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…

Indian insurance market growth supported by evolving regulatory regime, says Moody’s

Indian insurance market growth supported by evolving regulatory regime, says Moody’s

Indian insurance market growth supported by evolving regulatory regime, says Moody’s

Growth in India’s insurance and reinsurance sectors is continuing to be supported by India’s strong economy and evolving regulatory regime, according to Moody’s Investors Service. The report by Moody’s, titled Insurance – India: Continued Regulatory Evolution is Credit Positive for India’s Insurance Sector, states that robust GDP expansion, coupled with current low insurance penetration, should support double-digit growth for the…

Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali increases stakes in Indian joint ventures

Generali Group has increased its stake in its Future Generali insurance joint ventures in India from 25.5% to 49%. The transaction, which was announced last summer, has now been closed. Generali’s presence in India is currently in the form of two joint ventures called Future Generali India Life Insurance Company Limited and Future Generali India Insurance Company Limited (Non-Life insurance).…

Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Global economic growth supports premium growth but is slowing, says Swiss Re

Strong global economic growth during the next two years will support global insurance premiums, for both non-life and life, growing by more than 3% annually in the next two years in real terms, a one-percentage point increase from 2018, according to Swiss Re. Most demand will come from emerging Asian markets, where premiums are forecast to increase at more than…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

RMS forecasts major catastrophes in Asia-Pacific

Risk modelling firm RMS has compiled a list of ten ‘one in a 100-year’ natural catastrophes that could hit the Asia-Pacific region, highlighting the region’s vulnerability to environmental disasters. The region has already suffered a number of catastrophes in 2018, including Typhoons Jebi and Mangkhut, and the Palu earthquake in Indonesia. However, RMS believes there is a likely expectation of…

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…

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