Tag: india insurance news

Tencent takes more of Indian insurance market with 10% Policybazaar stake purchase

H. Cutner
Indian Insurance Market - Tencent HQ

The Chinese tech giant has acquired a minority state in the home, auto and life comparison company. Tencent Holding Ltd. has just taken more of its first steps into the Indian insurance market with an acquisition of a 10 percent stake of Indian online insurance aggregator Policybazaar. This values the Indian company at $1.5 billion. The Chinese technology giant has been working to grab a piece of India’s growing insurance sector. The 10 percent Policybazaar stake was obtained through a purchase of half of Tiger Global Management LLC’s stake in…

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India’s crop insurance program fanfare fades with shrinking coverage area

H. Cutner
crop insurance program - farm

The Narendra Modi government’s scheme was highly popular when it first launched but is getting smaller. India’s crop insurance program first launched two years ago. At that time, it was tremendously celebrated and highly popular. That said, this year it has experienced negative growth. The reason is that its coverage area has dropped to 24 percent of the gross cropped area (GCA) from 2017 to 2018. This is considerably smaller than the 2016 to 2017 year when it had been 30 percent of the GCA. The target for the crop…

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Insurance news from Berkshire Group includes GIC deal withdrawal

H. Cutner
Insurance news Berkshire GIC deal

The two companies had previously come to an agreement, but the latter has failed to uphold its side. The Berkshire Group has made insurance news as it just revealed that it is pulling out of a deal that it had with General Insurance Corporation (GIC), a company from India, ending an agreement that was supposed to continue for a period of three years. However, GIC has paid the premiums for only two quarters, losing the reinsurance business at Berkshire. The three year contract made insurance news when GIC failed to…

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Insurance news from India includes massive security risk

Julie Campbell
Insurance News

Companies are facing backlash from fired employees who took sensitive data with them when they left. A massive struggle in India is making insurance news, as Indian insurers discover that employees whom they fired are using sensitive information that they brought with them in order to create a kind of guerilla backlash. A number of insurers have now alerted the country’s regulator to inform it of this situation. What this insurance news has revealed is that fired workers walked away with the data associated with thousands of policies, and that…

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Insurance news looks good for the industry’s profitability

H. Cutner
Insurance News Profits

India’s insurers have fared quite well over the last quarter, even in the case of life products. The latest insurance news that has been released from India has shown that the industry has done better than expected in terms of its profitability, including the life sector, which had been experiencing a slowdown in its collection of new business premiums. The industry has been struggling under the widespread economic challenges and low penetration in the country. However, the most recent insurance news appears to be showing that the industry in the…

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