RIMS strikes educational partnership in India

RIMS strikes educational partnership in India

RIMS strikes educational partnership in India

US risk management association RIMS has signed a memorandum of understanding (MoU) with the National Insurance Academy (NIA) in India, to develop a risk management education course. The agreement was signed in Pune, India by RIMS vice-president of global development Steven Chou, RIMS board director Jennifer Santiago and NIA director Shri G Srinivasan. The MoU is designed to formalise the…

India’s insurance regulator keeps GIC Re cession at 5%

India’s insurance regulator keeps GIC Re cession at 5%

India’s insurance regulator keeps GIC Re cession at 5%

The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the obligatory cession to the General Insurance Corporation of India (GIC Re) will remain at 5% for the financial year 2019-2020. In a notification, the IRDAI says: “The percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian reinsurer(s) shall be…

Slowing eurozone growth to run at half pace of global economy: Atradius

Slowing eurozone growth to run at half pace of global economy: Atradius

Slowing eurozone growth to run at half pace of global economy: Atradius

Growth in the world’s economy is set to slow this year, with the eurozone forecast to run at about half the global pace, according to new outlooks published by trade credit insurer Atradius. The company said it is important for companies to monitor wider market trends when assessing the “robustness” of customers around the world. According to Atradius, global growth…

European re/insurers face protectionist measures in  Argentina, Brazil, India and Indonesia

European re/insurers face protectionist measures in Argentina, Brazil, India and Indonesia

European re/insurers face protectionist measures in  Argentina, Brazil, India and Indonesia

Insurance Europe has published updated country factsheets for Argentina, Brazil, India and Indonesia, which reveal market access and trade barriers faced by European insurers and reinsurers. It notes that there are a number of protectionist measures in these jurisdictions. For example, in Argentina, European (re)insurers continue to face significant barriers when placing business. “While a number of positive measures related…

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York, London and Hong Kong are top three financial centres

New York is still the leading financial centre in the world, followed by London and Hong Kong, according to the 25th Global Financial Centres Index, published by Z/Yen Partners and the China Development Institute. According to the index, New York remains in first place, just seven points ahead of London, with Hong Kong four points behind London in third. Singapore…

Marsh raises shareholding in Marsh India to 49%

Marsh raises shareholding in Marsh India to 49%

Marsh raises shareholding in Marsh India to 49%

Marsh has increased its shareholding in Marsh India from 26% to 49%, the maximum permitted foreign direct investment in India-based insurance broking firms, according to The Economic Times. The transaction has been approved by the Indian insurance regulator, the Insurance Regulatory and Development Authority (IRDAI). Marsh India is a joint venture between Marsh International Holdings and its India-based partners, including…

Asia to lead emerging market insurance growth

Asia to lead emerging market insurance growth

Asia to lead emerging market insurance growth

Emerging markets are set to lead the growth of the global economy and its insurance markets with Asian economies at the forefront, according to the latest sigma report from Swiss Re Institute. The report forecasts that emerging market insurance premiums will more than double during the next ten years, four times faster than advanced markets. Premiums in emerging Asia though…

Ageas’s India share acquisition approved and group results improve in 2018

Ageas’s India share acquisition approved and group results improve in 2018

Ageas’s India share acquisition approved and group results improve in 2018

Ageas’s acquisition of 40% of the share capital of the Indian non-life insurance company Royal Sundaram General Insurance Co Limited (RSGI) has received all the necessary regulatory approvals. The acquisition agreement was reached in November 2018 and the deal has now been completed, having a net cash impact of €185m. According to Ageas, the acquisition reduces the group’s Solvency II…

AGCS opens new Indian branch office in Mumbai

AGCS opens new Indian branch office in Mumbai

AGCS opens new Indian branch office in Mumbai

Allianz Global Corporate & Specialty (AGCS) has opened its new branch office in Mumbai, having received the necessary reinsurance licence from the Insurance Regulatory and Development Authority of India (IRDAI) earlier last year. According to AGCS, the new reinsurance branch allows the business to further expand its presence across Asia-Pacific, “to capitalise on growth opportunities in the Indian market and…

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