Latest news with #Allianz
Bloomberg
21 hours ago
- Business
- Bloomberg
What Impact Could 12% Tariffs Have on Jobs in the EU?
Jasmin Gröschl, senior economist at Allianz, discusses the impact ongoing tariff and trade uncertainty could have on the job market within the European Union. Asked what a potential 12% tariff could mean for the labor market, she says "around half a million jobs" could be at risk within the bloc. Gröschl speaks on Bloomberg Television. (Source: Bloomberg)
Yahoo
a day ago
- Business
- Yahoo
What Impact Could 12% Tariffs Have on Jobs in the EU?
Jasmin Gröschl, senior economist at Allianz, discusses the impact ongoing tariff and trade uncertainty could have on the job market within the European Union. Asked what a potential 12% tariff could mean for the labor market, she says "around half a million jobs" could be at risk within the bloc. Gröschl speaks on Bloomberg Television. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India.com
2 days ago
- Business
- India.com
Masterstroke by Mukesh Ambani, Jio-Allianz, Valueattics Re announce their entry in Reinsurance Market, to disrupt Rs 500000000000 market by...
After leaving Bajaj, this top German Insurance Giant joins hands with Mukesh Ambani, it is..., plans to... New Delhi: In a major development that promises to disrupt India's reinsurance sector, Jio-Allianz and Valueattics Re—a joint venture between Fairfax's Prem Watsa and Kamesh Goyal's Oben Ventures—have announced their entry into the market, challenging the might of state-run GIC Re in the country's Rs 50,000-crore reinsurance business. It is important to note that GIC Re currently has a 51% market share, while the rest is distributed among 11 foreign reinsurance branches. Jio Financial Services (JFSL) and Allianz Group (Allianz), on Friday, through its wholly owned subsidiary Allianz Europe BV, announced they have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture in the insurance market in India. Here are some of the key details: Jio Financial Services (JFSL) and Allianz Group (Allianz) announced they have entered into a binding agreement to form a 50:50 domestic reinsurance joint venture in the insurance market in India. The two companies entered into a non-binding agreement for setting up equally owned joint ventures for both general and life insurance businesses in India. Both the companies will challenge the dominance of state-run GIC Re in the country's Rs 50,000-crore reinsurance business. Regulatory norms such as mandatory cession and order of preference could benefit the new entrants Regulations mandate Indian insurers to cede 4 percent of each policy to GIC Re. It is important to note that this would be Allianz's third reinsurance entity after its existing branches under the Foreign Reinsurer Branch (FRB) and International Financial Services Centre Insurance Office (IIO) regimes. This proposed company would be an India-incorporated entity with a paid-up capital of a minimum Rs 200 crore. While the other two reinsurance entities focus on specialized reinsurance and specific risk segments, the third entity—an Indian reinsurer—will operate with an independent balance sheet and have the flexibility to offer both treaty and facultative reinsurance. All You Need to Know About GIC Re GIC Re is a national reinsurer The company has long been the anchor of the domestic reinsurance market. In 2023-24, a total reinsurance premium of Rs 62,113 crore was collected by Indian reinsurer GIC Re and foreign reinsurance branches (FRBs). About 81 percent of this business came from within India, which is Rs 50,553 crore. Of this Indian business, GIC Re handled around 51 percent, while the remaining 49 percent was done by the foreign reinsurance branches including global reinsurers like Lloyd's. It is important to note that the Reinsurers operating from within India, like Jio-Allianz and Valueattics Re could get preferential access over cross-border reinsurers in the order of preference mandated by IRDAI. What Does the IRDAI guidelines say? As per IRDAI guidelines, every Indian general insurer must cede 4% of their sum insured on each policy to GIC Re- the Indian reinsurer under compulsory cession rules.
Yahoo
2 days ago
- Business
- Yahoo
Allianz and Jio Financial to form reinsurance JV in India
Jio Financial Services Limited (JFSL) and Allianz Europe have agreed to establish a 50:50 reinsurance joint venture (JV) in India. The JV will combine JFSL's local market expertise and digital infrastructure with Allianz's global reinsurance and underwriting capabilities. It will utilise Allianz Re and Allianz Commercial portfolios in India, as well as the company's international resources in areas such as pricing, risk selection and portfolio management. The move follows the decision by Allianz to exit JVs with the Bajaj Group by selling its 26% stake in a $2.8bn (€2.4bn) deal, ending a 24-year partnership. JFSL non-executive director Isha Ambani said: "This partnership, combining Allianz's global reinsurance expertise with JFSL's deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customised reinsurance solutions to insurers. 'Aligned with the national goal of 'Insurance for All by 2047', we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian." The JV formation is contingent upon regulatory and statutory approvals. Furthermore, JFSL and Allianz have reached a non-binding agreement to form JVs for general and life insurance businesses in India, with equal ownership. Allianz CEO Oliver Bäte stated: 'We are proud to partner with Jio Financial Services to support the democratisation of access to world-class financial services for the people of India, with the opportunity to serve a growing number of consumers who are seeking the right protection for themselves, their families and their businesses.' "Allianz and Jio Financial to form reinsurance JV in India " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
3 days ago
- Business
- Economic Times
Jio Financial Services shares in focus after 50:50 reinsurance JV with Allianz
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of Jio Financial Services Ltd (JFSL) are likely to be in focus on Monday after the company announced a 50:50 domestic reinsurance joint venture with Allianz Group . The binding agreement was signed through Allianz's subsidiary Allianz Europe agreement aims to serve India's growing insurance market by combining JFSL's local expertise with Allianz's global reinsurance and underwriting partnership will leverage JFSL's digital network and Allianz's existing India portfolios, along with its global experience in risk pricing, portfolio management, and reinsurance. Allianz Re has been active in India for over 25 JV intends to provide strong reinsurance capacity to insurers across India, helping them manage risks more effectively. It will also support India's goal of expanding insurance access under the national vision of 'Insurance for All by 2047.' Operations are expected to commence post regulatory JFSL and Allianz have entered into a non-binding agreement to explore forming joint ventures in general and life insurance businesses in India. The collaboration aims to deliver innovative insurance solutions by combining the strengths of both brands.'India is witnessing a transformative surge in insurance demand, driven by rising prosperity, growing financial awareness, and rapid digital adoption. This partnership, combining Allianz's global reinsurance expertise with JFSL's deep understanding of the Indian market and strong digital infrastructure, aims to deliver innovative and customized reinsurance solutions to insurers. Aligned with the national goal of ' Insurance for All by 2047 ', we are committed to building a stronger and more inclusive insurance ecosystem that ensures broader access to protection for every Indian. We are excited to shape this transformative journey together,' said Isha M. Ambani, Non-executive Director, Jio said its focus remains on digitally delivering financial solutions addressing the core needs of borrowing, investing, transacting, and protecting for every Indian. Allianz reaffirmed its commitment to India's long-term growth, citing the country's strong economy, rising middle class, and increasing demand for insurance products as key drivers for future value Friday, Jio Financial Services shares closed flat with a negative bias at Rs 316.70 on the BSE.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
