In an order signed by two members, BC Patnaik, Life and RK Sinha,...
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RCap lenders urge Hinduja Group arm to resolve IRDAI’s concerns early
According to the sources, the lenders expressed concerns over the...
FIU notifies fresh money laundering, terror financing reporting alerts for insurance and capital market players
A working group, that included insurance regulator IRDAI, went into...
72 dead in Bengal, have never seen such devastation: Mamata appeals to PM
The chief minister also announced a compensation of Rs 2 lakh to Rs 2.5 lakh for the family members of each of the deceased.
“So far as per the reports we have received, 72 people have died in the state due to Cyclone Amphan. Two districts North and South 24 Parganas are completely devastated. We have to rebuild those districts from scratch. I would urge the Central government to extend all help to the state,” West Bengal Chief Minister Mamata Banerjee said after conducting a review meeting with officials.
Not expecting significant growth for insurance industry this year due to coronavirus impact: Bajaj Life Insurance
“Virtualisation will be very critical, customers are already doing a lot of things on a virtual basis. And they will prefer those brands and distributors who are willing to work virtually and be able to provide solutions virtually. So that being the end point, we are basically therefore re-learning, re-training ourselves as we go forward,” Chugh said.
Decide corruption cases in time involving retiring bank, govt officials: CVC
“Further, it was also conveyed that all such retirement cases should be received by the first week of the month of superannuation of the officer(s) concerned,” said the directive, issued to secretaries of central government departments and the chairman and managing directors of public sector banks, undertakings and autonomous organisations.
Tata AIA Life records 26% rise in new premium during Apr
Rishi Srivastava,MD & CEO,Tata AIA Life Insurance said,“The first step was to transition to complete remote working enabled by end to end digital capabilities so that we can continue to be of service to policyholders and consumers 24×7.We ensured there was no break in our online availability through SMS, whatsapp, website, online chat. The next step was to ensure that the health of our employees and agents is taken care of. ‘’
UK’s Covid-19 Support Fund by insurers aims to raise £100 million
The fund is supported by members of the ABI (Association of British Insurers), The British Insurance Brokers’ Association (BIBA), Lloyd’s, and The London Market Group (LMG).
China urges local firms to list in London with China Pacific Insurance leading the Pack
Under the London-Shanghai Connect Scheme, first announced in 2018, Chinese companies are allowed to add a secondary listing of Global Depositary Receipts in Britain that would be linked to shares in Shanghai.
Managing Millennial Mindset
To remain relevant, cites the Capgemini and Efma’s World Insurance Report 2020, incumbent insurers must take action, by re-evaluating their portfolios and harnessing partnerships to become ‘Inventive Insurers’. This involves shaping existing products to meet fast-evolving customer needs and preferences.
AXA’s Garance Wattez-Richard bags “Geneva Association Women in Insurance Award” for initiatives on underserved populations
Ms Wattez-Richard founded AXA’s Emerging Customers business in 2016. It now distributes insurance to 18 million customers across Asia, Africa and Latin America by engaging over 50 public- and private-sector partners in 10 countries. Among its successes, AXA protects 500,000 entrepreneurs in Egypt, 75% of whom are women, and partners with Airtel Payment Bank in India to protect 3 million customers.
Life insurance business in India to contract in 2020 due to COVID-19, says GlobalData
GlobalData has revised India’s insurance forecast in the aftermath of the global coronavirus (COVID-19) outbreak. As per the latest data, India’s life insurance market is forecasted to grow at a compound annual growth rate (CAGR) of 5.3% during the forecast period 2019-2023.
Covid-19 Pandemic:World’s top 100 most valuable insurers could lose $100bn in brand value
At the time of Covid-19 Pandemic, insurance firms damaged both financially and reputationally, as they face a surge in coronavirus-related claims and risk angering customers if they refuse to pay out.Chinese brands make up half of the top 10 insurance companies, while Allianz and Axa also rank among the most valuable firms.
“The Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20 per cent drop in brand value and undoubtedly, we are going to witness revenue slowdown for all brands across the sector,” said Brand Finance chief executive David Haigh.