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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...
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...
UK regulatory shake-up could address lack of domestic commercial reinsurance -lobby group
Britain's upper chamber of parliament, the House of Lords, said late last week that its Industry and Regulators committee of lawmakers was launching an inquiry into the regulation of the London insurance market and how to improve the regulatory set-up for the industry...
ICICI Lombard General Q3 profit remains flat at Rs 318 cr
Bhargav Dasgupta, managing director and CEO, ICICI Lombard General Insurance said that the profit was crimped by the rising cost pressure from marketing expenses as a section of the industry has been going aggressive on this front whittling the higher gains from...
Cyber perils outrank Covid-19 and broken supply chains as top business risk globally and in Asia Pacific: Allianz Risk Barometer 2022
Cyber incidents tops the Allianz Risk Barometer for only the second time in the survey’s history (44% of responses), Business interruption drops to a close second (42%) and Natural catastrophes ranks third (25%), up from sixth in 2021 London/Munich/New...
IRDAI reduces general insurers’ obligatory cession for GIC Re to 4 % from 5 % in FY 2023
The approximate size of the Indian reinsurnace market is around Rs 55,000 cror in FY.2020-21. To begin with, obligatory cession for GIC Re was 10 per cent which was reduced to five per cent afterwards and the foreign reinsurers which are having braches in India are...
Govt seeks applications for a new IRDAI member(Non-Life)
TL Alamelu, member(Non-Life), IRDAI will be retiring on May 6,2022 after completing her three-year tenure New Delhi: The government on Monday has asked for applications to appoint a new member (Non-life), in Hyderabad based IRDAI. The current member(Non-Life),TL...
SCOR and Swedish pension fund Alecta enter a strategic partnership through the Atlas Gotland sidecar
With this investment, Alecta will benefit from the performance of SCOR Global P&C’s diversified portfolio of property catastrophe reinsurance through a multi-year agreement Paris: SCOR announces that it has secured a USD 200 Million investment by the Swedish...
Lloyd’s and London market insurers tap DXC Technology to transform the world’s largest insurance marketplace
John Neal, CEO of Lloyd’s said: “With the respective commitments of DXC, Lloyd’s and the entire London market, we have the capabilities to transition to a single platform solution that will provide automated processing and accounting for the market, a substantial...
‘Significant discipline’ at Jan. 1 reinsurance renewals may set tone for ’22:S&P
Retrocession capacity is becoming scarcer and more expensive, particularly at lower coverage layers and where it is offering protection against loss frequency. This is because capital markets investors who finance a large part of the market have grown weary of...
U.S. business fears never ending liability from ‘take-home’ COVID-19 lawsuits
The Dec. 21 ruling allowed a wrongful death lawsuit to proceed against See's Candies Inc, owned by Berkshire Hathaway, by the family of Arturo Ek of Los Angeles who died in April 2020 at 72 from COVID-19 As COVID-19 cases surge in the United States, businesses say...
Universal health care bill advances in California Assembly
first step toward abolishing the private health insurance market in the nation’s most populous state and replacing it with a government-run plan that they promised would never deny anyone the care they need SACRAMENTO, Calif: California Democrats on Tuesday took their...