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Marsh India - News and Events June 2017
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Marsh India - News and Events June 2017

Insurance Regulatory Development Authority of India (IRDAI) proposes a few changes

The country’s insurance regulator, IRDAI, has set up a new working group to study the product structure of fire and allied perils. The regulator said that shops, hotels, offices, and small and medium enterprises are severely affected by natural calamities. They had suffered the most losses in the past, especially because the gap between economic and insurance losses was high.

Read more at http://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-to-modify-insurance-policy-covers-for-shops-hotels/articleshow/58809367.cms

The planned listing of the public sector insurance companies may be affected by the regulator’s action against the actuary of the country’s second largest general insurance company, National Insurance Company. Industry experts say that the regulator’s action may prompt investors to look closely at these companies’ financials.

Read more at

http://www.business-standard.com/article/finance/state-owned-insurers-face-irdai-s-litmus-test-before-ipo-117060600020_1.html

Global suppliers look at India’s nuclear insurance pool

Global suppliers are showing interest in India’s nuclear insurance pool, which was set up two years ago, with a capacity pool of Rs. 15,000 crore. Eleven general insurance companies and General Insurance Company of India (GIC Re) are part of the pool.

The objective of the pool is to offer coverage against any liability from nuclear power plants.

Indian nuclear insurance pool sees interest from global suppliers - Moneycontrol.com

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

FLASH FIGURES -- NON LIFE INSURERS ( Provisional & Unaudited)

GROSS DIRECT PREMIUM UNDERWRITTEN FOR AND UPTO THE MONTH  OF MAY, 2017

(Rs. in crores)

INSURER

For The Month of MAY 2017

Upto MAY 2017

MARKET SHARE UPTO the Month Of  May, 2017

GROWTH OVER THE CORRESPONDING PERIOD OF PREVIOUS YEAR

2017-18

2016-17

2017-18

2016-17

Private Sector Gen. Insurers Total

4161.16

3510.119034

9987.86804

8120.171402

45.81334869

23.00070461

Stand-alone Pvt Health Insurers

455.14

328.26

929.39

646.62

4.263018691

43.7304754

Public Sector Insurers Total

4868.43

4251.2

10675.47

9735.66

48.9673099

9.653274662

Specialized PSU Insurers

120.23

177.96

208.49

294.1

0.956322714

-29.10914655

PRIVATE TOTAL

4616.31

3838.379034

10917.25804

8766.791402

50.07636739

24.52968868

PUBLIC TOTAL

4988.66

4429.16

10883.96

10029.76

49.92363261

8.516654436

GRAND TOTAL

9604.9

8267.54

21801.22

18796.55

100

15.98520161

Note: Compiled on the basis of data submitted by the Insurance companies     

Marsh events

Marsh India held a roundtable conference on political risk and trade credit on May 25 in Mumbai.

A rising tide of nationalism across countries and political and diplomatic crises in the Middle East, have meant that political risk mitigation and transfer remain an important issue.

In India, the banking sector and the risk from non-performing assets have created an environment of indecisiveness on loan extension.

All these issues and their implications were discussed in the conference attended by 40 delegates from different business organizations, such as manufacturing, insurance, and banks.

Sanjay Kedia, the country head and CEO of Marsh India spoke at the event, together with many other distinguished guests, such as Michael Lum, political risk and trade credit underwriter Asia-Pacific Beazley specialist insurer; Abhishek Chhajer, senior underwriter & head - Asia Pacific/trade credit & political risk, Markel Syndicate 3000; Ashish Makhija, director corporate finance, Standard Chartered Bank Singapore; and Mukund Daga, VP trade credit, Tata AIG and P Chandrashekar – Group Head Insurance, RPG Group.

Marsh India showcases title insurance in two industry events

Marsh India’s Joseph Lonappan, managing director (energy, infrastructure, marine, and placements) spoke at two industry events to discuss title insurance, a new coverage in India.

He was one of the speakers in a seminar on Real Estate Regulation Act organized by the Builders Association of Pune. The event was on May 25.

Mr. Lonappan was also one of the speakers at the India Realty Congress’ 17 organized by Economic Times realty (ETrealty.com) and National Real Estate Development Council on May 26.

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