Market sources pointed out Allianz plans to exit Bajaj Allianz Life...
Category:
Life
Latest
Insurance industry can collaborate with telcos, e-comm, fintechs for deepening reach: LIC chief
Siddartha Mohanty, MD & CEO, LIC "Current channels, including...
Panda seeks more conglomerates to enter insurance; Irdai nudging more cos to list
Debasish Panda, chairman, IRDAI The regulatory body's chief said...
Global insurance industry faces IFRS 17 costs estimated at $15 to $20 bn:Willis Towers Watson
Kamran Foroughi, Global IFRS 17 Advisory Leader at Willis Towers Watson, said: “This is an extraordinary figure that will naturally lead to many questions from Boards and investors.
“For many, significant improvements will also be required in business processes and finance operations to deliver IFRS 17 efficiently and link with other metrics. With smart investment and the right people, an insurer’s IFRS 17 programme has the potential to help deliver long-term annual savings to show against the daunting up-front costs.”
Labour codes : Companies’ PF liability to go up, workers’ take-home pay to shrink
The labour ministry had envisaged implementing the four codes on industrial relations, wages, social security and occupational health safety & working conditions from April 1, 2021. These four labour codes will rationalise 44 central labour laws.
The ministry had even finalised the rules under the four codes. But these could not be implemented because many states were not in a position to notify rules under these codes in their jurisdiction.
ICICI Pru Life announces highest-ever bonus of Rs 867 cr to policyholders
ICICI Prudential Life Insurance has announced an annual bonus of Rs 867 crore for all eligible participating policyholders for FY2021. The bonus declared is the highest ever by the company till date and is also 10 per cent higher than the bonus announced in the last fiscal” it said in a release
Indian court calls for sweeping reforms to respect LGBT rights
Among his recommendations: police and government officials should be given awareness training to ensure they respect LGBT rights. Medical practitioners who claim to be able to “cure” homosexuality should have their licenses revoked.
States begin easing COVID lockdowns as case numbers decline
The national capital territory of Delhi, the seat of India’s federal government, was among those relaxing restrictions and will allow shops to open on alternate days. Shops with even numbers will open on one day while those with odd numbers will open the next day. Private offices will also now be allowed to operate at 50% of normal staffing levels.
In the industrialised western state of Maharashtra, the local government will from June 7 allow malls, movie theatres, restaurants and offices to open regularly in districts where the positivity rate has fallen below 5%.
Aon to sell its U.S. Retirement Business to Aquiline and its Aon Retiree Health Exchange Business to Alight
Aon and Willis Towers Watson have previously announced the divestiture of Willis Re, a set of Willis Towers Watson corporate risk and broking and health and benefits services, and Aon’s retirement and investment business in Germany.
LIC’s mega IPO may hit the street in March
Though,the lagislative changes in the LIC Act 1956, to facilitate the LIC IPO, are already in place, the government appointed actuary Milliman is yet to finalise the embedded value of the corporation.
Economy hit by COVID-19 second wave to start recovering from July, says Chief Economic Advisor
Commenting on the stock market situation in the country, he said that the stock market is at a record high as investors believe that the Indian economy will do well.
The CEA said that the prediction of good economic growth and investment by developed nations in the Indian stock market has led the market to a record high.
China’s new three-child policy draws scepticism, cost questions
James Liang, a professor at Peking University’s School of Economics and founder of online travel giant Trip.com Group, last month urged China to give parents of each newborn 1 million yuan to lift a fertility rate of just 1.3 children per woman in 2020. That rate is in line with countries such as Japan and Italy and far short of the 2.1 replacement rate.
He said this week that China would need to spend about 5% of GDP, compared with “practically 0% now”, in cash, tax breaks, housing subsidies, daycare, and other incentives to get the fertility rate up to about 1.6, and expects the government soon to step up building day-care centers and kindergartens. Developed counties typically spend 1% to 4% of GDP on such support, he said.
Covid-19 claims cost life reinsurers billions
The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but claims from other countries including South Africa and in Latin America added to the costs. Life reinsurers only have limited exposure to India.
BI estimates Swiss Re accounted for around 35% of claims followed by Reinsurance Group of America on 27% but the decline in deaths should mean much lower claims for the second half of the year.