Indian regulator considers revision to GIC Re preference rules

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to the country’s rules for the order of preference on reinsurance business, which could see alterations to GIC Re’s right to first refusal. A new exposure draft detailing the amendments to regulations under consideration shows that IRDAI is looking to remove the order […]

China general insurance market to reach $304.4bn in 2026: GlobalData

According to GlobalData, the Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026, in terms of direct written premiums (DWP). Despite registering a low growth of 0.7% in 2021 due to a decline in motor insurance, GlobalData […]