Salman Jaffery, Chief Business Development Officer of DIFC...
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Africa Specialty Risks to operate as a Lloyd’s service company on behalf of ASR Syndicate 2454
ASR Ltd is now able to write up to USD $10 million per risk across...
Nilesh Garg quits as MD &CEO of Tata AIG General Insurance
Nilesh Garg, MD& CEO, Tata AIG General Insurance It is...
Nine new Insurance Ombudsmen selected
Vipin Anand,managing director, Life Insurance Corporation, who will retiring this month end , has been chosen for Bengaluru, Girish Radhakrishnan, who retired as CMD of United India Insurance, has been selected for Kochi.
The other selected candidates are S.Sampathkumar for Chennai, N Sankaran for Hyderabad,B S Pandya for Mumbai, Atul Jerath for Chandigarh, RM Singh for Bhopal, Rajiv D Sharma for Jaipur, Somnath Ghosh for Guwahati.
U.S. judge narrows focus of antitrust suit over $30 bln Aon-Willis merger
The DOJ had alleged that combining the two large insurance brokers would harm competition in reinsurance broking, retirement and pension planning and private retiree multicarrier healthcare exchanges. But the divestitures mean those no longer will be issues in the trial, according to the order
Insured losses from western German floods may total 4-5 billion euros – trade body
Gemany’s insurance industry association GDV said the floods in the states of North Rhine-Westphalia and Rhineland-Palatinate are likely to exceed the 4.65 billion euros of damage recorded following a deluge in August 2002.
India reports 3,998 COVID deaths after state corrects its data
On Wednesday, the government reported 42,015 new coronavirus infections in the previous 24 hours, health ministry data showed.
US life expectancy in 2020 drops by 1.5 years due to Covid-19 pandemic
“It’s staggering and depressing,” said Noreen Goldman, a professor of demography and public affairs at Princeton University. “The U.S. lags behind virtually all high-income countries in life expectancy, and now it’s lagging further behind.”
China’s ‘iPhone city’ relocates 100,000 people after record rain, flood
The city of Zhengzhou in the central province of Henan saw 457.5 millimeters (18 inches) of rain fall in the 24 hours through 5 p.m. on Tuesday, the highest since records began for the city of more than 10 million people, the official Xinhua news agency reported. That included a record 201.9 millimeters in a single hour, from 4 p.m. to 5 p.m. The city’s airport said on its Weibo page it has temporarily suspended inbound flights.
Maruti crosses 50 lakh cumulative sales milestone in rural markets of India
Stating that rural markets have a very special place in the company’s business, he said, ”over the years, we have carefully studied the needs of this segment… We remain committed to delivering products and services that match the customer needs in rural India.” While the aspirations of upcountry customers are very similar to those at metros, they demand more attention and care, he added.
Property mkt to touch USD 1 trillion by 2030; number of people employed in sector to grow at 7 cr: Housing secy
The secretary said it is estimated that around 88 crore people will be living in urban areas by 2051 as against the current 46 crore, creating huge potential for real estate development.
Sharing the success story of RERA, he said around 67,000 projects and 52,000 property agents are registered under this law. More than 70,000 cases have been disposed of by the real estate authorities established under this law. All states, except West Bengal have implemented this law, he said, adding that the ministry has written to the state government regarding this.
Natural disaster H1 insured losses hit a 10-year high of $42 billion
Floods in Europe since last week have likely caused $2-3 billion in reinsurance losses, analysts say. read more
Natural disasters were responsible for around 3,000 deaths globally in the first half, with 800 fatalities from the heatwave which hit parts of Western Canada and the U.S. Pacific Northwest in late June.
As cyberattacks rise, Cyber insurers are overhauling their strategies
Cyber policies are relative newcomers to the centuries-old insurance industry. The sector has exploded in the past decade — with premiums more than doubling since 2015 and totaling $3.15 billion last year, according to the National Association of Insurance Commissioners.
Some firms are charging more for less coverage. Clients in US paid 35% more for cyber coverage in the first quarter than they did in the same period last year, according to broker Marsh McLennan. Demand for standalone policies surged 24% last year.
Wrestling with higher costs and more risk, insurers are tightening standards, boosting prices and slashing how much they’re willing to pay for a breach.