Allianz Jio Reinsurance: JV Enters India’s Reinsurance Market
Why in the news
Jio Financial Services and Allianz set up Allianz Jio Reinsurance Ltd (AJRL) for India’s reinsurance sector.
Reinsurer
- Insures other insurers; shares catastrophic or very large risk.
- Example: insurer of a huge project cedes part of premium and risk to a reinsurer such as Allianz Re.
- Functions: risk spreading, claim protection, stability, capacity.
| Type | Covers |
|---|---|
| Life | Death, disability, survival |
| General | Property, health, vehicle, liability |
| Reinsurance | Risk of insurers; treaty or facultative; e.g. Swiss Re, GIC Re |
| Microinsurance | Low-income groups |
Regulator
- IRDAI, established 1999 under the IRDA Act.
Exam angle
- JV: Allianz Jio Reinsurance Ltd.
- Treaty (portfolio) vs facultative (specific risk).