``We believe the pricing cycle has most likely passed its peak and...
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20TH SIRC: Singapore Dy PM Gan Kim Yong to deliver keynote address
“With the strong line-up of panels and a dynamic meeting agenda...
Zurich Kotak General Insurance to scale up its commercial insurance portfolio, Ajey Hegde to head the unit
Sean Walker, Head of Commercial Insurance & Chief Technical...
Insurers settle 17.94 lakh COVID-related health insurance claims for Rs 21,837 crore in 15 months: Govt
replying to a question on cryptocurrency trading, Minister of State for Finance Pankaj Chaudhary said currently, all entities regulated by RBI have been advised to carry out customer due diligence process in line with regulations governing standards for KYC, Anti Money Laundering, Combating of Financing of Terrorism (CFT) and obligations of regulated entities under PMLA.
Lok Sabha passes bill to amend general insurance law without debate
As per the statement of objects and reasons of The General Insurance Business (Nationalisation) Amendment Bill, 2021, it seeks to remove the requirement that the central government should hold not less than 51 percent of the equity capital in a specified insurer.
It aimed at generating required resources from the Indian markets so that public sector general insurers can design innovative products.
Shipping losses stay at historic lows, but Asia remains largest global loss hotspot:Allianz
“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.
“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.
The world’s piracy hotspot, the Gulf of Guinea, accounted for over 95% of crew numbers kidnapped worldwide in 2020. Last year, 130 crew were kidnapped in 22 incidents in the region – the highest number ever – and the problem has continued. Vessels are being targeted further away from the shore – over 200 nautical miles (nm) in some cases.
Full functional autonomy for PSU general insurers not privatisation: Unions
On Friday, Sitharaman also said the private general insurers have greater penetration and raised more money from the market and therefore give a better premium for public and innovative covers. On the other hand, the government insurers are not able to perform as they are short of resources.
Responding to that Jha said: “In 2019-20 the four PSU general insurers issued about 7.33 crore policies. The numbers of last fiscal will be similar. One should compare this with the number of policies issued by the private players to calculate insurance penetration.”
Bengal finance minister Amit Mitra questioned the “anti-people policy” of privatising public sector insurance companies LIC and United India Insurance Company, urged her to stop the privatisation attempt that will jeopardise investments of crores of people.
India reports 40,134 new COVID cases and 422 deaths
Fresh Covid-19 cases in India registered a week-on-week rise for the first time in 12 weeks since the peak of the second wave in early May, indicating an early sign of another pandemic spike in the country, said experts.
Currently, the surge is mainly restricted to Kerala and, to a much lesser degree, Karnataka and Tamil Nadu.Cumulatively, 47,22,23,639 vaccine doses have been administered through 55,99,690 sessions, as per the provisional report till 7 am today. 17,06,598 vaccine doses were administered in the last 24 hours.
Estimated loss worth Rs 632 crores occurred due to rain, cloudburst, landslide in Himachal
While speaking to ANI, State Disaster Management Authority Director Sudesh Kumar Mokhta said, “So far, 211 people and 438 animals have died in incidents related to rain, cloudburst, and landslide in Himachal Pradesh during this monsoon season.”
“109 houses are fully damaged. Estimated loss worth Rs 632 crores has occurred”, said SDMA Director SK Mokhta. This development comes hours after various incidents of floods, landslides following heavy rainfall were reported in the State.
Delhi: Water level in Yamuna rises again; over 100 families moved to safer areas
On Friday, the Delhi administration had sounded a flood alert and expedited efforts to evacuate people from vulnerable areas, as the river in the capital breached the danger mark of 205.33 meters amid heavy rains in the upper catchment areas. The water level was recorded at 205.30 meters at the Old Railway Bridge at 9 am.
Mastercard and American India Foundation (AIF) launch first portable hospital in Jalna
Prof. K. VijayRaghavan, Principal Scientific Adviser, Government of India, said, “Rapidly developing and implementing surge-capacity in our health-care system is an important ongoing effort all over the country. Government efforts are supplemented by partnership with industry and NGOs with an aim to refurbish existing hospital infrastructure to improve critical care. These include facilitating state governments’ systems in a manner uniquely required of them. The initiative by Mastercard and AIF is one such where a few hospitals are being launched and/or commence their functions this month. Keeping up the momentum, learning from these experiences, will be important to accomplish the goals of all such partnerships.”
Leading auto makers post double-digit sales growth in July
Similarly, Honda, Nissan, MG Motor, and Skoda also reported healthy growth in their sales last month leveraging on improved market mood amid prevailing lower coronavirus infection rate, despite supply constraints of semi-conductors.
The country’s largest carmaker Maruti Suzuki India’s (MSI) domestic sales increased by 39 percent to 1,41,238 units last month as against 1,01,307 units in July 2020, the company said in a statement.
‘Corona Kavach, Rakshak policies loss-making products’; insurers urge regulator for re-pricing
”Given that there are such huge underwriting losses, companies have been speaking to the regulator that an increase in the premium will help (them). In life, we have already seen an increase in premiums,” said sources