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Amit Ganoakar to succeed Garg as new CEO of Tata AIG General
Amit Ganoakar, MD &CEO designate, Tata AIG General Insurance...
Lloyd’s appoints Nathan Adams as its Chief People Officer
Nathan Adams, Chief People Officer, Lloyd's John Neal, chief...
Surging collision risks Satellite and Space Debris force insurers to exit satellite coverage market
Space coverage has been a lucrative niche for insurers, which took in $475 million in gross premiums to cover satellites, rockets and unmanned space flights last year and paid just $425 million in losses, according to Seradata.
Space premiums are 10-20 times aviation premiums, said Peter Elson, CEO of insurance broker Gallagher Aerospace.
Only 11 spacecraft have suffered a partial or total failure due to suspected debris strikes over the past decade, according to Seradata, making insurer worries largely theoretical for now.
Yet because insurers predict risks over the life of current and future policies, space underwriters fret over doomsday scenarios years ahead.
WHO warns new Mu variant of Covid-19 could be more vaccine-resistant
The new variant was added to the WHO’s watchlist on August 30 after it was detected in 39 countries and found to possess a “constellation of mutations that indicate potential properties of immune escape,” it said.
Number of people with dementia set to jump 40% to 78 mln by 2030 -WHO
Only one in four countries has a national policy in place to support dementia patients and their families, it said, urging governments to step up to the public health challenge.
“Dementia robs millions of people of their memories, independence and dignity, but it also robs the rest of us of the people we know and love,” said Tedros Adhanom Ghebreyesus, WHO director-general.
Aon acquires 100% of its Indian JV, buys out 51% from Narayana Murthy’s Catamaran
Aon is the second intenational broker, after another USA based Galligher, that has now a fully owned company in India after the government allowed 100 per cent FDI in the domestic insurance intermediaries sector two years back.
Munich Re raises €1bn green bond
Christoph Jurecka, chief financial officer(CFO), Munich Re , said climate protection is an integral part of our Ambition 2025 Group strategy.
“By issuing a green bond, we have once again leveraged the capital markets to fund green investments. We strengthen our capital base, which gives us the financial flexibility to take advantage of current growth opportunities,” he said.
Over half of India’s adult population received at least 1 Covid shot: Govt
“Besides, 16 per cent of India’s adult population have been fully vaccinated which means they have received both the doses of COVID-19 vaccine while 54 per cent have been administered at least one dose,” the Union health secretary said.
Swiss Re creates a central cyber underwriting team,John Coletti to head Global Cyber
With his expertise, John Coletti will help Swiss Re to address the complex nature of cyber risk, including important industry issues such as ransomware and risk aggregation. John Coletti will report into Gregory Schiffer, Head of Global Specialty, and will be responsible for Swiss Re’s global cyber business, which includes portfolio ownership, global underwriting activities as well as cyber product development.
Madras HC puts order on `bumper-to-bumper cover’ for new vehicles on hold
GI Council had sought certain clarifications as well as time from the Madras HC , pointing out the order cannot be implemented from Spt o1 and it is advisable to hear the various interested parties in the matter and the insurance sector regulator the IRDAI..
DGCI gives nod for phase 2/3 trials of Biological E’s Covid vaccine on those aged between 5 & 18
India’s drug regulator in July granted permission to Serum Institute of India (SII) for conducting phase 2/3 trials of Covovax on children aged 2 to 17 years with certain conditions.
Pollution likely to cut 9 years of life expectancy of 40% of Indians
More than 480 million people living in the vast swathes of central, eastern and northern India, including the capital, New Delhi, endure significantly high pollution levels, said the report prepared by the Energy Policy Institute at the University of Chicago (EPIC).
“Alarmingly, India’s high levels of air pollution have expanded geographically over time,” the EPIC report said.