India's government plans to remove the constraints banks and financiers face in supporting the acquisition and leasing of aircraft, in hopes that pension funds and insurance companies would participate in the financing of aircraft.
The government-backed pension scheme Atal Pension Yojana (APY) has attracted 11 million subscribers since its launch three years ago in May 2015, the Pension Fund Regulatory and Development Authority (PFRDA) has revealed.
MS Amlin is working with GIC Re as the reinsurance partners of New India Assurance for the state-owned insurer's newly launched and India's first protection and indemnity (P&I) cover for Indian-registered ships that ply on local routes, according to a report in Hindu Business Line.
A committee has been constituted to review the regulations governing insurance marketing firms (IMFs).
GIC Re is likely to retain its status as reinsurer of first preference in India, two officials aware of the development told BloombergQuint requesting anonymity.
The number of registered insurance marketing firms in India have grown to 219 at present from less than 20 about two years ago, according to data from the IRDAI.
The central government is holding dialogues with each state and union territory about joining Ayushman Bharat, popularly known as Modicare and also called the National Health Protection Scheme (NHPS), which is reportedly scheduled to be launched in August.
Specialist insurer Markel International has been granted a licence by the IRDAI to write reinsurance business in India. Capacity will be provided by Markel's Syndicate 3000 at Lloyd's and written through the Lloyd's India platform.
The Indian insurance regulator, IRDAI, will allow reinsurance companies to invest outside India so as to diversify investment portfolio risk, and to promote the country as a major reinsurance hub.
Motor insurance losses for general insurance companies may exceed 230% in the current fiscal year ending 31 March 2019 (FY2019), a sharp rise from the level of around 140% at present.