India
HDI-Gerling takes 26% stake in Indian Magma ready for FDI increase
German insurance company HDI-Gerling has paid four times premium on Rs26 crore for its 26% stake in Indian firm Magma HDI General Insurance Co with a commitment of raising the holding to 49% when the government allows it.
IRDA issues new bancassurance guidelines
India's Insurance Regulatory and Development Authority published revised draft regulations on bancassurance tie-ups this week giving more flexibility to banks and insurers.
Q&A with Fiona Le Poidevin, Guernsey Finance
After taking over from Peter Niven in July, Fiona Le Poidevin is just three months into her role as chief executive of Guernsey Finance, the promotional agency for the island of Guernsey. She spoke to Francesca Nyman about raising Guernsey's profile, the…
Tata AIG in bancassurance tie-up
AIG's Indian joint venture has formed an agreement with India's Axis Bank to offer insurance products via the private bank's distribution network.
Top five Asian news stories
The top five stories from www.insuranceinsight.com over the past ten days.
Indian FDI progresses, but hurdles remain
Insurers hailing the Indian cabinet's approval of a bill raising the foreign direct investment limit in insurers to 49% may be celebrating prematurely, as opposition parties could still block the bill's passage through parliament.
"Essential" FDI could raise Rs 30,000 crore, says India's regulator
Raising the cap on foreign direct investment in Indian insurers could attract Rs 30,000 crore to the industry, India's insurance regulator has said.
IRDA plans to approve 10 standard insurance products
India's insurance regulator plans to develop 10 standard products which can be launched by insurance companies without seeking regulatory approval.
IRDA to penalise insurers refusing third-party motor cover
India's Insurance Regulatory and Development Authority will take "severe" penal action against general insurance companies refusing third-party motor insurance.
India's cabinet approves FDI hike
India's government has approved the long-awaited increase in the cap on foreign direct investment in Indian insurers.
Indian regulator supports raising FDI cap
India's insurance regulator has echoed calls from insurers to raise the country's foreign direct investment cap to 49% from 26%, saying the injection of foreign funds would benefit the country's insurance industry.
Top five Asian stories
The top five Asian stories from www.insuranceinsight.com over the past seven days.
Indian regulator issues guidelines for general insurance IPOs
General insurance companies planning to tap the capital market for funds must have been in business for at least 10 years and will have to seek prior approval from the regulator, India's Insurance Regulatory and Development Authority said in draft…
An opportunity for better risk management and growth in India
As the Indian property and casualty market continues to evolve, Dr Vankayalapati Padmavathi explores how the market is now looking to develop solutions to cater for those who are exposed to catastrophic risks, but are too poor to afford insurance.
UK exporters could bask in Indian summer, says Coface
The business climate in India offers encouragement for UK companies wanting to take advantage of the country’s thriving technology and services markets, according to a report by credit insurer Coface.
Fitch sharpens focus with India rebrand
Ratings agency Fitch today launched a new brand for its existing national ratings business in India.
Head of AIG's India joint venture leaves to join Mercer
Mercer has appointed Gaurav Garg as region leader for growth markets, incorporating Mercer's businesses in Asia, the Middle East, Africa and Latin America.
Asian weddings: An insurance dilemma
Wedding insurance is growing in India as families spend a collective $16bn on marriage celebrations. However, as Nicky Burridge reports, the chances of its spreading further into Asia look unlikely.
Iran offers fully insured ships to would-be crude buyers
The National Iranian Oil Company has offered India the use of fully insured Iranian vessels to use when importing Iranian oil, according to reports.
Admiral's international arms report £8.9m loss in 1H 2012
Admiral's international insurance business has reported significant growth in turnover and total premiums written in the first half of 2012 to £79.7m and £74.4m respectively (H1: 2012 £53.9m and £49.5m).
Indian insurers lambasted for fire premium price war
India's Finance Ministry has censured four state-owned insurers for offering "ridiculously low" fire premiums to corporate clients after attempts to undercut each other led some to offer 100% premium discounts.
United India lauches healthcare product with Tamilnad Bank
United India Insurance Company has launched a co-branded family healthcare product, to offer customised health insurance to Tamilnad Mercantile Bank's customers.
Indian medical costs predicted to rise 15% per annum
Future Generali India Insurance has predicted medical costs will rise by 15% annually.
Amlin adds experienced non-executive director to its ranks
Amlin has appointed Shonaid Jemmett-Page, former chief operating officer of the UK government's CDC development finance institution, as a non-executive director.