Sanjay Joshi,CMD Oriental Insurance Company "We are targeting to...
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BRICS moves to build reinsurance allince, places climate and disaster resilience high on agenda
Hitesh Joshi,CMD, GIC Re Russian President Putin proposed a new...
7 years on, insurer ordered to pay Rs 8.06 cr to Swiss firm subsidiary in fire claim dispute
The complainant firm is a wholly owned subsidiary of...
GI Council defends fever admission advisory, says it controls misuse by hospitals and inflating of premiums
Between 2019 and 2024, unnecessary hospital admissions have surged dramatically. Data shows Rs 94,247.6 crore in total health claims settled in 2024–25, with cashless-only admissions accounting for 66.4 per cent of the volume.The insurance industry receives hundreds...
Drone strike in Egypt sparks security concerns about Suez oil exports
"The passage through the Red Sea, even via the longer Mediterranean route, could be put at risk, which threatens up to five million barrels per day of oil supply that can currently bypass the Strait of Hormuz," said Saul Kavonic, head of energy research at advisory...
Saudi Arabia unveils plans for multinational maritime defence coalition
The coalition would strengthen maritime security, safeguard freedom of navigation, secure international trade routes and energy supply lines, and protect shared maritime interests in the Bab el-Mandeb Strait and the Gulf of Aden. Saudi Arabia on Thursday unveiled...
AI to reshape insurance economics, drive scale and specialisation: McKinsey
The report said insurers will increasingly have to choose between competing through scale and cost or through deep specialisation, while building the technology, data and operating capabilities required to respond at "technology speed". Companies that delay AI...
Climate change made ‘fire-prone’ weather conditions more likely in Spain and France, scientists say
“We’ve seen repeatedly how climate change increases hot, dry, flammable conditions that are extremely conducive to wildfires," said Clair Barnes, a research associate in extreme weather at Imperial College London, who co-authored the WWA analysis. BRUSSELS:...
Japan earthquake halts auto and chip plants, testing supply chain resilience
Given Japan’s proneness to natural disasters, manufacturers have for decades sought to strengthen the resilience of parts supply and this latest quake, which has claimed the lives of 34 people, will be a test of how robust their efforts have been. The 7.1-magnitude...
Insurers are ‘Actively Evaluating’ new catastrophe risks as Europe burns
Historical data no longer provide an adequate foundation on which to base loss probabilities, which is why the industry now relies “heavily” on forward-looking scenario analysis, Aon’s Bruce said. And Europe’s ability to generate reliable catastrophe risk models will...
Rajaraman gets extension as IFSCA chairman till 65
K Rajaraman, chairman, International Financial Services Centres Authority The main objective of IFSCA is to develop a strong global connect and focus on the needs of the Indian economy as well as to serve as an international financial platform for the entire region...
Houthis’ Red Sea attacks prompt London insurers to widen high-risk zone
War risk premiums for voyages through the southern Red Sea have already jumped to between 1% to 2% of the value of a ship from 0.3% before the Houthi announcement, sources have said.. Attacks on ships by Yemen’s Houthis have prompted London’s marine insurance market...
Japan earthquake’s insurance claims may top $1.1 billion: Bloomberg Intelligence
Most of the exposure from the July 28 quake in Kumamoto is tied to commercial properties, as well as residential coverage under Japan’s earthquake insurance system, he said. Insurance claims from this week’s earthquake in Japan may top the 175 billion yen ($1.1...