India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

India to allow 100% foreign direct investment in insurance intermediaries

The Indian government is to allow 100% foreign direct investment (FDI) in insurance intermediaries, according to India’s business daily Business Standard. The paper said the country’s Department for Promotion of Industry and Internal Trade had amended the Consolidated Foreign Direct Investment (FDI) Policy 2017 to allow 100% FDI in insurance intermediaries through the automatic route. This includes insurance brokers, reinsurance…

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Coronavirus to cost global economy more than $280bn in Q1 but supply chain risk uncertain

Economic disruption caused by the coronavirus will cost the world economy more than $280bn in the first quarter of this year and means global GDP will not grow on a quarter-by-quarter basis for the first time since 2009, according to leading independent economic research company Capital Economics. The research firm produced this worrying estimate on the basis that the virus…

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Asian risk managers under less pressure on cyber, D&O and climate change than international peers

Cyber coverage is being extended across Asia-Pacific and big investment is being made in raising awareness of the risk by authorities across the region, but risk and insurance managers still seem unwilling to recognise the need for the cover, according to Franck Baron, chairman of the Pan-Asia Risk Management and Insurance Association (Parima) and group general manager – risk management…

Indian risk managers face tricky year but underlying political stability a plus: IRM

Indian risk managers face tricky year but underlying political stability a plus: IRM

Indian risk managers face tricky year but underlying political stability a plus: IRM

Risk managers in India face many challenges in 2020, such as a slowing economy, rising cyber threat and extreme weather. But the majority gained by the Modi government last year should at least deliver a level of political stability and economic policy consistency not seen in recent times. This should help Indian businesses weather the storm and ensure that the…

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk tops AGCS Risk Barometer in Asia-Pacific, climate change on the rise

Cyber risk has perhaps unsurprisingly toppled business interruption (BI) as the number one risk for risk executives within the Asia-Pacific region, according to the Allianz Global Corporate & Specialty (AGCS) Risk Barometer 2020. The Risk Barometer is based on a survey of some 2,700 risk professionals worldwide and is now in its ninth year. BI has regularly topped the list…

Modi denies crackdown on corporates despite persistent governance failings

Modi denies crackdown on corporates despite persistent governance failings

Modi denies crackdown on corporates despite persistent governance failings

Indian Prime Minister Narendra Modi said on Monday that recent action taken against a few corrupt entities should not be viewed as a targeted government crackdown on the corporate sector, the Economic Times of India reported. The news emerged as it was also reported that almost half the top 500 listed companies in India have still not complied with the Securities…

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

India’s planned new data protection bill, which is based on the EU’s General Data Protection Regulation (GDPR), is likely to be set before parliament in February or March. The updated bill that was originally proposed in 2018 has recently been updated and contains a number of controversial additions. These include criminal liability for directors and officers who are found responsible…

Indian stock market reacts positively to news of further rise of FDI into insurers to 74%

Indian stock market reacts positively to news of further rise of FDI into insurers to 74%

Indian stock market reacts positively to news of further rise of FDI into insurers to 74%

Shares in Indian insurers rose this week following local media reports that the government may propose in its coming budget to raise the foreign direct investment (FDI) limit in the sector up to 74% from the current 49%. The government raised the limit from 26% up to the current 49% in 2015. Only in September, the government increased the limit…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Zurich welcomes legal validity finally given to financial interest cover in Adidas Indian case

Zurich welcomes legal validity finally given to financial interest cover in Adidas Indian case

Zurich welcomes legal validity finally given to financial interest cover in Adidas Indian case

A potentially big step forward has been made towards giving risk and insurance managers at multinational companies assurance about the validity of their financial interest cover (FInC) by an Indian court, according to Martin Strnad, legal counsel for commercial insurance at Zurich. During the last 12 years, there has been a heated discussion in the international commercial insurance market about…

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