In recent years, glacial flood early warning systems have been...
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Insurtech InsuranceDekho raises $60 million at $650mn valuation
“We will use this money for M&A opportunities, to build a...
Indian govt panel wants car ratings tied to improved connectivity -draft
In a country with high accident rates, the advice could force...
Kerala floods not to impact profitability of non-life insurers:AM Best
A.M. Best expects fire and motor to be the most impacted lines of business. Motor own damage is one of the leading sources of business, accounting for 30 per cent of gross premiums in the state. Four large insurers, which wrote an estimated 70% of Kerala’s gross non-life premiums in 2017, are likely to absorb the majority of claims.
Maruti’s Breeza & Tata’s Nexon clear crash tests with Stars
David Ward, Global NCAP Secretary-General, said,“The four star result for Maruti Suzuki’s Vitara Brezza is really impressive. It demonstrates clearly the safety engineering capabilities of India’s leading vehicle manufacturer. It also shows the beneficial effects of the Indian Government’s new crash test standards helping to raise levels of vehicle safety. We are getting very close now to seeing India’s first five star car. In contrast the zero star Renault Lodgy is extremely disappointing. Global NCAP had hoped that Renault had learned from the difficult experience they had with the Kwid. It’s time now for Renault to make front air bags standard across their entire Indian product range. “
IRDA approves revised reinsurance regulations
The revamped regulations aim to ensure that maximum reinsurance business is retained within the country and preference would be given to Indian domiciled entities — with the first right of refusal lying with the GIC Re and then cascading down to foreign reinsurers (FRBs) and other ‘Indian reinsurers’. The spillover should be placed with cross border reinsurers (CBRs), fulfilling certain laid-down criteria.
Aadhaar not mandatory for opening bank accts, insurance policies & mobile connections:SC
The Court struck down down section 57 of Aadhaar Act preventing the use of Aadhaar number for establishing the identity of an individual for any purpose, whether by the State or any body corporate or person. “Minimal demographic & biometric data of citizens are collected by the UIDAI for Aadhaar enrolment. Aadhaar number given to a person is unique & can’t go to any other person” said the SC. Now, Aadhaar cannot be mandatory for mobile connections but is maded mandatory for Income Tax returns.
Premji Invest & Axis AMC buy 4% in SBI Gen Insurance for Rs 482 cr
Confirming the development Pushan Mahapatra, MD & CEO, SBI General Insurance, and said that now his company will approach the sectoral regulator, IRDAI for its approval for the two deals.
He hoped that the company would get listed somewhere during the next fiscal.For the deal, SBI General has been valued at Rs 12,000 crore.
CO2 emissions cost India $210 billion every year: Study
The model accounts for everything that happens in the economy today that is sensitive to environmental conditions, said Ricke.”This includes agricultural yields, vector borne disease, reduced worker productivity due to heat, increased frequency of extreme precipitation resulting in infrastructure damages or any of the other many ways that human systems get impacted by climate conditions,” Ricke added.
Will ensure IL&FS doesn’t collapse, all options open: LIC chief V K Sharma
“IL&FS is independent of the government. It has independent board and shareholders. So, IL&FS needs to resolve its issues on its own and I think it is capable of doing it,” Economic Affairs Secretary Subhash Chandra Garg had told PTI.
RBI to improve data analytics system for banking industry
“When people are creating FinTech solutions, but we’re not adopting them, there is a problem to be addressed. It’s very easy to say that this is an issue with the startups, but these are excuses and we need to see what the issue is and fix it.If you look at the number of startups shutting shop on a daily basis, it’s not a good sign. If we want to see India as a global innovator, we need to do more. That’s why the government of Maharashtra has created a FinTech policy earlier this year”
Govt announces states’ financial inclusion index, easy online MSME loans
Financial Services Secretary Rajeev Kumar said the index would be a measure of access to and usage of basic formal financial products and services including savings, remittances, credit, insurance and pension products.
Monsoon rains to start withdrawing from Saturday: MET Department
With all four months of the season consistently registering a shortfall in normal rains, countrywide rainfall since June 1 remains 9% below normal. The rainfall figures have been weighed down by below normal rains in the east and northeast region, where rainfall since the beginning of the season remained 24% short of the normal levels as on Monday.