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Average annual NatCat losses for global insurance industry reaches new high of $151 billion: Verisk
“While actual annual insured losses over the past five years have...
Govt to pay for treatment of road accident victims of uninsured vehicles
Earlier, the General Insurance Council (GI Council), the official...
India’s June services activity shrinks at fastest rate in 11-months
“PMI data for June showed quicker declines in new business, output and employment that were sharp but much softer than those recorded in the first lockdown.”
Muted demand sank the new business sub-index to its lowest since July 2020.
As a result, firms shed headcount for a seventh straight month, with the fastest reduction rate recorded in June. A Reuters poll taken around a month ago showed the job crisis may worsen over the coming year.Asia’s third largest economy, which has already recorded more than 400,000 COVID-19 deaths, is still reporting over 40,000 coronavirus cases per day, taking the total number of infections to over 30.5 million.
Increase in household debt stress is worrying: SBI report
Household debt — after taking into account retail loans, crop loans and business loans from financial institutions like commercial banks, credit societies, NBFCs and HFCs — has sharply increased to 37.3 per cent of GDP in FY21 from 32.5 per cent of GDP in FY20.
“The decline in bank deposits in FY21 and concomitant increase in health expenditure may result in further increase in household debt to GDP in FY22,” said the report. India’s household debt to GDP ratio is still lower than other countries, though there is need to supplement wage income as a percentage of GDP that has been declining.
Rural Thrust: Indian Insurance Penetration
Private insurers, mostly confining their operations to urban India, aim at making hefty profits while as public sector insurers, currently struggling for their survival, both defeating the actual purpose of delivery of insurance services to the public. Lack of trained manpower at rural level with unaggressive marketing strategy
AXA XL appoints Marine Ress as Chief Underwriting Officer, Casualty for APAC & Europe
Etienne Champion, Chief Underwriting Officer, APAC & Europe, said: “The casualty insurance market has seen increased frequency and severity of losses in recent years and is undergoing transformation due to the emergence of new risks, notably those associated with new technologies. Our clients and brokers turn to us to help them navigate these developments.”
50 pc applications for cyclone Yaas relief in Bengal rejected as ‘bogus’: Official
According to a state government notification, someone whose agricultural land has suffered damaged by Yaas would get anything between Rs 1,000 and Rs 25,000.
Any affected farmer cultivating betel leaf and a person who lost his cattle in the calamity are entitled to a compensation of Rs 5,000 and Rs 30,000 respectively.
The notification further said that the state would pay a compensation of Rs 5,000 for partially damaged mudhouses and Rs 20,000 for fully damaged ones.
EU working to allow acceptance of AstraZeneca’s India vaccine jab, Commission says
The EU vaccine passport programme allows people to travel freely within the bloc as long as they have had one of four Western-made vaccines. While this includes the AstraZeneca shot, it does not extend to Covishield, the Indian version of the vaccine produced by Serum Institute of India (SII).
White House reaching out with assistance to latest ransomware victims
“The two biggest regions we’ve seen are USA and Germany,” Ross McKerchar, chief information security officer at Sophos Group Plc, said of the impact from the latest ransomware. Those affected included schools, small public-sector bodies, travel and leisure organizations, credit unions and accountants, he said.
After Didi, China launches cybersecurity probe into more U.S.-listed firms
The three app-based businesses should halt new user registrations during the review, the the Cyberspace Administration of China said in a statement, adding that the investigations are to “prevent national data security risks and safeguard national security”. The cyberspace agency did not offer further details about the investigation into the three apps, but cited China’s national security law and cybersecurity law.
Suez Canal says deal reached to free seized vessel
At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million.
The authority did not reveal details on the settlement deal with the Shoei Kisen Kaisha Ltd., the Japanese owner of the Ever Given. It said the deal will be singed in a ceremony in the Suez Canal city of Ismailia on Wednesday.
The canal authority will receive a tug boat with a pulling capacity of about 75 tonnes as part of a settlement to release the container ship Ever Given, which blocked traffic at the waterway for six days in March, Rabie told a private TV channel.
Getting athletes to Olympics amid global pandemic a logistics nightmare
Although most athletes have been fully vaccinated and Games organizers require negative Covid tests prior to arrival, there have already been some upsets. Two members of Uganda’s Olympic squad tested positive in Japan last month, despite having been inoculated earlier, and over the weekend, a rower from Serbia tested positive.