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Reliance General Insurance fined Rs 1 cr by IRDAI
The IRDA order clafrified that the submission of the insurer failed...
Delhi tribunal awards Rs 1.26 crore compensation to family of man killed in 2023 road accident
The tribunal relied on CCTV footage, which showed that the bus had...
Insured losses from CrowdStrike outage could reach $1.5 bln, CyberCube says
Reinsurance broker Guy Carpenter said that insurers may face claims on directors and officers’ and property insurance as a result of the outage, in addition to cyber insurance claims Global insured losses from last week’s massive IT outage are likely to range from...
Eco- Survey flags off possible misinterpretation of principles-based regulations by private sector insurers
``Globally, the private financial sector has repeatedly shown itself to be adept at selective or misinterpretation of principles-based regulations to its benefit,’’ cautioned the report released on Monday adding that when it comes to financial products, globally,...
Global IT outage: Enhancing cyber resilience
The incident highlights the need to shift our perception of cybersecurity from a mere IT issue to the broader concept of cyber resilience as an integral part of business resilience. In the face of a cyberattack, businesses should be able to recover fast from an...
Global IT outage: A ‘huge wake-up call’ for cyber insurance industry
Insurers are expecting a "wave of notifications" in the coming days, and losses are likely to be seen under business interruption and dependent business interruption insuring clauses, Acrisure Re said in its bulletin. Insurers may also suffer "bricking losses" if the...
Insured losses from CrowdStrike’s outage likely total $540 million to $1.08 billion, says insurer Parametrix
Fortune 500 firms excluding Microsoft to see $5.4 bln in CrowdStrike losses LONDON: U.S. Fortune 500 companies, excluding Microsoft will face $5.4 billion in financial losses from the recent CrowdStrike outage, insurer Parametrix said on Wednesday. CrowdStrike's...
18 killed as plane crashes during takeoff at Kathmandu airport
The plane caught fire after skidding off the runway at Kathmandu airport and crashing into a field east of the runway," the airport official added Kathmandu: A private airlines' Pokhara-bound plane crashed during takeoff at the Tribhuvan International Airport (TIA)...
CrowdStrike Chaos: (Re)Insurers could withstand preliminary loss estimates, says Fitch
``We expect claims will be mostly within the retentions of primary insurers,'' said Fitch Cyber risk remains difficult for insurers to assess due to the dynamic root causes of claims. Challenges include a lack of effective, widely accepted modeling tools and a limited...
Budget 2024: TDS reduced on life insurance policy payout from 5% to 2%, receives positive responses from insurers
The introduction of a clause pertaining to non-deductible expenses in Section 37 for life insurance companies may lead to tax litigation. The proposed hike in Capital Gain Tax is expected to impact the tax liabilities for ULIP policyholders Rushabh Gandhi, MD &...
PSU general insurance industry turns profitable with a combined profit of Rs 7558 crore in Fy 24
Ministry of Finance is yet to receive any proposals on wage revision of employees of six general insurers from the GIPSA, the coordinating agency for PSU general insurers,Pankaj Chaudhary, minister of state, Ministry of Finance said in Lok Sabha on Monday New Delhi:...
Somali piracy revives sharply after yrs of quiet
There were eight acts of piracy and hijackings in the first half of this year near the east African country, the International Maritime Bureau, a Kuala Lumpur- and London-based monitoring organization, said in a report Somali piracy — the scourge of merchant shipping...