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Absence of major losses paves the way for competitive pricing in power insurance sector: WTW
A shift in appetite from coal to non-coal power and the phasing out...
Indian auto retail sales fell 19%, inventory piles up
According to FADA President C.S Vigneshwar, “the Shraddh period...
As US wildfire threat grows, insurance capacity shrinks
Most wildfire losses that have hit the insurance market originated from California utility companies due to inverse condemnation, which states that private property owners are entitled to compensation if their property is damaged by the government or utilities.
While all U.S. states have such doctrines in place, California has been the only one to apply it for utility-related fires.
Aki Hussain to succeed Bronek Masojada as Group Chief Executive in Hiscox
Hamilton: Specialist global insurer Hiscox announces today that after 21 years as Group Chief Executive, Bronek Masojada has informed the Board of his intention to retire at the end of the year. Following a thorough succession process, the Board has appointed Aki...
3523 Air India employees affected by Covid of which 56 died: Centre to LS
“On the death of a permanent/fixed-term contractual employee due to COVID-19, their families are paid compensation of Rs 10,00,000 and Rs. 5,00,000 respectively. Families of casual/contract workers are paid compensation of Rs 90,000 per two months’ salary,” the minister said. It further informed that COVID centres have been opened by the company in various locations to take care of the affected employees/ families.
“Reimbursement of vaccination charges are being provided to employees and their families if paid by them,” it added
645 children lost their parents to Covid from Apr-May 28 during second wave: WCD
”The scheme, the prime minister has announced, provides support for education and health and will create a corpus of Rs 10 lakh for each child when he or she reaches 18 years of age. This corpus will be used to give a monthly financial support/ stipend form 18 years of age, for the next five years to take care of his or her personal requirements during the period of higher education and on reaching the age of 23 years, he or she will get the corpus amount as one lump-sum for personal and professional use,” Irani said.
Based on audacious assumptions: Centre dismisses studies claiming undercounting of India’s COVID deaths
“The reports assume that all the excess mortality figures are COVID deaths, which is not based on facts and totally fallacious. Excess mortality is a term used to describe an all-cause mortality figure and attributing these deaths to COVID-19 is completely misleading,” it said.
Death rates soar in Southeast Asia as virus wave spreads
A variety of factors have contributed to the recent surge in the region, including people growing weary of the pandemic and letting precautions slip low vaccination rates, and the emergence of the delta variant of the virus, which was first detected in India, said Abhishek Rimal, the Asia-Pacific emergency health coordinator for the Red Cross, who is based in Malaysia.
ICICI Gen’s Q1 net drops 61 % to Rs 152 crore on higher Covid-19 claims
The largest private sector general insurer has also seen its combined ratio deteriorating to 121.3 per cent in Q1 FY2022 compared to 99.7 per cent in Q1 FY2021
Shell to appeal landmark climate case in the Netherlands
The ruling came after Milieudefensie, the Dutch arm of Friends of the Earth, sued the company for violating human rights. The court agreed, saying Shell must reduce its total emissions by 45% by 2030 from 2019 levels. That compares with Shell’s own target of reducing the intensity of its greenhouse gas emissions by 20% from 2016 levels.
Health drives non-life insurers back to black in Q1, premia growth up 13.8 pc: Report
Crop insurance has nearly halved from Rs 1,479.32 crore in Q1 of FY21 to Rs 713.06 crore in Q1 FY22 as anecdotal data suggest that as the crop insurance scheme has been made optional, farmer enrolment has come down, it said.
Saudi Aramco facing USD 50M cyber extortion over leaked data
A page accessed by the AP on the darknet – a part of the internet hosted within an encrypted network and accessible only through specialized anonymity-providing tools – claimed the extortionist held 1 terabyte worth of Aramco data. A terabyte is 1,000 gigabytes.
The page offered Aramco a chance to have the data deleted for USD 50 million in cryptocurrency, while another timer counted down from USD 5 million, likely in an effort to pressure the company. It remains unclear who is behind the ransom plot.