Indian non-life insurers report 5.2% increase in gross premiums for 2020-2021

Indian non-life insurers report 5.2% increase in gross premiums for 2020-2021

Indian non-life insurers report 5.2% increase in gross premiums for 2020-2021

Non-life insurers in India reported a 5.2% increase in gross direct premium underwritten for the year ending 31 March 2021, according to figures from the Insurance Regulatory and Development Authority of India (IRDAI). Gross premium for the year totalled INR1.99trn, compared to INR1.89trn for 2019-2020. General insurers, which account for 85% of the market, saw gross premium grow by 3.4%…

SCOR’s rates up 4.3% and premiums 14% at April renewals

SCOR’s rates up 4.3% and premiums 14% at April renewals

SCOR’s rates up 4.3% and premiums 14% at April renewals

SCOR increased reinsurance premiums by 14.3% to €600m at 1 April renewal, with rates up 4.3% across the book that is mainly geared towards Asia-Pacific business. As well as pushing through rate increases, which compounded price increases last year, SCOR also said terms and conditions improved. The company’s specialty account has benefited from compound rate increases on large and commercial…

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The Insurance Amendment Act 2021: paving the way for 74% FDI in India’s insurance sector

The liberalisation of foreign investment in the Indian insurance sector has been a subject of debate for more than a decade. In her Budget speech of 1 February 2021, the minister of finance, Nirmala Sitharaman, announced that the foreign investment limit in the insurance sector is set to be increased from 49% to 74%, with some safeguards in relation to…

Insurance sector FDI increase to 74% approved by Indian parliament

Insurance sector FDI increase to 74% approved by Indian parliament

Insurance sector FDI increase to 74% approved by Indian parliament

The Indian parliament has approved a bill to increase foreign direct investment (FDI) in the insurance sector from 49% to 74%, according to the Press Trust of India. The news agency quoted finance minister Nirmala Sitharaman as saying that hiking the FDI limit in the insurance sector will help insurers to raise additional funds and tide over financial problems. The…

US-China tensions should top corporate risk radars in 2021, warns Verisk Maplecroft

US-China tensions should top corporate risk radars in 2021, warns Verisk Maplecroft

US-China tensions should top corporate risk radars in 2021, warns Verisk Maplecroft

High geopolitical tensions are at risk of using corporates as collateral, warns a new report from intelligence firm Verisk Maplecroft, which says rising troubles between the US and China should be at the top of corporate risk radars. The  Political Risk Outlook 2021 report says political rivals could use sanctions and export controls that will impact business because the corporate…

London still losing ground to New York as world’s leading financial centre

London still losing ground to New York as world’s leading financial centre

London still losing ground to New York as world’s leading financial centre

A new report from Duff & Phelps suggests that London continues to lose ground to New York as the world’s leading financial centre, although the UK retains the world’s favourite regulatory regime. Duff & Phelps’ latest Global Regulatory Outlook report surveyed 250 senior financial sector professionals from around the world. It reports that 31% of senior financial professionals perceive London…

India’s foreign-ownership change could see global insurers entering market says Fitch

India’s foreign-ownership change could see global insurers entering market says Fitch

India’s foreign-ownership change could see global insurers entering market says Fitch

India’s proposed relaxing of foreign-ownership caps on insurers, and the listing of the country’s largest state-owned insurer, will help the industry attract foreign capital, strengthen solvency and promote competition, according to Fitch Ratings. The proposals, set out in India’s 2021-2022 Budget, could encourage global insurers to enter the fast-expanding Indian market, said Fitch, while international insurers already holding minority stakes…

India to increase foreign direct investment in insurers to 74%

India to increase foreign direct investment in insurers to 74%

India to increase foreign direct investment in insurers to 74%

The Indian government has announced it is to increase the permitted foreign direct investment in insurance companies from the current 49% to 74%. In her Budget 2021-2022 speech, minister of finance Nirmala Sitharaman said: “I propose to amend the Insurance Act, 1938 to increase the permissible foreign direct investment limit from 49% to 74% in insurance companies and allow foreign…

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…

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