Netherlands-based Aon is planning to exit insurance business in India, citing regulatory issues in the country.
The firm has 26% interest in the joint venture Aon Global Insurance Brokers, which provides insurance, reinsurance brokerage, risk and human capital consulting services in India.
India has eased investment norms in March this year to allow global players to make partnerships with local players in the insurance sector.
Aon Global was established by Dutch firm Aon and India’s Global Insurance Services in 2003 to expand insurance services in the country.
Based in Mumbai, Aon Global provides services in eight Indian cities, including Mumbai, Chennai, Bangalore, New Delhi, Pune, Kolkata, Gujarat and Hyderabad. It has extension offices in Jamshedpur and Gurgaon.
The firm provides insurance services in aviation, sports, leisure, entertainment, counter terrorism, liability and employee benefits.
With over 2,000 clients across the country, Aon Global is involved in settling around 500 claims per annum.
Earlier to the formation of Aon Global, Global Insurance Services provided insurance related services to large corporate houses, including claims management, risk management advice, surveying and loss assessment/ adjusting solutions.