Blog

Xl Catlin Applies For Reinsurance License In India

INSURANCE COMPANIES

On Thursday, XL Catlin, a well-known property and casualty insurance company announced that it has started the licensing procedure to set a reinsurance branch in India.

“The decision to pursue market entry into India aligns with XL Catlin’s strategy of establishing a presence in emerging and developing markets where economic activity is increasing and the re/insurance market would benefit from its global expertise,” a press release from the company said.

The application for the same has been filed with the Insurance Regulatory Development Authority of India (IRDA) and seeks to launch a reinsurance branch office of XL Insurance Company SE (XLICSE).

The approval is pending, however, the company expects to be able to begin operations in India later this year, it said.

“India has seen significant economic development over recent years, leading it to overtake China in terms of GDP growth across 2015. Economic reforms and improved infrastructure have led to a growing middle class and increased private consumption, which in turn benefits the local economy and helps to raise living standards,” it said.

 

You May LIke

Damini, a CSR Initiative by PNB Metlife PNB Metlife, leading private Insurance company launched a CSR initiative Damini on 18th September 2018. They have collaborated with Nanhi Kali, NGO by KC Mahindra Trust to executive this operation. To begin with, under this programme, PNB Met Life plans to take the responsibility to educate around 1...
Modi Reveal Plans For Worker-Friendly Insurance Policies On Tuesday, the Prime Minister Narendra Modi declared that the government is in the process of introducing new legislation to protect the interests of both unorganized and organized workers. The Employees State Insurance Act and the Employees Provident Fund Organisation Act are aimed at providing a...
Reliance Cap Earns 5% on All Approvals for Nippon to Up Stake in RCAM On Thursday, Reliance Capital  got approvals for raising stake of Nippon Life in its asset management subsidiary to 49 percent. "Reliance Capital Asset Management (RCAM), a part of Reliance Capital, completed the regulatory approval process for increasing the stake of Nippon Life Insurance, the Jap...
Insurance Sector Expected To Reach 280 $ USD By FY20 The insurance industry has always been considered an underdog for decades. Many people are not even aware of the benefits of some basic policies. Until 2001 only 2.71% of the market was captured by the Insurance sector. Within a span of sixteen years, it has penetrated to 3.7% in 2017. During the pe...
HDFC Life Achieves 20% YOY Profits in Quarter 2 HDFC Life is reported to record a yearly profit of 2.8698 billion from 2.3849 billion last year. Profit was declared at the end of quarter 2 (Q2) of the fiscal year 2018–2019 on 30th September 2018. Premium income is increased to 68.405 billion from 56.366 billion. Q2 YOY net profit has increased by...