Reinsurer GIC Re will bear the brunt of the Nepal earthquake that has caused widespread damage to property and death. "We are the largest international reinsurer in the Nepal market and we have sent a team of 10 surveyors to assess the loss," said AK Roy, chairman and MD GIC...
One of the world's biggest corporate insurers, Zurich Insurance Group, has opened to the door to potentially buying rivals in Australia as it hunts for new growth avenues in an increasingly competitive insurance market. Mike Kerner, chief executive of general insurance for Zurich, said the company continues to comb the...
Small and medium-sized insurance firms currently vie for top spots on China’s growing online life insurance market, stated the Insurance Association of China. Small and medium-sized insurers now account for 82 percent of total online life insurance sales in China. These insurance companies collected a total of CNY29 billion (USD4.68...
The Insurance Regulatory and Development Authority of India (IRDAI) has said that no insurer can refuse to underwrite third party insurance. "The regulations (of Insurance Laws (Amendment) Ordinance, 2014) stipulate just the minimum obligation of the insurer in respect of motor third party insurance business," IRDAI said in an exposure...
Air Asia Bhd, the Malaysia-based conglomerate with interests in aviation, financial services and hospitality is actively considering its foray into the Indian insurance sector. "We are talking to key players in the market and our plans are very much on", said Tony Fernandes, one of the founders of the conglomerate,...
The government plans to introduce a new state reinsurer to manage domestic reinsurance needs that have until now been fulfilled by foreign companies. According to Gatot Trihargo, the State-Owned Enterprises (SOE) Ministry’s deputy for business services, the ministry has set up four schemes to realise this plan, but it is...
Nippon Life Insurance Co. will spend up to JPY1.5 trillion on corporate mergers and acquisitions globally over the coming 10 years. The major insurer also unveiled a three-year business programme aimed at tripling net profit from its group operations excluding the domestic insurance business to JPY30 billion. Nippon Life aims...
SNS Reaal, the bank and insurer owned by the Dutch government, has said it had agreed to sell its Vivat insurance arm to Chinese financial group Anbang in a deal worth at least EUR1.4 billion (USD1.60 billion). SNS said it is selling Vivat's equity for EUR150 million, while the Dutch...
Clements Worldwide, a global provider of international insurance products and reinsurance capabilities, has announced the launch of a partnership with Starr China to deliver insurance coverage to expatriates and international organisations in China. Starr China is joining forces with Clements to target the international individual and group segment in this...
Insurance Australia Group (IAG), the foreign joint venture partner in SBIGeneral Insurance, has started talks with the State Bank of India (SBI) for hiking its stakes to 49 percent, said a senior company official Monday. He said the company is targeting 50 percent growth next fiscal over the current year's expected...
