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Public-private insurance programmes must boost risk reduction to keep disasters insurable:Geneva Association
Jad Ariss, managing director of the Geneva Association, said,...
General Insurers’ total Jan premium rises 15% to Rs 33,346 crore
With another two months, February and March, to go before the...
Global natural disasters cause $ 320 bn of economic losses, $140 bn of insurance claims in 2024 : Munich Re
Weather catastrophes were responsible for 93% of overall losses and 97% of insured losses. Around 11,000 people lost their lives as a result of natural disasters in 2024 – significantly fewer than the average. Non-peak perils are increasingly fuelling the trend of...
DPDP Act 2023: Insuring fines and penalties
While clarity on insurability of DPDP Act fines from an enforcement standpoint remains to be witnessed, insurance providers can play a vital role in managing risks and supporting businesses in their efforts to comply with data protection regulations The recently...
Frame policy on cashless treatment for motor accident victims by Mar 14 : SC to Centre
``We direct the Central government to make a scheme in terms of sub-section (2) of Section 162 of the MV Act as expeditiously as possible and, in any event, by March 14, 2025. No further time shall be granted, it ordered. said the Supreme Court NEW DELHI: In a...
Lloyd’s CEO John Neal to join Aon as global Reinsurance CEO and chairman of climate solutions
John Neal Neal, after six years in Lloyd's as a CEO, will play an important role in delivering Reinsurance solutions to meet the evolving demands of today's dynamic marketplace. He will be based in London, reporting to Andy Marcell, CEO of Risk Capital for Aon, and...
Wildfires rage in Los Angeles, forcing tens of thousands to flee
Numerous buildings were destroyed and nearly 3,000 acres (1,200 hectares) burned in the Pacific Palisades area between the beach towns of Santa Monica and Malibu, officials said. The area is home to many film and music stars. LOS ANGELES: More than 30,000 people...
Modified scheme to provide cashless treatment for road accident victims nationwide: Gadkari
"The broad contours of the pilot programme are -- victims entitled to cashless treatment up to a maximum of Rs 1.5 lakh per accident per person for a maximum period of 7 days from date of the accident," Nitin Gadkari said while addressing a press conference. The...
“Acquisitions in India remain an option if a compelling opportunity arises aligning with our long-term vision”
Laurent Rousseau, CEO of Europe, IMEA and Global Capital Solutions, Guy Carpenter 33% of the overall Indiancapacity (premium) is still provided by cross boarder reinsurers(CBRs). CBRs play a critical role particularly in specialty lines (e.g. Terrorism,...
General Insurance industry premium degrows a bit in Dec
In the first nine months(Apr-Dec) of FY 23-24, the industry has grown by 7.83 per cent year on year(y-o-y) to Rs 2.30.181crore Mumbai: Post segregation of long- term business from monthly premium figures, the general insurance industry has slowed down a bit in...
Powerful Tibet earthquake near Nepal kills at least 96
The quake hit at 9:05 a.m. (0105 GMT), with its epicentre located in Tingri, a rural Chinese county known as the northern gateway to the Everest region, at a depth of 10 km (6.2 miles), according to the China Earthquake Networks Centre. The U.S. Geological Service put...
Strong reinsurer appetite drives excess property catastrophe capacity at January 1:Guy Carpenter
Dean Klisura, President & CEO of Guy Carpenter. “Renewal outcomes at year-end reflect reinsurers’ positive property experience over the last two years and casualty portfolios that are well-positioned for future profitability,” said GC. London: Global reinsurance...