"FY24 continues to be a challenging year for the company. In the...
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Govt, exporters, shippers discuss Red Sea crisis; commerce ministry asks FIEO to share specific issues
The exporting community has urged the commerce ministry to...
GIC Re net profit jumps 27% to Rs1,518 crore in Oct-Dec Qtr, further reduces loss making Crop biz
`Our results during the quarter are more or less as per...
IRDAI forms panel to modify engineering retail segment products
Among the issues, the panel will revisit the product structures of the erstwhile engineering tariffs relevant for the retail category and make suitable recommendations for revising them.
IRDAI unveils draft norms on shareholders’ compensation post M & A of insurers
The Insurance Act, 1938 has laid down that every policyholder or shareholder or member of each of the insurers, before amalgamation, will have the same interest in, or rights against the insurer resulting from amalgamation as he had in the company of which he was originally a policyholder or shareholder or member
UK regulator, insurers, set for November 16 court battle over COVID-19 case
The FCA, six insurers and an action group are appealing a lower court judgment that sought to clarify whether 21 policy wordings, affecting potentially 700 types of policies, 60 insurers, 370,000 policyholders and billions in claims, cover disruption and government-ordered closures to curb the virus.
Although expedited, the appeal has delayed payouts on disputed claims just as thousands of struggling businesses face a second national lockdown this week to curb resurgent coronavirus cases.
Technology can make India’s crop insurance scheme profitable:Report
Contributing to the report, the Agricultural Insurance Company of India commented: “With the advent of new concepts in agriculture, the scope for crop / agriculture insurance in India is vast. The main challenge is consistency. The scheme has changed drastically in a very short space of time. Reinsurers believe there is ample opportunity but only if they decide to commit to this product for the longer term and take a long-term view despite the changes.”
High recovery keep active COVID-19 cases in India below 6 lakh
The Health ministry further said 76 per cent of the new cases of COVID-19 were from 10 states and UTs, with Kerala and Delhi having contributed the maximum of more than 6,000 cases each. Maharashtra had over 4,000 new cases in a day.
As many as 514 fatalities have been reported in a a day. Of these, nearly 80 per cent were concentrated in 10 states and UTs with Maharashtra reporting the maximum 120 deaths.
India’s COVID-19 fatality rate stands at 1.49 per cent, with 21 states and UTs have deaths per million lower than the national average, the ministry said.
Nearly 2 crore people in Karnataka were COVID-19 infected, says govt survey
The survey also found that the infection fatality rate due to COVID-19 was 0.05 per cent. “Out of 7.07 crore estimated population in Karnataka, the study estimates that 1.93 crore (27.3 per cent) of the people are either currently infected or already had the infection in the past, as of 16 September 2020,” the report said.
Britain prepares for COVID-19 vaccine as Oxford forecasts result this year
The National Health Service (NHS) in England is preparing to start distributing possible COVID-19 vaccines before Christmas in case one is ready by the end of the year.
Airlines can operate maximum 60% of pre-COVID domestic flights until February 24 next year:Govt
Scheduled international passenger flights continue to remain suspended in the country since March 23 due to the pandemic. However, special international flights have been operating under the Vande Bharat Mission since May and under bilateral air bubble pacts signed with various countries since July.
CV volumes to contract 25-28% in FY21, outlook remains negative: Icra
The outlook for the commercial vehicles (CV) sector remains ‘negative’ on the back of continuing challenges such as over-capacity, subdued freight availability, financing constraints, among others, all of which have compounded due to the pandemic, Icra said in a release.
In the previous fiscal, CV domestic volumes stood at 7,17,688 units as against an all-time high of 10,07,311 vehicles in 2018-19.
ON Singh quits Universal Sompo General Insurance Company as chairman
Recently, an inespection report of the insurance regulator IRDAI had found fault with the way Singh had managed Universal Sompo General Insurance Company which was doing a lot of intermediary and activities through his son’s broking company Risk Care.