Mumbai: Arka Fincap Limited, a NBFC and subsidiary of Kirloskar Oil...
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PNB to sell 10% in Canara HSBC Life
PNB's board in its meeting held today has accorded its approval for...
IRDAI asks insurers to fast track cyclone Remal claims
Insurers have been advised to settle claim payments/on account...
Swiss Re’s digital insurance platform iptiQ gets a new CEO
In his new role at iptiQ, Carlo Bewersdorf will be focused on driving Swiss Re’s ambition to protect more people and their families by making insurance more accessible and engaging. He will seek to further develop a business model based on forging strong partnerships to sell insurance via trusted brands. At the heart of this effort is the drive to dovetail Swiss Re’s expertise with the smart use of data and technology to create no-fuss, scalable digital insurance solutions.
HC asks govt about compensation for kin of deceased frontline staff
The petitioner had sought direction to the state government to declare frontline workers, including doctors, police personnel and others, who died after contracting the deadly infection on duty, as martyrs and to give their families compensation.
In its response to the petition last week,the state government had said insurance cover is being provided to all healthcare workers in private and government-run hospitals under the Pradhan Mantri Garib Kalyan Package – Insurance Scheme for Health Workers.
China takes over companies linked to disappeared financier
Among the companies being taken over are Huaxia Life Insurance Co., Tianan Life Insurance Co., Tianan Property Insurance Co., New Times Trust Co., Yi’An Property Insurance Co., and New China Trust Co., the China Banking and Insurance Regulatory Commission said in a statement on its website Friday.
Insurers favor warehouse investments over offices as pandemic hastens real estate shifts
Pandemic lockdowns have spurred companies to re-examine their need for office space if employees continue working at home in the post-pandemic world, a trend that could drive down office occupancy rates and rents.
A second wave could eat into insurers’ capital:S&P
Currently estimates of insured losses from COVID-19 vary and include V.J. Dowling’s $80 billion to the Lloyd’s estimate $107 billion and Willis Towers Watson’s $140 billion. The consensus is that the bulk of the losses will come from event insurance, business interruption and entertainment. S&P expects the bulk of claims to be reported in Q2 and Q3. However, it warns, losses could escalate if conditions worsen beyond the current recovery scenario.
Life insurance industry sees double-digit degrowth in new premiums and policies in Apr-June Qtr
The life insurance behemoth the LIC, though has improved its market share to 74 per cent in terms new premium income, has seen its new premium income falling by 18.45 per cent y-o-y to Rs 36,530.02 in June quarter of 202-21.Its number of new policies sold during the June quarter have also fallen by 44 per cent y-o-y to 19,15,641
Global coronavirus cases rise to more than 12 million
There have been more than 546,000 deaths linked to the virus so far, within the same range as the number of yearly influenza deaths reported worldwide. The first death was reported on Jan. 10 in Wuhan, China before infections and fatalities surged in Europe and then later in the United States
Munich Re’s digital solution to power Generali Indonesia for selling life insurance
Generali Indonesia selects Munich Re Automation Solution’s ALLFINANZ SPARK to streamline the paperless process and enhance the customers’ experience
IRDAI forms panel to explore possibility of an “Indian Pandemic Risk Pool”, to address BI risks arising out of a Pandemic event
There is a need to examine long-term solutions to address the various risks which have been triggered by the current pandemic and offer protection in case of a future similar crisis.Some of the risks like Business Interruption losses without concurrent material damage loss,loss of employment would result in huge losses much beyond the capacity of government /insurers /reinsurers, said IRDAI.
The panel will examine the the need for setting up a Pandemic Risk Pool giving rationale for the same,recommend the structure and operating model for the Pool within eight weeks. .
GI Council unveils rate chart for Covid-19 tretments in hospitals,caps it at Rs18k for ICU with ventilator
These rates will be applicable to both cashless and reimbursement Covid-19 claims in States/Union territories/Cities where any Government Authority has not published standard charges for Covid-19 treatment.