Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Nuclear cover debate hots up as India continues power expansion plan

Pressure is mounting on the Indian Government to expand the insurance cover available for nuclear power risks, as the country continues an aggressive expansion plan for its nuclear industry. The local insurance and reinsurance industry that supports India’s limited nuclear insurance pool is reportedly, however, not keen to open up the market to international insurers and reinsurers and see the…

India considers 100% FDI in insurance brokers

India considers 100% FDI in insurance brokers

India considers 100% FDI in insurance brokers

The Indian Government is reportedly considering removing a cap on the level of foreign ownership of its domestic insurance brokers, in a bid to boost the sector. The current rules, from the Department of Industrial Policy and Promotion (DIPP), allow foreign insurers to own just 49% of any company in the Indian insurance market – from carriers to brokers to…

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Asia-Pacific sees rise in political risk

Social fragilities and a proliferation of autocratic governance in Asia have led to a rise in political risk that could cloud the continent’s dynamic economic growth, according to credit insurer Coface. Asia scored 45% on Coface’s latest political risk ranking, which put the continent behind Sub Saharan Africa, the Middle East and North Africa, and Latin America, but well ahead…

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

No new reinsurance trade barriers but many still exist, says Global Reinsurance Forum

The Global Reinsurance Forum (GRF) is concerned that significant reinsurance trade barriers are still in place worldwide, despite no new major trade barriers having been added to the latest edition of its Reinsurance Trade Barriers and Market Access Issues Worldwide list. The GRF says it is a positive development, but it continues to encourage jurisdictions to remove existing and remaining…

Indian insurers braced for big claims from Kerala floods

Indian insurers braced for big claims from Kerala floods

Indian insurers braced for big claims from Kerala floods

Indo-Asian News Service (IANS) has reported that insurance experts in India expect a spike in premiums charged by reinsurers for covering flood risk, following the recent catastrophic events in Kerala that have caused economic losses easily in excess of $3bn. IANS reported that reinsurers may opt to raise deductibles to keep the rate for catastrophic flood risk at a realistic…

Fairfax enters Indian reinsurance market as locals struggle under new rules

Fairfax enters Indian reinsurance market as locals struggle under new rules

Fairfax enters Indian reinsurance market as locals struggle under new rules

The rising interest shown in the growing Indian insurance market by the international reinsurance market continues to gain momentum, as Canadian financial group Fairfax has reportedly become the latest player in the market through the acquisition of ITI Reinsurance. According to local press, Fortune Financial Services has agreed to sell its 80% stake in ITI Reinsurance to Go Digit Infoworks…

Generali to raise stake in India’s Future Group to 49%, ‘underscoring commitment’ to market

Generali to raise stake in India’s Future Group to 49%, ‘underscoring commitment’ to market

Generali to raise stake in India’s Future Group to 49%, ‘underscoring commitment’ to market

Italian insurer Generali Group has confirmed this week that it has signed an agreement with Indian insurer Future Group, to increase its stake in its ventures in the country to 49% from 25.5%. The Italian insurance groups said the move is “underscoring its commitment” to growing its presence in the local insurance market. Generali currently has two joint ventures, called…

Markel receives licence to write reinsurance business in India

Markel receives licence to write reinsurance business in India

Markel receives licence to write reinsurance business in India

The Insurance Regulatory and Development Authority of India has granted a licence to Markel International to write reinsurance business in India. Markel said that capacity will be provided by its Syndicate 3000 at Lloyd’s and written through the Lloyd’s India platform. Markel India will provide treaty and facultative reinsurance to local Indian insurers in a broad range of commercial classes,…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

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