“There is a need for insurance companies to become a lot more...
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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.
Global economic losses from natural disasters top $232 bn in 2019, as the costliest decade on record comes to a close:AON
From a climate perspective, 2019 was the second warmest year on record for land and ocean temperatures since 1851. Notably, record temperatures of 46.0°C were seen in France and 42.6°C in Germany, while the January to May period was the wettest on record in the United States, with 15.71 inches (399 millimeters) of rainfall.
Annual natural Cat loss costs decline again in 2019
North America had the largest insured catastrophe-loss bill, with around 46% of the global total in 2019, closely followed by Asia Pacific with 38%.
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
Real-time payments platforms have increased fraud losses for 4 out of 5 APAC Banks:Survey
“While the convenience of real-time payments is great news for customers, increasingly, banks have zero time to clear a transaction or payment. AI can’t slow down the clock, but it can help create systems that are radically quicker to recognize a transaction that smells likely to be fraudulent,” said Dan McConaghy, president of FICO in Asia Pacific.
“Banks will need to move beyond passwords and OTPs and add biometrics, device telemetry and customer behavior analytics to keep up with the changing payments landscape,” he said.