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Chaucer appoints Jonathan Ng as new Class Underwriter in Political Risk, Singapore
Chaucer, the leading global speciality (re)insurance group,...
No new Bill on insurance reforms in Winter Session of Parliament
Indian insurance industry is expecting legislative measures...
Make ‘bumper-to-bumper’ insurance mandatory : Madras HC
“, this court directs that whenever a new vehicle is sold after September 1, it is mandatory for coverage of bumper to bumper insurance every year, in addition to covering the driver, passengers and owner of the vehicle, for a period of five years. Thereafter, the owner of the vehicle must be cautious in safeguarding the interest of driver, passengers, third parties and himself/ herself, so as to avoid unnecessary liability being foisted on the owner of the vehicle, as beyond five years, as on date there is no provision to extend the bumper to bumper policy, due to its non-availability, said Justice S Vaidyanathan of the Madras High Court.
Kerala HC to examine whether weddings under SMA can be solemnised online
The order came on the pleas by several petitioners who have contended that personal physical presence of the bride and groom is not necessary for solemnisation of nuptials under the law.
The state government, on the other hand, is not in favour of online solemnisation of marriages under the Act.
It has contended that solemnization of marriage was mandatory prior to registering it under the SMA and therefore, presence of the two sides and the witnesses is required before the Marriage Officer.
ESG bonds likely to top USD 10 bn this year: JP Morgan
Globally, the environmental, social and governance (ESG) has become a key board-room topic since 2013-14 and soon investors have also been asking on the ESG principles of their investee companies.
The ESG idea has caught the attention of domestic corporates, investors and analysts as well and since 2015, 41 companies have raised over USD 17.2 billion in such funds of which USD 6.24 billion this year alone.
Green bonds will continue to be led by renewable energy players, according to Agarwal, who sees green bond issuances gaining traction even outside the renewable energy space, such as the ones by Ultratech Cement and Delhi Airport. Also, more green debt will be raised to cut carbon emissions by sectors like steel and cement.
Finance Ministry exploring insurance bonds as alternative to bank guarantees
“Government is exploring on instituting insurance bonds as alternatives to bank guarantees,” an official statement said.
Bank guarantees are usually asked for while extending a loan and typically require a collateral. An insurance bond is also a surety but it does not require any collateral.
As per reports last year, insurance regulator Irdai was also looking at the option of insurers offering surety bonds in the context of road projects.
Zurich Hong Kong launches domestic helper insurance plan
The cover can be bought by paying an annual premium of HKD946, equivalent to less than HKD2.6 a day.
The cover has multiple new protections, including replacement expenses caused by a domestic helper’s resignation within three months of the initial contract, or intentional/negligent injuries to the household children or elders, and service interruption cover if the domestic helper suffers from cancer or heart disease
Swiss Re and Climeworks sign world’s first 10-yr carbon removal purchase agreement
”To mitigate the risks of climate change, the world needs to scale-up carbon removal on top of, not instead of emission reductions. By partnering with Climeworks we can play to our strengths in this endeavour, as a risk taker, investor, and forward-looking buyer of climate solutions”, said Christian Mumenthaler, Swiss Re’s Group Chief Executive Officer and Co-Chair of the World Economic Forum’s Alliance of CEO Climate Leaders.
Majority of Indians experience no or mild side effects post 2 doses of Covid vax: Survey
Community social media platform LocalCircles said that according to its nationwide survey, ”70 percent of Indians after taking the first dose of Covishield and 64 percent with Covaxin experienced no or mild side effects.”
“Govt to have minimum presence in life insurance, general insurance and reinsurance” Sitharaman
“If minimum presence is something that has to be there as per policy, I will obviously be present in LIC, in the general insurance industry, and somewhat in the reinsurance sector also,” finance minister said.
Debashish Panda, secretary, department of financial services(DFS) announced changes to the pension payouts of Public Sector Banks. Family members of deceased PSB bankers will now get pension of 30 pc of last drawn salary as against earlier Rs 9,284, says
“Pension payouts to bank employees could increase to Rs 30,000-Rs 35,000 from the earlier cap of Rs 9284,” Panda said.
Govt working on establishing charging infra for EVs across country: Pandey
”We are working in a way so that the EVs become a public movement. That’s how we are going ahead with this,” Union Heavy Industries Minister Mahendra Nath Pandey noted.
Covid in India maybe entering some kind of stage of endemicity: WHO’s Soumya Swaminathan
“As far as India is concerned that seems to be what is happening and because of size of India and heterogeneity of population and immunity status in different parts of country in different pockets, it is very very feasible that the situation may continue like this with ups and downs in different parts of the country, particularly where there are more susceptible population, so those groups who were perhaps less affected by first and second waves or those areas with low levels of vaccine coverage we could see peaks and troughs for the next several months,” said Chief Scientist of the World Health Organisation Dr Soumya Swaminathan.