth engine steams ahead, reveals that premium growth in…

India market report: Liberalisation but tough stance on compliance

India market report: Liberalisation but tough stance on compliance

India market report: Liberalisation but tough stance on compliance

The Indian insurance market has undergone a number of changes in the past few years, not least the raising of the foreign direct investment limit in the insurance sector from 26% to 49%, which has seen a number of global insurers raise the stakes in their Indian joint ventures. There has also been a tougher stance taken by the regulatory…

Africa and India set to boost global economy

Africa and India set to boost global economy

Africa and India set to boost global economy

Africa and India’s growing middle classes are set to give a much-needed boost to the global economy, which otherwise would be facing some stiff headwinds, according to Vikram Mansharamani, a Yale University lecturer on financial booms and busts, and the author of Boombustology. In a keynote speech at the Pensions & Investments Global Future of Retirement conference in New York, Mr…

India’s VAT reform raises corporate concerns

India’s VAT reform raises corporate concerns

India’s VAT reform raises corporate concerns

A highly anticipated reform of India’s tax regime has failed to impress local economists and manufacturers and is unlikely to produce the economic boost that was hoped, according to a report in the Financial Times. Furthermore, it is unlikely to make it any easier for companies to navigate the country’s convoluted tax regime. India’s prime minister, Narendra Modi, had pledged…

India’s nuclear insurance pool attracts international interest

India’s nuclear insurance pool attracts international interest

India’s nuclear insurance pool attracts international interest

A nuclear insurance pool set up in 2015 by the Indian government to provide liability coverage for nuclear power plants has attracted a number of global insurers and nuclear suppliers, according to a report on website moneycontrol.com. The pool, which has a capacity of Rs1500 crore, has 11 general insurance companies involved, as well as the state-owned General Insurance Corporation…

Cattle slaughter ban causes chaos in India

Cattle slaughter ban causes chaos in India

Cattle slaughter ban causes chaos in India

The Indian government’s ban on cattle slaughter could have grave economic implications for the country and a whole host of issues for local risk managers. The restriction, announced by the Ministry of Environment and Forests, bans the sale or purchase of cattle from animal markets for slaughter, stipulating that they can only be sold to farmers for agricultural purposes. The…

Fairfax reduces stake in Indian insurer ICICI Lombard

Fairfax reduces stake in Indian insurer ICICI Lombard

Fairfax reduces stake in Indian insurer ICICI Lombard

FAL Corporation, a wholly owned subsidiary of Fairfax Financial Holdings, is to sell 12.18% of the fully diluted shares of ICICI Lombard General Insurance to Red Bloom Investment, a company wholly owned by private equity funds. The proposed transaction values ICICI Lombard at INR203bn (approximately $3.1bn), is subject to governmental and regulatory approvals, and is expected to close in the…

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