India News

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 …

India’s Product Recalls Bring New Business for Insurers Such as AIG, Allianz

As Nestle SA slugs it out with India’s food regulator over the amount of lead in its popular Maggi instant noodles, the dispute is whipping up business for insurers. The local unit of American International Group Inc. is predicting a …

Fairfax Offers to Buy 26% of Indian Brokerage IIFL for $255 Million

Fairfax India Holdings Corp., the $1 billion fund created by Toronto-based investor Prem Watsa, offered to buy 26 percent more in Indian brokerage IIFL Holdings Ltd.* for $255 million. Fairfax India announced an offer to purchase about 83.1 million shares …

Uber Seeks Dismissal of Lawsuit In Alleged Delhi Rape

Uber asked a U.S. court to dismiss a lawsuit filed by an alleged rape victim in India’s capital, saying the ridesharing company could not be held legally responsible for the driver’s acts. The passenger, who reported being raped and beaten …