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Giant oil tanker off Dubai hit by Iranian strike after Trump’s latest threats
The strike on the Kuwait-flagged Al-Salmi is the latest attack on...
West Asia Crisis:Hormuz remains under Iran’s firm control
Until this war, one long-held assumption around Hormuz was that...
Tribunal awards Rs 1.5 crore compensation to kin of man killed in accident
The deceased was the proprietor of a labour supplier firm and earning Rs 12.95 lakh annually. The compensation amount included Rs 1.06 crore towards future loss of dependency, Rs 42.68 lakh for income towards future prospects, Rs 15,000 each for the loss of estate and...
General insurers remain bullish on industry’s growth in 2025
"Cyber insurance is expected to gain prominence alongside the adoption of parametric insurance for disaster management and surety bonds as alternatives to traditional bank guarantees in infrastructure projects," Bajaj Allianz General Insurance MD & CEO Tapan...
High interest rates declining export finance impacting exporters’ competitiveness CII’s Budhia
`` Export Credit Guarantee Corporation of India (ECGC) currently provides 90 per cent insurance cover for exporters with a credit limit of up to Rs 50 crore. This coverage could be extended to Rs 100 crore, and more banks could be brought into the fold to ensure...
Commercial aviation suffers deadliest year since 2018
The spike in fatalities marks a reversal from 2023, which became the safest year ever in aviation with no deaths among large passenger jetliners — typically planes made by Airbus SE and Boeing. Commercial aviation has suffered its deadliest year since 2018 after the...
FinMin asks banks, insurance firms to expedite public grievances resolution
M Nagaraju, Secretary, Department of Financial services At the outset, the Secretary reiterated the Prime Minister's direction given in the Pragati meeting held on December 26, that all the Senior officers at the level of Chairman/ MD/ ED of PSBs/PSICs should review...
Govt extends PMFSBY and RWBCIC till FY25-26, sets up Rs 824.77 crore technology fund for crop claim settlement
Prime Minister Narendra Modi For large scale technology infusion in implementation of the scheme leading to increasing transparency and claim calculation and settlement, the Union Cabinet has also approved creation of Fund for Innovation and Technology (FIAT) with a...
2024 Insurance Amendment Bill: Ushering in a New Era in Indian Insurance
Shailaja Lall & Shivangi Talwarer Some clarity has been provided on ‘services related or incidental to insurance business’ under the 2024 Amendment Bill which includes carrying on and transacting guarantee and indemnity business, managing, selling and realising...
20th SIRC-Revolutionise(Re)Insurance
After Monte Carlo Rendez-Vous de Septembre and Baden Baden Reinsurance Meet, the global reinsurance industry has gathered in Singapore for 20th SIRC ,in the 1st week of November, to prepare itself for the Jan 1 renewals. Asia Insurance Post had prepared a special...
Ex-cop, PSU staffer among 5 men handed jail term in 2003 bogus insurance claims case
During investigation, it was revealed that public servants entered into a criminal conspiracy and colluded with private persons and sanctioned insurance claims based on forged documents, thus causing loss to the New India Assurance, said the agency Ahmedabad: A...
South Korea’s Jeju Air crash insured by Samsung Fire & Marine and 4 others, reinsured by AXA XL
The aviation insurance industry could be looking at a claim for about $15-$20 million under the airline hull insurance policy, and total passenger liability claims of $120-$180 million due to the crash, according to Marcos Alvarez, managing director of global...