Aon takes 49% stake in Indian broker Anviti

Aon takes 49% stake in Indian broker Anviti

Aon takes 49% stake in Indian broker Anviti

Aon has acquired a 49% equity stake in Anviti Insurance Brokers Private Limited, a leading composite insurance broker in India. Anviti is promoted by Catamaran Ventures, one of the leading institutional investors in India. Jonathan Pipe, CEO of Anviti, will continue to lead the team. Anviti has been licensed since 2017 and is a composite insurance broker delivering insurance and…

RIMS launches in India

RIMS launches in India

RIMS launches in India

RIMS has confirmed the creation of its 80th chapter, in India, which adds to the US risk management association’s growing list of chapters in Asia and the Pacific region in particular. The Indian chapter was originally announced at the RIMS Risk Forum India 2020 on 4-5 December, a two-day virtual conference. RIMS now has four chapters in the Asia-Pacific region,…

New insurance solution for water risks launched

New insurance solution for water risks launched

New insurance solution for water risks launched

Global Parametrics (GP), a provider of parametric protection against climate risks in emerging markets, has structured two risk transfer solutions using a Water Balance Index (WBI), to enable partners to provide drought and excess rainfall protection for smallholder farmers in India and Tanzania. The WBI is a multi-scalar meteorological index using monthly cumulative rainfall and potential evapotranspiration to estimate departure from the climatological norm. The index uses 40 years of daily atmospheric reanalysis data supplied by the…

Sharma urges insurance industry to deliver standard FINC wording

Sharma urges insurance industry to deliver standard FINC wording

Sharma urges insurance industry to deliver standard FINC wording

Praveen Sharma, managing director of Marsh’s insurance regulatory and tax consulting practice, has told Commercial Risk’s first virtual conference that the time has come for the insurance industry to come together and agree on a standard financial interest clause (FINC) wording to end some of the confusion and ambiguity over their use. A FINC covers the parent company for a…

India’s insurance regulator mulls pandemic risk pool

India’s insurance regulator mulls pandemic risk pool

India’s insurance regulator mulls pandemic risk pool

The Insurance Regulatory and Development Authority of India (IRDAI) is looking at the introduction of a pandemic risk pool. A working group has produced a report for the IRDAI, which recommends the formation of an Indian pandemic risk pool “to address losses and unsettlement caused to the informal and low-income sectors of society, and serve as a medium of providing…

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Global property programme local policies in India will require increased attention as a result of changing tariffs in the Indian insurance market, according to a whitepaper from Willis Towers Watson. The paper notes that while some tariffs were reduced, most have increased as a result of property tariffs issued by the General Insurance Council. The paper, authored by Disha Sahni,…

China and India to account for bulk of 2020 global recession

China and India to account for bulk of 2020 global recession

China and India to account for bulk of 2020 global recession

China and India will account for almost all of the very poor economic outlook in 2020, according to the latest analysis from the Institute of International Finance (IIF). The institute now predicts that the Covid-19 shock will create a global recession of -3.8% in 2020, which is substantially worse than the -0.4% contraction caused by the 2009 global financial crisis.…

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

The economic fallout from Covid-19 will increase the risk of modern slavery seeping into supply chains, warned Verisk Maplecroft in the 2020 edition of its Modern Slavery Index. The index specifically flags a “surge” in modern slavery within Asian manufacturing hubs as the pandemic bites. Verisk Maplecroft said workers who have lost their jobs in the pandemic could turn to…

AXA to sell Indian joint venture to ICICI Lombard

AXA to sell Indian joint venture to ICICI Lombard

AXA to sell Indian joint venture to ICICI Lombard

ICICI Lombard General Insurance has agreed to buy Bharti AXA General Insurance Company in a deal worth €521m. Bharti AXA General Insurance Company was formed in 2008 between AXA and Indian business group Bharti Enterprise, with AXA owning 49% of the company and Bharti Enterprise the remaining 51%. The company will now merge with ICICI Lombard to make it the…

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Global financial institutions have been fined $5.6bn for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations in the first seven months of 2020, according to regulatory technology firm Fenergo. This is down 30% on the same period last year, but the company expects full-year fines to equal or exceed 2019’s $8.4bn total. Fenergo said financial institutions…

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