GLOBAL INSURANCE BROKERS
Tech-first brokers hit a snag; Foxconn’s Bharat FIH in trouble
Happy Thursday! Online stock brokers, who used low fees to attract customers, now face an uncertain future with Sebi’s new rules. More on this in today’s ETtech Morning Dispatch.
Have conviction in India story, want to be fully present: Zurich Insurance Group's Tulsi Naidu
Zurich Insurance Group has acquired a 70% stake in Kotak General Insurance, making it the largest foreign investment in the insurance sector and the first stake acquisition by an overseas insurer since the FDI limit was raised to 74% in 2021. The company's CEO, Tulsi Naidu, believes that owning and operating their own business is essential in a significant market like India. The company has considered investing in India for a long time, especially after the liberalisation of FDI rules.
Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Stock Reports Plus, powered by Refinitiv, undertakes detailed company analysis for 4,000+ listed stocks. In addition to detailed company analysis, the report also collates analysts’ forecasts and trend analysis for each component. An average score in Stock Reports Plus is calculated by undertaking quantitative analysis of five key investment tools - earnings, fundamentals, relative valuation, risk and price momentum.
Stock brokers push lending; InsuranceDekho’s latest acquisition
Happy Tuesday! Tech-first broking companies are looking to diversify into the credit business to build a larger financial services play. This and more in today’s ETtech Morning Dispatch.
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Russia reinsurer backs firms to get India marine insurance permit: Sources
A state-owned reinsurer in Russia has provided financial support to three Russian insurance companies. This backing enables them to obtain Indian approval to offer marine insurance coverage to tankers. The move comes as Moscow aims to facilitate trade with India amidst Western sanctions.
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Insurance cos to curate policies with flexibility in wordings
Insurance companies in India are adjusting their policy terms, conditions, clauses, and wordings to provide customers with more flexibility in tailoring coverage. This change is expected to be visible in July or October renewals, as it will take time for insurers to implement these changes and develop new policies. The Indian insurance market is now catching up with global standards, allowing more flexibility in pricing and policy design.
Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 37%
Life is never easy for bulls, when they were just taking the first step to make a comeback, they have been hit by global developments. There are bound to be some reactions on the Indian markets, but before taking any decision it would be important to take into consideration that these headwinds will keep coming periodically. In such conditions, for investors who are looking to increase their exposure to stocks, it would be better to focus on fundamentals and if there is any improvement in them which has made the overall score go up in the last one month then have a look at those stocks. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame.
New-age brokers ride on futures option to the bank
But the question remains with Sebi becoming careful about the sudden spurt in retail participation in this risky trading segment: how long will the party last?
Insurers could face losses of up to $4 billion after Baltimore bridge tragedy
With little clarity on when the Port of Baltimore would re-open, insurers and analysts are now assessing the likely losses borne by underwriters across several product lines including property, cargo, marine, liability, trade credit and contingent business interruption.
IPL: New India Assurance and National Insurance extend major part of a Rs 10,000-crore insurance cover
India's most expensive insurance shield is taken by broadcasters, followed by team owners against player fees. The premiums have gone up by 25% due to the calendar clash with the general elections. Other insurers that write such policies are United Insurance and ICICI Lombard.
IPL stakeholders on edge as elections heighten risk of cancellations
Insurers are exercising caution as the IPL season overlaps with general elections, increasing the risk of cancellations. Stakeholders, including BCCI, franchise owners, sponsors, and broadcasters, seek insurance cover, with quotes up by 30-35%. Event cancellation coverage is crucial, with premiums rising due to uncertainties.
There is more to BFSI than just banks: Financial services stocks with “Buy” rating which may deliver 12-30% returns
In the last few weeks, just because one bank has underperformed and was able to drag the market lower, that does not mean everything in one of the most important sectors of the economy, which is BFSI, is bad. This distinction needs to be made because in BFSI space every segment has a very different operating matrix and hence the growth path. So, while banks might be under pressure, AMCs have been doing well. Similarly, life insurers are under pressure but the general insurance companies have done well. So rather than a broad brush, have a look at companies individually for better decision-making. So rather than a broad brush, have a look at companies individually for better decision-making as analysts are bullish on many companies in the financial services space.
Euromax Capital Invests in IRIBL via FDI route
The company said that the deal has received approval from the Insurance Regulatory and Development Authority of India (IRDA). However, the financial details of the shareholding buy-out has not been disclosed by the companies.
Dubai’s Golden Visas are helping the city defy global office slump
Dubai's economy is thriving as it attracts expatriates, expands business licenses, and experiences high demand for commercial real estate. From crypto investors to rich Indians looking for second homes, as well as young job seekers, the city's reforms and flexible residency rules have made it a desirable destination for individuals and businesses, leading to population growth and increased investment.
