Cyber and climate change/natural catastrophes are also key themes....
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Govt notifies new Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025, IRDAI to frame new regulations
Now, insurance regulator IRDAI will come out with new set of...
Amendment of Insurance Laws Bill, 2025:Achieving “Insurance for All” by 2047
The Insurance Act 1938 did not contain any definition of “insurance...
MoF rejects unions’ concerns, stoutly defends ongoing restructuring of PSU general insurance cos
The PSU general insurance companies are board governed commercial entities operating in a competitive and regulated market. This entities are empowered to take appropriate decision in such a matter in compliance with regulatory framework and guidelines, said Bhagwat...
Cyclone Michaung: Economic and Insured losses of Chennai floods will be much less than 2015 event
Preliminary estimate of 5th December devastation out of Cyclone Michaung in Tamil Nadu indicate the economic losses of around Rs 12,000 crore for the state and insured losses limited between Rs 1,500 crore to Rs 2000 crore Chennai: With all its fury and...
WHO releases guidelines on chronic low back pain
Low back pain is the leading cause of disability globally. In 2020, approximately 1 in 13 people, equating to 619 million people, experienced LBP, a 60% increase from 1990. Cases of LBP are expected to rise to an estimated 843 million by 2050, with the greatest growth...
Auto cos unveil comprehensive service plan to serve flood-affected customers
"The cyclone Michaung has had a severe impact on the lives and belongings of people as the affected cities got flooded. We have announced a special service campaign under which we are offering a comprehensive check-up apart from substantial support on labour and spare...
Insurers heavily exposed to climate change, global watchdog says
Insurers continue to have "material exposure" to climate change through investments in fossil fuels and energy-intensive industries, as well as through their underwriting of natural catastrophe risk, the global insurance watchdog said London: Insurers are heavily...
Africa Specialty Risks gets Lloyd’s in-principle approval to launch Syndicate in 2024 with managing agent Apollo
Mikir Shah, CEO, Africa Specialty Risks ASR Syndicate 2454 aims to begin underwriting in March 2024, and will focus on underwriting business across Africa, which represents around 2% of Lloyd’s business globally. This presents a unique opportunity for specialty risk...
Rising war risks prompt property insurers to rethink cover
“There’s a chance that the reaction to Ukraine and others is going to have more of an impact on other parts of the world that are not live situations right now but could be live in the future like Taiwan. You can’t get anything in Ukraine at this point in time. For...
Maersk introduces surcharge on Israel shipments to cover insurance
“Moving into 2024, insurance premiums continue to be raised for vessels bound for Israel, which has brought about the need for Maersk to officially implement an Emergency Risk Surcharge (ERS),” the Danish company said in a statement Shipping group A.P. Moller-Maersk...
Reinsurance 2024: Better terms & conditions and Profitability
Fitch forecasts an improvement in underlying profitability for the global reinsurance sector in 2024, and is maintaining its improving fundamental sector outlook Robert Mazzuoli, Director, Insurance,Fitch Reinsurance rate increases for property catastrophe business...
Aditya Birla Health sees relief ahead in mediclaim premium
General cost inflation contributed to the premium rise. In the last two years, the average claim amount increased from Rs 45,000 to Rs 65,000, forcing insurers to revise premiums, said Mayank Bathwal, CEO of Aditya Birla Health Insurance Mumbai: Aditya Birla Health...