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InsuranceDekho receives $70 million funding from investors
Ankit Agrawal, Founder & CEO, InsuranceDekho, said,"We are...
IRDAI imposes Rs 1cr fine on UIB Insurance Brokers for flouting premium remittance rules
According to the IRDAI, the broker does not have any right over the...
Aon to cut salaries of most employees, suspends stock buybacks
Gregory Case, chief executive officer; Christa Davies, chief financial officer; Eric Andersen, president; John Bruno, chief operating officer, and Tony Goland, the company’s chief innovation officer, have agreed to a temporary 50% reduction in their base salary from May 1, 2020 through December 31, 2020, or until another date is determined by the company, according to a filing with the Securities and Exchange Commission.
Total global reinsurance capital rises by 15% to $605 bn at year-end 2019,underlying returns remain low: Willis Re
James Kent, global CEO, Willis Re, said: “This analysis demonstrates how sensitive the global reinsurance capital base is to investment markets. Thankfully strong capital growth in 2019 allied to judicious investment strategies by many companies has put the industry in a good position to weather the current volatile environment. At the same time, the analysis demonstrates that underlying profitability remains a core focus for reinsurers resulting in rate increases across many lines of business, to support the pricing momentum on loss impacted lines that started in some cases in mid-2018.”
Vivek Nath to head Willis Towers Watson’s South & Southeast Asia operations
Scott Burnett, Head of Asia and Head of CRB Asia, said: “The South Asian countries including Singapore continue to be key markets in our Asia portfolio, and one where we hold significant opportunities for strategic growth. At the same time, we continue to grow our regional talent base and expertise by adding new leaders throughout our organisation in Asia.
Facebook invests $5.7 billion in Reliance unit to reach small Indian grocers
Facebook co-founder and CEO Mark Zuckerberg said, “India is home to the largest communities on Facebook and WhatsApp, and a lot of talented entrepreneurs. The country is in the middle of a major digital transformation and organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online.”
Covid-19 Pandemic:India Inc expects negative impact in the next 6 months, says Willis Towers Watson
Almost half of the respondents expect a negative impact on their business in the next 12 months; 19% expect adverse impact to last over a two-year period.
42% have not taken a decision on salary increment budgets for this year, while 33% indicated that performance appraisals and bonus pay-outs will happen as planned.
83% plan to review their work-from-home policy; 55% have no fixed end-date on their flexible work arrangements.
Health and motor insurance renewal date further extended till May 15
“With a view to mitigate hardship to policyholders whose health&motor (3rd party) insurance policies are due for renewal during lockdown, Govt. has issued a notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies,” said Finance Minister N Sitharaman .
Hiscox says UK lockdown not covered under business interruption policy
The insurer said its “realistic disaster scenario” estimates a net loss of $175 million due to a global pandemic, mainly from losses on event cancellation, entertainment and travel insurance.
Covid-19: Govt to transfer financial assistance only through DBT mechanism
“India has JAM (Jan Dhan, Aadhaar, Mobile) based DBT mechanism for diff. schemes. Successfully deposited Rs. 28,256 Cr. to 31.77 Cr. beneficiaries bank a/cs under Covid relief. DBT is fulcrum for targeted delivery of such measures. Pls don’t believe any outlandish rumours!,” the Department of Financial Services said in a tweet.
Finance Minister Nirmala Sitharaman had last month announced that as many of 20.5 crore women Jan Dhan account holders will get Rs 500 per month for the next three months.
Covid-19 covers of ICICI Lombard and Digit Insurance to be available in Flipkart platform
‘Digit Illness Group Insurance’ offered by Digit Insurance allows consumers to avail a hospitalization cover up to a sum assured of Rs.1 lakh with an annual premium of Rs.511. Further, there is no limit on room rent or ICU. The policy covers 30 day pre and 60 days post hospitalization fee. Additionally, policyholders can also avail 1% of the sum assured for ambulance services.
Merging PSBs can continue their existing bancassurance partnerships for a year:IRDAI
Punjab National Bank (PNB) has absorbed Oriental Bank of Commerce and United Bank — which makes it India’s second-largest bank after State Bank of India (SBI).Similarly, Syndicate Bank merges with Canara Bank, Union Bank of India absorbs both Andhra Bank and Corporation Bank. Indian Bank and Allahabad Bank’s merger also comes into effect from April 1