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…

Indian crash landing on moon sparks hunt for space cover for domestic launches

Indian crash landing on moon sparks hunt for space cover for domestic launches

Indian crash landing on moon sparks hunt for space cover for domestic launches

The Indian Space Research Organisation (ISRO) is on the hunt for insurance cover for the first time for a domestically launched space satellite, according to The Times of India. The ISRO has been launching satellites into space since 1975 but, until now, has not deemed it necessary to buy insurance cover. The newspaper said there has been a change of…

Cyber remains top of the list for Indian risk managers finds RIMS-Marsh survey

Cyber remains top of the list for Indian risk managers finds RIMS-Marsh survey

Cyber remains top of the list for Indian risk managers finds RIMS-Marsh survey

Large-scale cyberattacks remain the top risk for corporations across India, according to a joint study conducted by Marsh, the world’s leading insurance broker and risk adviser, and RIMS, the North America-based international risk management society. The resulting report, Excellence in Risk Management – State of Risk Management in India in 2019, was published by RIMS and Marsh at the RIMS Risk…

Global premiums forecast to grow despite slowing world economy, says Swiss Re

Global premiums forecast to grow despite slowing world economy, says Swiss Re

Global premiums forecast to grow despite slowing world economy, says Swiss Re

Despite a slowing world economy, global premiums are forecast to increase by 3% annually in real terms in 2020 and 2021, largely due to very strong demand in emerging Asia, particularly China. This is according to the Swiss Re Institute (SRI), which says that in China, non-life premiums are forecast to grow by 9% in 2020, and life premiums by…

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Aon report examines regulatory developments in Asia-Pacific insurance markets

Insurance market liberalisation continues to accelerate across Asia-Pacific, with cross-jurisdiction collaboration further developing and solvency requirements being enhanced across the region. This is according to a new report from Aon, which summarises the key global ratings agency criteria developments and regulatory changes across Asia-Pacific during the past 12 months. Aon said that as the insurance and reinsurance industry continues to…

Gallagher takes minority stake in India’s Edelweiss Group

Gallagher takes minority stake in India’s Edelweiss Group

Gallagher takes minority stake in India’s Edelweiss Group

Arthur J Gallagher has acquired a minority stake in Edelweiss Group, a leading diversified financial services conglomerate in India. According to Edelweiss, the acquisition was made by way of primary equity infusion in Edelweiss Insurance Brokers Limited (EIBL), following approval from the Insurance Regulatory and Development Authority of India (IRDAI). EIBL is a subsidiary of Edelweiss Financial Services Limited. EIBL…

Insurance Australia Group divests interest in State Bank of India joint venture

Insurance Australia Group divests interest in State Bank of India joint venture

Insurance Australia Group divests interest in State Bank of India joint venture

Insurance Australia Group Limited (IAG) is to sell its 26% interest in its joint venture with the State Bank of India, SBI General Insurance Company (SBI General), for about A$640m. IAG has agreed to sell the whole of its 26% interest via two transactions. It said agreements have been reached with Napean Opportunities LLP (part of Premji Invest) to acquire…

Oxfam uncovers supply chain abuses among global supermarkets

Oxfam uncovers supply chain abuses among global supermarkets

Oxfam uncovers supply chain abuses among global supermarkets

Oxfam has found evidence of poverty pay, abuse and gender discrimination in supply chains of global supermarkets. News of such conditions come at a time when risk managers are becoming increasingly involved in environmental, social and corporate governance issues. Oxfam found poor pay and harsh working conditions in farms and plantations that supply tea or fruit to global supermarkets including…

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