Category

Insurance broking body opposes 100% FDI in the sector

Indian News       Aug 29, 2019

  New Delhi: The Insurance Brokers Association of India(IBAI), the representative body of over 400 Indian insurance brokers including joint ventures with foreign partners, in a majority has staunchly opposed the government move to increase the foreign direct investment (FDI) 100 per cent from 49 per...

100% FDI in insurance intermediaries notified 

Indian News       Aug 29, 2019

  New Delhi: The government on Wednesday notified 100 per cent FDI in insurance intermediaries which was announced in the Budget in July this year. The notification was issued by Department of Financial Services of the Finance Ministry.   Piyush Goyal,Commerce and Industry Minister,while announcing the government's...

Bank frauds worth Rs 71,500 crore detected in FY19 states RBI report

Indian News       Aug 29, 2019

Mumbai: The number of cases of frauds reported by banks saw a jump of 15 per cent year-on-year basis in 2018-19, with the amount involved increasing by 73.8 per cent in the year, RBI’s annual report showed.   In FY19, banking sector reported 6,801 frauds involving...

More favorable pricing permeates global reinsurance industry, but is it sustainable

International News       Aug 29, 2019

  OLDWICK, N.J: The global reinsurance market as a whole has exhibited more underwriting control as evidenced by a holding back of capacity at the midyear 2019 renewals; however, questions remain over the sustainability of this newfound discipline, according to a new AM Best report.   The...

Weak systems and funding gaps jeopardize drinking-water and sanitation in the world’s poorest countries:WHO

Facts       Aug 28, 2019

  The World Health Organization (WHO) and UN-Water today sounded the alarm for an urgent increase in investment in strong drinking-water and sanitation systems.     The call came as the international water sector meets in Stockholm for its annual conference during World Water Week (25-30 August 2019)....

Dennis B. Funa chairman, Asian Re

Philippines Insurance Commissioner Dennis B. Funa elected as Asian Re chairman

International News       Aug 28, 2019

  Bangkok: The Asian Reinsurance Corp. (Asian Re), a professional insurer operating in 10 member-countries, has elected Philippines Insurance Commissioner Dennis B. Funa as chairman.   He was elected last June 28 as Asian Re’s chairman, replacing Abdolnaser Hemmati, who had been appointed governor of the Central...

Devesh Srivastava, CMD, GIC Re

D Srivastava to head GIC Re, M Poddar selected as AIC CMD

Indian News       Aug 28, 2019

  New Delhi: The Banks Board Bureau (BBB), the recruitment body for selecting top officials of PSU banking and insurance companies, on Tuesday said it has selected Devesh Srivastava, 56, general manager, GIC Re as the CMD of the company.   Malay Kumar Podda, general manager, National...

Bank recapitalisation unlikely to deliver much, says S&P

Indian News       Aug 27, 2019

  New Delhi: Given the weak credit demand from corporates and the lingering NBFC crisis, just announced recapitlisation of state-run banks will not deliver on the key objectives of higher lending and a recovering in their fortunes, warns a report.   It can be noted that fixed...

Mutual fund industry eyes Rs 100 lakh cr AUM, 10 cr investor base in next decade: AMFI

Indian News       Aug 27, 2019

Mumbai: The Indian mutual fund industry is eyeing a four-fold rise in AUM to Rs 100 lakh crore from existing Rs 25 lakh crore and increase in investor base to 10 crore from current 2 crore over the next decade, according to AMFI-BCG vision document.  ...

Allianz Australian unit to refund customers for insurance mis-selling

International News       Aug 27, 2019

The Australian unit of Germany’s Allianz SE will refund more than A$8 million ($5.40 million) to customers who were mis-sold consumer credit insurance (CCI) premiums, Australia’s investment regulator said on Tuesday.   The Australian Securities and Investments Commission’s (ASIC) said Allianz Australia Insurance Ltd will refund...