The cost of the impact could total around 20 million pounds ($26...
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MS Amlin binds landmark Ukraine reinsurance facility
Under the scheme, MS Amlin has committed EUR 80 million in...
Regulatory breaches emerge as top risk for Asian Boards, Willis & Clyde & Co survey
While the risk of data loss and cyber-attacks remains among the top...
Amazon to offer auto insurance in India
Amazon Pay, the India unit’s payments arm, has partnered with private firm Acko General Insurance to offer car and motor-bike insurance, the company said in its blog.
Twitter shares rise on record yearly growth in daily users
Twitter’s average monetizable daily active users (mDAU) increased 34% year over year to 186 million, above analysts’ estimate of 176 million, in a rise it said was primarily driven by external factors such as shelter-in-place requirements and increased conversation around the COVID-19 pandemic.Chief Executive Jack Dorsey opened a conference call with analysts by apologizing for the hack that compromised the accounts of high-profile users last week, saying “we feel terrible.” In a statement, Dorsey said Twitter had taken steps to improve its security and “resiliency against targeted social engineering attempts.”
SoftBank-backed fintech startup seeks $3.5 billion value in IPO
The startup plans to secure about $250 million in a round of financing at a $2 billion-plus valuation before a September 2021 initial public offering, co-founder Yashish Dahiya told Bloomberg News. Policybazaar is now selecting two to three IPO lead underwriters from a roster that includes several Wall Street banks, said Dahiya, chief executive officer of Policybazaar parent ETech Aces Marketing and Consulting Pvt.“The IPO size will be about $500 million,” Dahiya said from London, where he is currently based. “We have global interest and will raise in the coming weeks” for the pre-IPO financing.
Policybazaar to raise $150 million in third quarter
Growth over the last year is between 70 per cent and 100 per cent depending on insurance product, he said, adding, “this year we should be profitable. We were profitable in FY18, while FY19 and FY20 we were not quite profitable. So this (growth in business) will help us to become profitable from this year onwards.”
Willis appoints Fabien Conderanne as Regional Head of Financial Solutions in Asia Pacific
Scott Burnett, Head of Asia and Head of Corporate Risk and Broking for Asia at WTW adds, “We now live in extraordinary times where the relevance of our solutions and services to our clients has never been more urgent. We invest the time and resources to understand each client’s business, as well as the economic and credit risks that arise from operating in a world where geopolitical threats and regulations are in constant flux. Fabien’s appointment reflects both a commitment to grow our talent and support our clients so that they can build resilience, wherever they operate in Asia.”
Network Hospitals have to provide cashless facility to policyholders:IRDAI
,it is clarified that the policyholders are entitled to cashless facility at all such network providers (hospital) with whom the Insurance company/TPA has entered into an agreement in accordance to the norms of SLA.
In the event of denial of cashless facility at any such enlisted network providers (hospitals) the aggrieved policyholders may send a complaint to the concerned insurance company.
Beazley launches booking system for virtual broker meetings
Built in collaboration with Microsoft and IT consultancy Redspire, Beazley Booking uses Microsoft’s low code platform Power Platform to create a simple web application that brokers can access using a secure log-in provided by Beazley.
Beazley Booking enables brokers to view underwriter availability, book a meeting time, upload an agenda and documents in advance and view all of their scheduled meetings with Beazley underwriters. It aims to ensure brokers retain consistent access to their underwriting contacts during social distancing and beyond as the insurance industry adopts more flexible working practices in the long term. It also provides underwriters with access to a detailed log of broker enquiries and appointments on a fully secure system.
COVID-19 cases hit 5.9 million in Americas, half in Latin America, Caribbean: WHO
Some of Latin America’s most persistent problems have contributed to the scale of the pandemic in the region, Etienne said: inequality, political division and health systems that have been weakened by years of under-investment.
Paytm and Vijay Sharma acquire Raheja QBE general insurance for Rs 568 crore,QBE exits Indian market
“It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products,” said Paytm president Amit Nayyar
SoftBank-backed Lemonade raises $319 million in IPO
Lemonade, started in late 2016, says it has digitized the entire insurance process, replacing brokers and paperwork with algorithms. It says it provides insurance policies to homeowners and renters in as little as 90 seconds and claim payments in three minutes.The IPO values Lemonade at $1.6 billion. That is less than the $2.1 billion it was valued at last year, after it raised $300 million in a funding round led by Japan’s SoftBank and which included insurer Allianz SE and Alphabet Inc’s venture capital arm GV. Lemonade has pursued breakneck revenue growth at the expense of widening losses.