Page 16 - Insurance Times February 2016
P. 16
International
News
Increasing demand for Eu- UK insurers stiffened up its plans for India
ropean cyber insurance Foreign Insurance players such as tory guidelines and the pace of eco-
Lloyd's of London, Bupa and Aviva are nomic reforms have made them cau-
The specialists of cyber world has the expected to announce their plans for tious.
view that the New legislation on data India while Prime Minister Narendra
Modi's visit to the UK. UK-based Aviva Plc, the country's larg-
privacy is helping est insurer with business across Eu-
to push up re- Earlier in November 2015 IRDAI had rope, Asia and Canada, has been plan-
gional demand announced the set of guidelines for the ning to raise its holding in Aviva India
for cyber insur- foreign insurers to enter
ance industry, the country's lucrative to 49 per cent.
after companies such as Talk Talk and re-insurance market.
Experian were affected by hackers "The increase of foreign
earlier in 2015. The European Union Lloyd's is seeking to set direct investment limits
has agreed to change the fragmented up a trading floor in in India from 26 per cent
data protection laws, forcing compa- Mumbai, which is seen to 49 per cent has made
nies to report breaches which are the Indian insurance
likely to harm individuals to national
authorities. as a key to its business plans for the market much more attractive. We in-
AIG offered $1-billion emerging markets. The government tend to increase our stake in the Aviva
stake in Chinese insurer has already laid the foundation for it India joint venture business," Aviva
American International Group (AIG) by incorporating a clause in the insur- Europe and India CEO David McMillan
has sold a stake in PICC Property and
Casualty Co Ltd ance act, which allows Lloyd's to set up has said.
worth up to $1-
billion to institu- such a trading floor in Indian Land. Sources said Bupa would pump around
tional investors
through a block Several foreign insurers have expressed Rs.250 crore into Max to pick up the
deal, cutting its shareholding in the
Chinese State-owned insurer for the interest to raise their stake in Indian additional stake. Whereas, Standard Life
second time in 2015.
joint ventures to 49 per cent from 26 has plans to increase its stake in its in-
The US insurer acquired a stake in PICC per cent after the consent was given surance joint venture with HDFC to 35
Property and Casualty as a cornerstone to Lloyd's following the passage of the per cent from 26 per cent. HDFC will
investor in 2003, ahead of the Chinese insurance bill earlier in 2015. However, sell around 17.95 crore shares to Stan-
insurer's flotation. The deal was the lack of clarity on FDI and regula- dard Life for more than Rs.1,700 crore.
launched on 5th December after AIG
raised $500 million by selling down its Zurich Insurance to Appoint Generali's Greco as CEO
PICC P&C stake in March 2015.
Zurich Insurance Group AG will appoint Mario Greco, the head
of its Italian rival Assicurazioni Generali SpA, as chief executive
officer. While Greco, an insurance-industry veteran, hasn't yet
been formally chosen and his appointment needs the approval
of Zurich's board, the CEO of Italy's biggest insurer is the only
name on the final shortlist. The Swiss insurer will make the
appointment no later than its annual media conference. The conference will be
held on Feb. 11, according to Zurich's website.
16 The Insurance Times, February 2016
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