Global insurtech funding down 72% last year from 2021 peak: report
Funding for the insurtech sector dropped to $4.5 billion in 2023, down 44% from 2022 and 72% from its 2021 peak. Poor performance by Lemonade and frothy valuations have curtailed the appeal of the sector. However, reinsurers made investments in a record 148 deals, focusing on more advanced insurtech players.
US-based insurance broker Lockton enters India
Lockton has appointed former CEO of Aditya Birla Insurance Brokers Sandeep Dadia as its India head. Dadia brings 20 years of insurance industry experience. Lockton aims to build its network in India and meet the growing demand for risk consulting and management services. Lockton, founded in 1966, operates in 140 locations worldwide and serves over 65,000 clients.
Houthi missiles do far more damage to trade than to actual ships
Since mid-November, at least 16 ships have suffered direct strikes by Houthi drones or missiles, according to data from intelligence firm Ambrey Analytics.
The rise & rise of new-age stock brokers; and other top tech, startup stories this week
A crop of tech-first stockbrokers is not only leading from the front in adding new customers, they’re also generating strong revenues and profits. These stock-broking platforms, which have diversified beyond stock trading to position themselves as full-fledged financial services firms, have left behind the traditional players in terms of user sign-ups.
Data brokers know everything about you: what FTC case against ad tech giant Kochava reveals
Kochava, the self-proclaimed industry leader in mobile app data analytics, is locked in a legal battle with the Federal Trade Commission (FTC) over its secretive data acquisition and AI-aided analytics practices. The FTC's recently amended complaint reveals that Kochava collects and sells sensitive location and personal data, which allows it to predict and influence consumer behavior.
‘Tripling transportation costs’: Red Sea attacks are spiralling and India is feeling the heat
Yemeni Houthi rebels have escalated attacks on commercial ships in the Red Sea, causing global supply chain disruption. The attacks began after the Israel-Hamas conflict escalated in October, with Houthi militants attacking merchant ships. Indian shipping companies are raising concerns due to the escalating nature of these incidents, with shipping costs increasing significantly.
TATA AIG General Insurance excludes Red Sea route, others raise premiums
With ships passing through the region becoming the target of increasing attacks and the resultant declaration by the JWC of Lloyds and other reinsurers of these waters as a high-risk area for shipping, major global shipping companies have proactively decided to avoid taking this route, a Tata AIG spokesperson said.
Beside health and life insurance, which other policies should you go for?
"If you are hospitalised for say five days and if I take a cover which is Rs 500, then you get Rs 500 for five days – Rs 2,500 total. These coverages can be taken from 500 to 25,000 per day, so this is that vast. If I were to think that my other miscellaneous expenses are going to be more than 2,000, 3,000 per day, then I would take a hospital cash policy which would cover me for that because that again is an expense that pinches your pocket."
Why is it lucrative for NRIs to buy health and life insurance in India?
Buying health insurance or life insurance in India is an attractive proposition for NRIs, especially when they make the premium payment through their NRE account. The regulator allows NRIs to purchase these policies without GST, resulting in a substantial cost reduction. Premiums for NRIs may be slightly higher than local policies, but the coverage and benefits are similar. NRIs may need to undergo a health check-up, which they can do when they visit India. Additionally, there are comprehensive insurance plans available for students studying abroad, providing coverage for transit risks, hospitalization, and other benefits.
ETMarkets Smart Talk- Consumer-oriented industries could produce next set of wealth creators in long term: Sujan Hajra
Equity markets are notoriously volatile in the short term. Trying to predict market levels in the short term is akin to flipping a coin. As a result, I would refrain from attempting to forecast market levels in the near term.
PB Fintech posts Q1 operating profit, net loss narrows to Rs 11.9 crore
PB Fintech, the parent of insurance platform Policybazaar and credit marketplace Paisabazaar, said on Monday that it posted an operating profit and a significantly smaller net loss for the fiscal first quarter.
Why independent cancer health insurance plan is a must? Amjad Khan of Anand Rathi Insurance Brokers explains
Anand Rathi Insurance Brokers' Amjad Khan, suggests that an independent cancer health insurance policy is a must as specialist plans offer coverage of as much as Rs 1-3 crore versus standard critical illness health insurance plans, whose coverage may not be sufficient for regular cancer treatments. Clients will face a waiting period of up to three years, depending on the insurance provider and policy, and having cancer means being denied coverage.
What is travel medical insurance for Indians studying abroad & how to go about it
Insurance companies are launching international student insurance covers for Indian students studying abroad. These hybrid policies combine both travel and inpatient health insurance benefits, as well as transit and travel risks like baggage and document risks. Such policies can cost five to six times more if bought abroad, as health insurance in India is far cheaper. Popular plans include the Tata AIG Student Travel Guard, Bajaj Allianz Student Elite Plan, Royal Sundaram Travel Secure Student Plan and Care Health Student Explore Plus.
Cyber insurance rates drop 10% in June -report
Cyber insurance rates more than doubled in 2021 during the COVID-19 pandemic, driven by a rise in so-called ransomware attacks, Howden said.
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