India News

India’s 1st Insurer IPO Paves Way for More Public Offerings in $60B-Plus Industry

India will get its first life-insurance listing since it opened up to private-sector investors 16 years ago, paving the way for more companies seeking to go public in an industry that’s since grown to more than $50 billion. Housing Development …

Lloyd’s Seeks to Open Reinsurance Branch in Mumbai, India

Lloyd’s announced it intends to file an application to open a reinsurance branch in Mumbai, following the publication of regulations governing the Lloyd’s market earlier this week by the Insurance Regulatory and Development Authority of India (IRDAI). An onshore branch …

Lloyd’s Appoints Garigiparthy as Country Manager for India

Lloyd’s announced the appointment of Shankar Garigiparthy as country manager for India. In this new role Garigiparthy will be responsible for market development, representing Lloyd’s in discussions with regulators and building business relationships as Lloyd’s seeks to grow its presence …

India Joins Nuclear Liability Pact, Opening Door to Foreign Reactor Investments

India’s decision to join a global treaty on nuclear accident liability may help it woo reactor suppliers, including Westinghouse Electric Co. and General Electric Co., that have been reluctant to sell technology to the nation. The country ratified the Convention on …

Munich Re Raises Shareholding in India’s Apollo Munich Health Insurance

Munich Re will acquire an additional 23.27 percent of shares of Apollo Munich Health Insurance Co. Ltd., from its joint venture partner, the Apollo Hospitals Group, India, increasing its shareholding from 25.5 percent to 48.75 percent. Representatives of both companies …

Vaidyan Appointed to Lead GIC Re as India’s 1st Insurer Chairwoman

Alice Vaidyan has been appointed as chair and managing director of General Insurance Corp. of India (GIC Re), the national reinsurer.  She is the first woman to be appointed as chair in the history of Indian insurance industry. Vaidyan previously …

XL Catlin Applies for License to Open Reinsurance Branch in India

XL Catlin announced it has begun the licensing process to establish a reinsurance branch in India. The decision to pursue market entry into India aligns with XL Catlin’s strategy of establishing a presence in emerging and developing markets where economic …

Business Losses in India’s Flood-Ravaged Chennai Could Top $2.2 Billion

As the flood-ravaged Indian city of Chennai prayed for respite from torrential rains, a trade body said losses to businesses from the record downpour could reach more than 150 billion rupees ($2.2 billion).* Water discharged from overflowing lakes and reservoirs …

Strong Quake Hits Afghanistan, Pakistan, India; Ongoing Search for Survivors

Afghanistan’s strongest earthquake in more than six decades shook buildings across South Asia, prompting officials from Kabul to Islamabad to New Delhi to send out rescue teams to search for survivors. More than 130 people have died. A 7.5 magnitude …

AIG, Other Insurers Avoid Offering Cover for Tax Risks in Indian M&As

Prime Minister Narendra Modi needs to offer much more than just his best intentions to clean up India’s whimsical tax regime to help convince insurers. Companies from Allianz SE to American International Group Inc. are avoiding offering tax-liability coverage in …