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Budget FY2024-25: Indian Insurance Industry’s Wish-list
The upcoming Budget 2024-25 is crucial for advancing insurance...
Term Insurance: Multiple features with flexible options
Several term plans come with the flexibility of being converted...
Negative interest rates turn saving, borrowing upside down
Four trillion euros worth of government bonds of the 19 countries that use the euro now yield less than zero. Trillions more in Japanese and other government bonds trade below zero around the world. Even Greece, which defaulted on government bonds in 2012 and carries the highest debt load in Europe, was able to sell three-month notes at a negative rate.
Renewable insurance plays an important role in Asia’s energy transition:Willis Towers Watson
with the renewable energy industry particularly susceptible to weather volatility, index-based solutions are being increasingly used to address power generation risks, wind and low solar as well as power price volatility and power outages not linked to physical damage.
ME’s $2 trillion wealth could just vanish in 15 years
Without decisive economic reforms, the richest Middle Eastern states could exhaust their net financial wealth by 2034 as the region becomes a net debtor, the fund projects. Within another decade, their total non-oil wealth would also be exhausted, the IMF said in the report prepared by a team of its Middle East and Central Asia specialists as well as the research department.
Digitalisation:Transforming The Insurance Industry
“As a result of digitalisation, insurers now have direct connection to their customers“, says Jeffrey Bohn, Chief Research & Innovation Officer at Swiss Re Institute. “With the availability of granular data, insurers can better segment customers enabling them to develop new tailored products and services, and refine existing ones in real time. This benefits customers and insurers alike.“
Budget 2020:Indian Life Insurance Industry
To drive greater insurance penetration, the Union Government should help build a roadmap that includes GST incentivization, advancing tax benefits to life insurance consumers and bring greater parity in terms of benefits between life insurance products and other investment avenues.
Budget 2020:Indian General Insurance Industry
An index based scheme (Parametric Insurance) can be adopted which compensates for the damage caused due to catastrophic event, as per the pre-defined triggers for such events. The premium for the same can be collected along with the property tax and once the claim is triggered, amount can be directly transferred to beneficiary’s Jan Dhan Account linked to the home insurance policy. It will go a long way in bridging the protection gap between the economic losses and insured losses during Nat-Cat events
Promoting Responsible Artificial Intelligence in Insurance
When used for risk selection and pricing, trust in AI systems can be fostered by using data sources that are related to the insured risk in a way which is intuitively understandable to customers. The benefits of overly complex models may not always justify their reduced interpretability.
Cyber top peril for Asia-Pacific companies for the first time:Allianz Risk Barometer 2020
“For the first time, Cyber overtakes Business Interruption as the top risk for businesses in Asia Pacific. While 2019 saw no major global cyber-incidents in the vein of past events like WannaCry and NotPetya, businesses are increasingly cognizant of the costs associated with being a victim of a cyber-attack, with IBM estimating the average cost of a data breach being slightly under US$4m,” says Mark Mitchell, Regional CEO, Asia Pacific of AGCS.
Insurance industry calls for action to mitigate Climate Risk as Australia bushfires widen
“Globally, as our cities get bigger, we’re moving into more hazardous areas. Disaster mitigation is absolutely key,” said Andrew Gissing, head of risk and resilience at Risk Frontiers, a provider of catastrophe-modeling solutions. “We spend too much on disaster relief and recovery and not enough on mitigation.”
Climate Forecast for 2020s is warmer, stormier and more extreme
Over the last decade, climate researchers have been filling in gaps in their data on past temperatures, and improved models that are calibrated against the past to predict the future. That’s led to better predictions for weather as well, thanks to more complete data, better science, and more computer power.