The new division, effective Jan. 1, marks a significant step in addressing the growing demand for corporate and commercial insurance solutions in the Indian market.
Shib Shankar Saha has been appointed as head of GC&C India, reporting to Axel Roesner, head of GC&C Asia.
The division will offer insurance products tailored for medium and large enterprises, covering areas such as property, liability, financial lines, engineering, marine, cyber, and parametric insurance, along with advisory services to manage risks.
The initiative leverages Generali’s global expertise and local market understanding to support businesses in India’s evolving economic environment.
Rob Leonardi, regional officer, Generali Asia, said that India’s focus on infrastructure development and industrial growth offers a valuable opportunity for Generali to expand its presence.
“The Indian government’s strong focus on infrastructure development and further support of the manufacturing sector presents a significant opportunity for Generali to enter with its range of GC&C products,” he said, adding that the new division’s capabilities align with the needs of businesses operating in one of the world’s fastest-growing economies.
Christian Kanu, CEO of GC&C, said that the expansion allows the company to provide more targeted insurance solutions.
“GC&C India enhances our ability to underwrite large and complex risks through delivery of tailored solutions that meet the evolving needs of our customers. As demand for corporate and commercial insurance has grown, the timing is just right for this launch, and I’m excited to see the value we will deliver as our customers’ lifetime partner,” he said.
Anup Rau, managing director and CEO of Future Generali India Insurance, said the launch enhances the company’s ability to address critical risks faced by businesses.
“We believe our new capabilities will further strengthen our focus and improve our ability to underwrite risks that are critical to support the nation’s growth. We are confident that GC&C India will not only enhance our customer proposition but also help expand the market,” he said.
Globally, commercial insurance rates held steady in the second quarter of 2024, following a 1% increase in the first quarter, according to the latest Global Insurance Market Index from Marsh.
This marks the first time since late 2017 that rates have not risen, a trend attributed to increased competition among insurers in the property sector.
The report highlighted regional differences. Average rates fell by 5% in both Canada and the Pacific and by 3% in the UK and Asia. Meanwhile, rates increased by 1% in the US and Europe and by 4% across Latin America, the Caribbean, and the India-Middle East-Africa (IMEA) region.
Property insurance rates globally remained stable, contrasting with 3% and 6% increases reported in the first quarter of 2024 and the last quarter of 2023. However, the IMEA region experienced rate increases, with insurers monitoring the Atlantic hurricane season for potential impacts.
Casualty insurance rates rose by 3% globally, maintaining a trend seen over the past 18 months. Regional shifts included decreases in Canada and Asia, while rates in the UK and IMEA showed no change. In the US, concerns about large jury awards in liability cases remain a key driver of pricing trends.
Rates for financial and professional lines dropped globally by 5%, continuing an eight-quarter trend of declining premiums. The pace of reductions slowed in the US, the UK, and Europe but picked up in other regions.
