“It almost seems like a pandemic unfolding in slow motion,” said...
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Auto sales growth slows down in June
According to industry figures, total domestic passenger vehicle...
Government working on aggregation of CA firms, accounting standards for insurance sector
Apart from the aggregation of CA (Chartered Accountants) firms, the...
Above-average annual insured natural cat losses in 2020 despite multiple ‘near-misses’:Willis
In Asia, Tropical Cyclone Haishen caused under $1 billion of insured losses, well below those caused by similar storms during 2019’s cyclone season. The largest event of 2020 to hit Latin America and the Caribbean was hurricane Iota in November, with an estimated economic loss of about $1.3 billion, but a much lower insured loss.
Union Budget 2021-22:Sitharaman announces FDI limit hike from 49 % to 74 % in Indian insurance sector, one PSU general insurer will be privatised
Outlining some features of a company with FDI of 74 per cent, Sitharaman said in such insurance companies, 50 per cent of board will be independent directs, and all key person will be Indians.
The management control will be lying with the majority shareholders..
Sitharaman also announced government’s intention to privitise one of the state owned insurance companies and listing of the Life Insurance Corporation.
The government will launch a new federal health scheme with an outlay of around 641 billion Indian rupees ($8.80 billion) over the next six years,
Budget-2021-22:Govt yet to identify 2 PSU banks and a gen insurer to be privatised,Fin Secy Pandey
`Privitisation of a public sector banks or an insurance company depends upon a lot of processes which will begin now. We will examine which of the PSU banks excluding IDBI Bank and insurance company is ready or to be made ready. It will be a time consuming process. We will announce names once we identify these companies” said Ajay Bhusan Pandey, finance secretary, Ministry of Finance,.
“The NITI Awill do the due diligence and indenitify the names of the PSU banks and general insurance company that will be privatised. Then the proposals will go to Core Group of Secretaries on Disinvestment(CGD) and then to Alternate mechanism for the finalising the names . The privatisation process of PSUs is part of reforms agenda of the government and is a continuous process and shouldn’t be evaluated in one year, Debasish Panda, Secretary, DFS .
Budget-2021-22:India proposes tax benefits to establish domestic aircraft leasing
India is developing an offshore finance hub called Gujarat International Finance Tec-City, or GIFT City to attract foreign investors with close to zero tax, and top-notch infrastructure in an effort to compete with Hong Kong and Singapore.
Health sector hails increased allocation, new schemes
The Finance Minister announced that Rs 64,180 crore will be invested over six years to improve primary, secondary and tertiary healthcare.
“Her focus on improving rural and urban health infrastructure in addition to the existing National Health Mission will certainly see many new initiatives coming up, which will help improve the health index of people in the country. Spending on improving supply of potable water through Jal Jeevan Mission too will improve health of citizens across India,” Mervin Leo, Cluster COO, Gleneagles Global Hospitals, told IANS. .
Budget 2021: Social security benefits to be extended to platform and gig workers, says FM
A portal will be set up to collect info on gig and platform workers, building and construction workers, among others, to provide them with benefits like health, credit (easy financing), food, and others, Sitharaman said in her speech.
She noted that for the first time Code on Social Security Code 2020 has made provision for universalisation of social security for the entire workforce including gig and platform workers.
Budget 2021-22: Rs 35,000 cr allocated For COVID-19 vaccination expenditure in FY22
According to the COVID-19 Vaccine Operational Guidelines, the shots will be offered first to an estimated one crore healthcare workers, and around two crore frontline workers, and then to persons above 50 years of age, followed by persons younger than 50 years of age with associated comorbidities based on evolving pandemic situation.
Empty halls, cancelled shots: France’s COVID vaccine rollout falters
Europe faces a vaccine shortfall because Pfizer and Moderna have temporarily slowed supplies, while AstraZeneca said it would reduce volumes allocated to the European Union in the first quarter due to production issues.
IRDAI chief cautions India Inc on Cyber Risks, 14 general insurers issue 38,000 individual cyber covers
Khuntia was addressing “ The Global Cyber Insurance Summit 2021”,the first -ever such international event organised virtually, on Friday,by GIC Re, Data Security Council of India and City of London Corporation, to identify and discuss leading cyber risks faced by corporates
According to a senior Marsh India official , not more than 400 to 500 Indian corporates that have bought cyber policies
The average policy size of a cyber insurance policy, in the BFSI segment, ranges from $ 1-50 million while a few have taken covers for $ 300 million and the largest policy size in this segment is at $ 400 million.
India to come out of COVID-19 pandemic as one of the global winners: Danish envoy
Svane told PTI that foreign ministers of the two countries are working on an ambitious action plan comprising specific targets to achieve the goals broadly mentioned in the ‘India-Denmark Green Strategic Partnership’.
The green partnership, finalised at a virtual summit between the prime ministers of the two countries, aims to create a framework for significant expansion of cooperation in areas of renewable energy, environment, economy, climate change and science and technology.