'This means that there will be more than 1,000 tech talent in India over the next 12-18 months.'
The Union Cabinet's decision to raise the foreign direct investment (FDI) limit in the insurance sector to 100 per cent is unlikely to significantly boost foreign investment as distribution remains a critical factor, requiring overseas players to partner with Indian businesses, experts said.
LIC said USTR's views are based on an incomplete understanding of Indian insurance regulation and LIC's functioning.
In Debasish Panda's last board meeting as chairperson of the Insurance Regulatory and Development Authority of India (Irdai), the regulator approved the "R2" licence for Kamlesh Goyal and Prem Watsa-backed Value Attics Reinsurance, making it the first private-sector Indian reinsurer after GIC Re, the public-sector reinsurer. "The authority reviewed and approved the R2 application of Value Attics Reinsurance, making it the first private-sector reinsurer after GIC Re, the public-sector reinsurer.
Reinsurance major Swiss Re will be cutting over 1,100 jobs or about 10 per cent of its global workforce, as part of cost saving efforts.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
'Private General insurers are poised to grow at 17 per cent - 18 per cent over the next 5 to 7 years and we will grow faster.'
The total benefits paid by private life insurance companies to policyholders rose by 5.98 per cent to Rs 1.57 trillion during 2022-23. This figure stood at Rs 1.49 trillion in the corresponding year-ago period. On the other hand, Life Insurance Corporation of India (LIC) paid out 4 per cent fewer benefits at Rs 3.39 trillion from Rs 3.53 trillion in 2021-22.
Global reinsurer Swiss Reinsurance Company on Friday completed the acquisition a 3.57 per cent stake in India's newest bank
Moving over 520,000 employees to a digital work model is no mean feat. Having done so, Tata Consultancy Services (TCS) is taking these learnings to help clients digitise their work models. Swiss Re is one such client. For the global information technology services firm with a headcount of 528,748 as of end-September, the shift to a single human resource (HR) platform started a few months before the pandemic started, when TCS moved its HR solutions to Microsoft's platform. Siva Ganesan, global head, Microsoft business unit, TCS, still remembers the early days when TCS embarked upon a move from an existing software platform to a digital medium for communications on a Microsoft Office platform.
After Llyod's, many reinsurers keen to start ops in India.
The Anil Ambani Group-promoted Reliance General Insurance is looking to buy a majority stake in its rival Royal Sundaram, while talks are in advanced stages to bring in Swiss Re as foreign partner in its life insurance venture.
Indians are ultra conservative when it comes to taking personal or business risk and are also the most reluctant to use the services of financial advisers than their peers in the Asia Pacific region, reinsurance major Swiss Re said in a survey.
Let's take a look at eight biggest insurance losses in the world since 1970.
With lower rates of renewal and lesser disposable income available to invest, insurers said the penetration has come down.
Though COVID-19 will wreak more damage to the finances of the Indian population, the insurance sector is unlikely to get hurt.
India's Generation X and Y are most willing to take risks as compared to their counterparts in emerging Asia, says a recent survey. Read on to find out more.
One of the richest persons in the world, Buffett is the chairman and chief executive of the conglomerate Berkshire Hathaway, which has holdings in diverse firms like Coca-Cola and Swiss Re.
Insurance falls from 14 position in 2013; insurance penetration falls to 3.9%.
About 17.9 million people's life is at risk.
Under the scheme, which seeks to open 75 million accounts by January 26, 2015, an accident insurance cover of Rs 100,000 is provided with every RuPay debit card offered by the National Payments Corporation of India.
The Pradhan Mantri Jan Dhan Yojana will provide accident insurance of Rs 100,000 to all people who open bank accounts under this scheme.
In the wake of the natural disaster in Uttarakhand, the proposal for 'catastrophe insurance' is in spotlight.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
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