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Flipkart fined Rs1.06 cr for flouting IRDAI norms
Flipkart Internet Pvt Ltd ( FIPL) is a registered corporate agent...
FinMin to implement ‘One State-One RRB’ soon to achieve better efficiency
As of 31 March 2024, 43 RRBs are operating through a network of...
Chubb and Marsh partnership to provide $150 million cover for the COVAX Program for 92 low and middle-income countries
Through Chubb’s and Marsh’s collaboration, up to $150 million in insurance is provided for the COVAX No Fault Compensation Program to cover compensation payments to eligible individuals in the 92 lower-income countries and economies, known as the Gavi COVAX Advance Market Commitment (AMC) eligible economies.
Insurance broker Marsh led the global placement of the bespoke solution. Chubb is the lead insurer, supported by a further 10 insurers located in the U.S., U.K., Germany, Ireland, Switzerland and Bermuda.
IRDAI panel makes various suggestions on retail engineering insurance products
On sum insured definition for retail segment for engineering products, it said: “Considering a near unanimous view from all stakeholders, the panel suggests Sum Insured limit of up to Rs 50 crores is recommended for retail segment”.
The group, as per the report, opined that the retail products with standard wordings with uniform coverage of a good range of essential covers are needed to give a comprehensive protection boost to the SME and MSME sector entities and units.
The products should be offered by all Indian insurers without any changes or modifications, it said.
EU asks if Aon rival Gallagher, others are right buyers for assets -sources
Earlier this month, Aon offered to sell assets in five European Union countries, Willis’ reinsurance arm and its German retirement benefits and consulting business, people with direct knowledge of the matter had told Reuters.
The package of concessions to the European Commission also included Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands.
Aon’s EU concessions for $30 billion Willis bid may not be enough:
Last Friday, the London-headquartered company submitted concessions to the European Union’s competition watchdog, which did not disclose details in line with its policy. The watchdog often requires acquiring companies to make concessions that will strengthen rivals before giving its go-ahead.
Aon has proposed selling Willis Re, its biggest concession, and Willis’ German retirement benefits and consulting business. It has also offered to sell Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands, one of the people said.
Aon, seeking EU nod on $30 billion Willis bid, offers to sell assets
Aon has proposed the sale of businesses in France, Germany, the Netherlands and Spain, including financial and professional lines and aerospace and cyber activities, the person said.
The package of concessions also includes corporate risk- broking activities in some other countries while a potential buyer examines those assets, the person said.
Aon launches innovative industry collaboration to protect global COVID-19 vaccine shipments
The solution provides transparent cargo insurance coverage for COVID-19 vaccines by combining sensor data and analytics. The offering enhances All Risk Marine Cargo insurance with timely payment for doses that fall outside of the agreed-upon temperature range while being transported or stored, enabling more effective risk management and claims support. Real-time reporting of any temperature deviation will also provide for the mitigation of losses and help maximize the number of doses that are administered to the public.
Lloyd’s launches pioneering parametric earthquake insurance policy in New Zealand
The new product Bounce is designed to provide New Zealanders with affordable earthquake insurance and fast claims payments, to support customers’ needs following an earthquake and quickly cover immediate expenses incurred. It does this by tracking Peak Ground Velocity (PGV) which triggers payment at levels of 20 centimetres per second and above.
Amazon starts offering healthcare service to other employers
The move shows how the No. 2 U.S. private employer is diving further into healthcare, the latest industry it has aimed to disrupt after retail, enterprise technology and Hollywood.
Piloted in September 2019 for staff near its Seattle headquarters, “Amazon Care” lets employees video-chat with doctors for diagnoses and referrals. It also facilitates housecalls and drug delivery in greater Seattle, a non-virtual benefit that Amazon said would be available in greater Washington, D.C., and Baltimore in the coming months.
US and Canada transactional risk insurance market reaches record highs
From 2015 to 2019, rates for representations and warranties (R&W) insurance steadily declined. That trend, however, halted in 2020. 2020 marks the first year that primary rates are sitting above 3% since 2017, which we attribute principally to two factors: An increase in the frequency and severity of transactional risk claims.
“Surge pricing” during the flood of deal activity in the fourth quarter. Claims concerns continue to influence insurers’ approaches to pricing, and we expect rate increases to continue in the short-to-medium term.
Rajeswari joins IRDA as member, Distribution
Meanwhile, the government has advertised for the post of member, Finance & Accounts,IRDAI as the incubment Pravin Kutumbe will be retiring on 12th March after completing his three-year term.
Subhash Chandra Khuntia, chairman, IRDAI, will completing his three-year term in May.