Category — Insurance

Three Indian Companies Debut in Forbes Asia’s Fab 50

A financial conglomerate, a bank and a motorcycle manufacturer are three new entrants from India to Forbes Asia’s Fab 50 list:

1. Bajaj Finserv is a company based in Pune, 91 miles east of Mumbai, which holds stakes in: Bajaj Finance, Bajaj Allianz General Insurance, and Bajaj Allianz Life Insurance. With $2.1 billion in revenues, Bajaj Finserv serves 80 million customers across India with a workforce of 26,000.

2. IndusInd Bank, based in Mumbai, the financial hub of India, reported a fiscal 2016 revenue of $2.3 billion, notching a 15% sales growth and 19% in profit growth over the last fiscal.

3. Eicher Motors, based in New Delhi, announced a sales of $1.9 billion, a 57% increase in net profits over its last fiscal. Its iconic, mid-size motorcycle, Royal Enfield sales clocked at 500,000 in the past year. It also makes trucks and buses through a joint venture with Swedish auto major Volvo, reports Forbes.

Forbes Asia's Fab 50 Logo

August 27, 2016   No Comments

India’s Digital Advertising Market Projected To Grow at 35%

According to an IAMAI-IMRB report titled Digital Advertising in India, the country’s digital advertising market is projected to grow at a CAGR of 35 percent to reach $1.25 billion by the end of this year.
Since 2010 this market has been growing steadily, in 2016 dollars:
2010-2011 — $156 million
2012-2013 — $320 million
2014-2015 — $837 million
Online Marketing
In terms of volume, e-commerce led the digital advertisement spends with $151 million  followed by telecom $ 105 million, banking, financial services and insurance $ 120 million  and FMCG $105 million, the report by Internet and Mobile Association of India (IAMAI) and IMRB International said. Money Control reports that banking, financial services and insurance sector spent a higher share of its advertisement expenditure on digital compared with other verticals with 40 percent of its overall advertising spends going towards digital. This was followed by e-commerce (26 percent), telecom (25 percent) and travel (25 percent).

July 8, 2016   No Comments

French Companies to Invest $5 Billion in the Indian Insurance Industry

 At an event organized by the French embassy and the Federation of Indian Chambers of Commerce and Industry, France’s ambassador to India Francois Richier said that France would invest $5 billion in India’s insurance business. “When you compare the share of French FDI (foreign direct investment), India receives 6% whereas China receives 7% as of 2014. This shows that while China has GDP four times greater than India, the French investment is roughly the same. There is far more attraction to India than China due to the large market, wonderful workforce and cultural connection,” the French ambassador said.

Prime Minister Modi’s visit to France from April 9 – 12 offers “a unique opportunity to promote market India create a huge awareness about India,” he added. Amitabh Kant, secretary, Department of Industrial Policy and Promotion noted, “As India advances, one of the key lessons to learn from France is the process of urbanization,” adding 700 million people would be living in cities in the next five decades, reported LiveMint.

March 24, 2015   No Comments

Insurance Broker Willis Group To Set Up India JV

Global risk adviser, insurance and reinsurance broker Willis Group Holdings, will purchase a 49% stake in IRDAI licensed broker Almondz Insurance Brokers Private Limited. Almondz has  300 associates in nine offices in India.  Once regulatory approvals are sanctioned and the deal is closed, Willis will be able to offer both insurance and reinsurance services in the Indian market since Almondz has a wholly owned subsidiary engaged in reinsurance brokerage services.

Adam Garrard, Regional CEO of Willis Asia, said, “We are excited about the prospect of continued growth and development in the Indian insurance sector. “This joint venture will allow us to fully participate in this dynamic market, whilst enabling us to provide our global clients with the levels of service and expertise that they expect from Willis’s operations around the world.”

February 25, 2015   No Comments

India’s State-Run Reinsurer May Offer Nuclear Liability Coverage

India is working to set up an insurance pool to indemnify global nuclear suppliers against liability in the case of a nuclear accident, in a bid to resolve concerns of suppliers over exposure to risk.

The 2010 nuclear liability law discouraged Western companies and strained U.S.-India relations as companies said that the law deviated from international standards that put the responsibility on the operator to ensure safety. Even Indian suppliers hesitated  to sell equipment until the law was amended or they could be sure they were indemnified against any liabilities. “We are working fast to address the concerns of suppliers. We are working on a solution with the insurance companies,” R. K. Sinha, chairman of the Indian Atomic Energy Commission, told Reuters.

State-run reinsurer GIC Re is working on a proposal to build a “nuclear insurance pool” that would indemnify the third-party suppliers against liabilities they would face in the case of an accident, where either the contracted companies bought the insurance and recovered the cost by charging more for their services, or the state-run Nuclear Power Corporation of India (NPCIL) would take out insurance on behalf of suppliers.

Sinha said New Delhi believed the insurance plan was the best option given how tricky changing the law would prove, and that the proposal should be ready within the next two months.

December 21, 2014   No Comments