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India’s insurance sector sees resilient growth, but profitability, productivity remain key challenges: McKinsey
Between fiscal years 2017 and 2025, the number of in-force...
IRDAI’s Distribution Reforms: Commission on general insurance products proposed to be slashed from 30% to 20%, to 12.5% for life over 5 yrs
Greater transparency would be required from insurers and large...
Saudi shuts key oil pipeline as Houthis control Red Sea coast
The 1,200-kilometre (745-mile) pipeline running across the Arabian Peninsula had helped Saudi Arabia to bypass a shipping logjam in the Strait of Hormuz, where tanker traffic has slowed to a trickle due to the war between the US and Iran. Saudi Arabia has shut down...
Sivasankar gets additional charge as NIA CMD
S. Sivasankar, Executive Director,New India Assurance The FSIB has aleady selected Lavanya R. Mundayur, CMD, Agriculture Insurance Company, as the next CMD of NIA and the necessary order is under process with the government. Mumbai: The Ministry of Finance has given...
FY26 Performance: Indian general insurance underwriting losses surge 54% to Rs 46,632 crore,profit plunges 92% to Rs 953 crore
The underwriting blowout has virtually wiped out industry profitability. Aggregate net profit plunged 92% year-on-year to just Rs 953 crore in FY26, while the industry’s average combined ratio deteriorated sharply from 112.61% in FY25 to 117.83%, underscoring the...
Ind AS:11 re/insures switch to new accounting system, says IRDAI
The insurers that have been granted forbearance and are scheduled to implement Ind AS from FY 2027-28 are being closely monitored by IRDAI as per their board approved monthly implementation milestones. The IRDAI is engaging with insurers on an ongoing basis, with any...
Zuno Gen Insurance promises to cover damage to cars due to blended fuel use
The product comes amid a heated debate on the impact of the mandatory use of ethanol in fuels. The government has admitted to reverses on mileages, while there are also claims of other damage, including to engines. Mumbai: Zuno General Insurance on Wednesday said it...
China to pump $45 billion into state banks, insurers in capital-boosting push
Last week, the National Financial Regulatory Administration published draft amendments to the Insurance Law. The first such revisions since 1995 propose tighter oversight of insurers’ shareholders, higher minimal capital thresholds, a wider scope of insurers that...
IRDAI slaps Rs1 cr fine on ICICI Lombard for violating outsourcing norms
The IRDAI passed an order against ICICI Lombard General Insurance after conducting an onsite inspection conducted during September 2019 and subsequent enforcement proceedings. Hyderabad:The IRDAI on Monday, has imposed a monetary penalty of Rs one rore on ICICI...
Atlantic Hurricane season remains most Tranquil since 1941
The tranquil Atlantic is good news for the millions of people who live along the US East and Gulf coasts, or on Caribbean islands. It also means fewer disruptions for the oil and gas export terminals that line the Gulf of Mexico. September is usually the month when...
OpenAI commits $1 billion to cyberdefense effort amid AI safety scrutiny
OpenAI has faced increased scrutiny since its own AI agent breached systems at open-source platform Hugging Face during a July test and attempted to hide its actions. Similar concerns have emerged at rival Anthropic. Both firms are preparing for mega IPOs. OpenAI said...
Data Centres: Global investment boom could create USD200 billion commercial insurance opportunity amid rising accumulation risks, says Swiss Re
Gianfranco Lot, Swiss Re's Chief Underwriting Officer P&C Re, says: "We are seeing the digital economy become a real economy. AI needs data centres, power grids and increasingly complex infrastructure – and all of it needs insurance. That creates growth...