2024 has been a pivotal year for the Indian insurance industry,...
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Insurtech- For Quick & Seamless Customer Service
Amit Bhandari, Chief Technical Officer at Magma HDI General...
COP29: Climate change harming young people’s mental health
Recent study shows young people are more likely to present at the...
India uses digital banking and biometrics to organize its 1.3 billion population
The digital network is now the lynchpin for most of India’s social security and cash transfer programs — which had been notorious for corruption and unreliability. Today, the government uses JAM’s direct benefit transfers for 317 programs. It made 2.6 billion transactions in the current financial year, getting more than $46 billion to beneficiaries. The cumulative value of the transfers since the first programs started in 2013 stands at more than $195 billion.
Brazil’s COVID Crisis Is a Warning to the Whole World, Scientists Say
No other nation that experienced such a major outbreak is still grappling with record-setting death tolls and a health care system on the brink of collapse. Many other hard-hit nations are, instead, taking tentative steps toward a semblance of normalcy.
GIFT City: Modi’s plan to make a Singapore in Gujarat has fallen flat
In hosting an international financial center, Singapore stole a march over rival Hong Kong, where the bankers were initially against more competition. But it wasn’t tall buildings that made the experiment a success. A freely convertible currency, pragmatic regulation, a stable tax regime, rule of law and speedy dispute resolution played a huge role. (Good schools and pubs helped, too.)
Covid-19 Pandemic:Tracking an Unprecedented Year for Businesses
Nearly every business in the world has been affected by COVID-19—in different ways. While one-fourth of the companies saw sales falling 50 percent in the last quarter, a third of firms said their sales increased or stayed the same in the period.
To capture the impact of the pandemic on firms’ performance, the World Bank launched ongoing surveys with more than 120,000 firms in over 60 countries. The assessment is expected to help inform recovery efforts.
Developing countries have introduced multiple support programs, but businesses most affected by the shock—small firms and those in poorer countries—were the least likely to receive government support.
Crises are nothing new to small enterprises in developing countries.
“Significant improvement in climate-related disclosure of Insurers”
Bronwyn Claire, Senior Programme Manager for ClimateWise said,“We’ve seen significant progress being made by members in the incorporation of climate change considerations into investment and underwriting strategies demonstrating growing strategic commitment to corporate and societal resilience to climate change.”
Rising Risk of Cyber-attack on Industrial Sector:Lloyd’s Report
Cyber-attack risks have previously been considered unlikely to materially impact the physical market, with cyber perils traditionally emerging in the form of non-physical losses. However, the report looks at how physical risks have become a rapidly growing concern for industrial businesses as shown by recent high-profile breaches. As bridges are increasingly being built between information technology (IT) and operational technology (OT), along with increases in automation and sophistication of threat actors, it is paramount that (re)insurers carefully consider where major losses may occur.
Insurers play waiting game amid push for post-Brexit Solvency II equivalence
Under Solvency II equivalence, the EU would recognize a non-EU country’s solvency regime as producing comparable outcomes to its own, meaning less regulatory scrutiny. The Solvency II directive extends equivalence in three areas: reinsurance, solvency calculation and group supervision.
More at risk of losing homes as climate change outpaces response, Fiji warns
Mami Mizutori, who leads the U.N. Office for Disaster Risk Reduction said globally, there had been a notable reduction in the loss of life caused by extreme weather events like storms and floods, as governments stepped up efforts over the past five years to evacuate millions of people to safer places. But the number of people affected by disasters remained “chronically high”, with displacement one of the harshest consequences, pushing many into crowded city slums or to other countries where they do not always get a friendly reception.
Only about 100 countries have so far put formal strategies in place to cut the risk of disasters, she said. Such plans can include things like early warning systems, stronger building codes and a ban on construction in flood-prone areas.
Cyber Insurance- a must for Enterprises
A cyber insurance cover is a must especially for corporates as it is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event.
Currently, insurance covers are designed to protect against a number of cyber exposures that can impact businesses including direct costs to the corporates as well as claims/losses from third parties.
From factory to faraway village: behind India’s mammoth vaccination drive
Despite initial glitches, particularly with CO-WIN – a centralised digital platform to roll out and track India’s mammoth vaccination programme – officials in Koraput said the system would suffice for the first two phases.