India
Private Indian insurers can operate overseas
The Insurance Regulatory Development Authority in India is opening up the door from Indian insurers to have overseas operations.
Asian highlights of the week
A round-up of the best articles featuring Asia on Insurance Insight this week.
Indian regulator signs global information exchange agreement
The International Association of Insurance Supervisors has added India to a regulatory information exchanging agreement which now spans 37 countries and 54% of premium volume.
India to change broking placement regulations
New proposals from the Insurance Regulatory and Development Authority wants to place greater caps on where brokers place their business with insurers.
IRDA report paves way for banks to become brokers
A report on broking regulations by India’s Insurance Regulatory and Development Association has said banks will be allowed to become brokers, but that those wishing to do so may have to have a segregated broking arm.
Cyclone Mahasen makes landfall "destroying thousands of homes"
The first tropical cyclone in the Northern Indian Ocean this season, Tropical Cyclone Mahasen, made landfall northwest of Chittagong, Bangladesh, at about 6am UTC on Thursday, May 16.
Aviva offshores 600 jobs to India
The UK union Unite has accused Aviva of betraying its UK workforce by offshoring hundreds of back office life insurance processing jobs to India.
Aviva to send 600 UK jobs to India
The union Unite has accused Aviva of betraying its UK workforce by offshoring hundreds of back office processing jobs to India.
Indian banks may need independent broking arm
An Insurance Regulatory and Development Authority report suggests a bank's broking unit will have an independent accountable unit.
New India Assurance warns over government Iran oil cover
The government owned insurer has warned that an energy insurance pool to cover oil imported from Iran might not be sufficient.
United India Insurance profits up 36%
United India Insurance saw profits grow 36% for the fiscal year ending 31 March 2013.
India has 0.7% general insurance penetration
India's Finance Minister P. Chidambaram has called on the general insurance sector to increase its penetration across the country.
United India wants to expand agriculture insurance to Maharashtra
United India Insurance wants to sell agriculture and weather products in Western India.
India's government wants monthly insurer reports
Monthly reports in India to show progress, hurdles and new measures at insurers.
Indian regulator weary of fake insurers
The Insurance Regulatory and Development Authority in India has warned the general public to be careful of logistic services providers selling insurance illegally.
Non-traditional capacity hits Asian market at April renewals
Dynamic capital growth and ample reinsurance capacity resulted in a relatively stable renewal at April 1, 2013, according to Guy Carpenter.
Building collapse in India kills over 60
74 people died and over 60 have been injured following the collapse of an unfinished building in Thane, a suburb of Mumbai.
India's banking secretary confirms 20bn rupee energy fund
India’s Banking Secretary Rajiv Takru has confirmed that the country will establish a 20bn rupee (€283m) insurance fund to cover refiners buying crude from Iran.
‘Worrying trend’ for over-regulation making UK market less competitive
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
Energy pool could allow Indian refiners to keep processing Iranian oil
India’s government is rumoured to be establishing a multi-million-dollar insurance pool to support local insurers giving coverage to refiners processing Iranian crude oil.
Global insurer body calls for more foreign investment in India
The Global Federation of Insurance Associations is encouraging the Indian government to take steps to open up the insurance market further.
Future Group to sell GI stake
Future Group today entered into a non-binding agreement to merge L&T General Insurance with Future Generali India Insurance, according to reports in the local media.
Government panel recommends unified Indian regulator
An Indian government panel wants a unified financial regulator.
India's banks may need subsidiaries to sell insurance
Banks in India might need to set-up subsidiaries to sell insurance according to a source at the Insurance Regulatory Development Authority.