Insurance business pertaining to Government social security schemes...
Category:
Non-Life
Latest
Premiums for disaster-prone areas need to be subsidised: Parl panel
This may require a specialized insurance business to be set up by...
House panel recommends reduction of GST on health, term and micro insurance policies
Jayant Sinha, chairman, Parliamentary Standing Committee on Finance...
Global marine insurance results indicate a modest recovery but COVID-19 adds uncertainty :IUMI reports
Marine underwriting premiums for 2019 were estimated to be USD 28.7 billion which represents a 0.9% reduction from 2018.
The USD 28.7 billion global income was split between these geographic regions:Europe 46.3%, Asia/Pacific 31.8%, Latin America 10.3%, North America 5.3%,
Other 6.3%.
UK watchdog fines Marriott 18.4mn pounds over data breach
The personal data involved differed between individuals but may have included names, email addresses, phone numbers, unencrypted passport numbers, arrival/departure information, guests’ VIP status and loyalty programme membership number.
India’s COVID-19 caseload reaches 82.67 lakh, recoveries surge to 76,03,121
A total of 76,03,121 people have recuperated from the infection so far, pushing the national recovery rate to 91.96 per cent, while the case fatality rate stands at 1.49 per cent.
The number of active cases remained below six lakh for the fifth consecutive day.
There are 5,41,405 active cases in the country as on date which comprise 6.55 per cent of the total caseload, the data stated.
Singapore’s Dy PM launches Global Asia Insurance Partnership,to incubate new risk financing solutions for emerging risks in Asia
“Through GAIP, we aim to produce actionable research insights, develop policy recommendations, There are many structural protection gaps facing Asia, but pandemic risk and climate risk are two critical areas that demand our immediate and collective attention,.” Heng Swee Keat Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance,Singapore, said adding that GAIP is expected to commence work in January next year.
CCI approves merger of Bharti AXA General Insurance into ICICI Lombard General insurance
The merger of Bharti Axa General Insurance with ICICI Lombard General Insurance, India’s largest non-life company had got formalised in an all-stock deal, valued at €521 million(approximately Rs 4,200 crore).AXA, with 49 per cent of stake and Bharti, with 51 per cent of stake, to combine their non-life operations in India into ICICI Lombard, in exchange of shares
HDFC ERGO implements AI enabled solution to automate motor claims
Parthanil Ghosh, president – Motor Business HDFC ERGO General Insurance said, ” We have implemented the use of AI in one of the most complex process of claim settlement post exhaustive testing and by leveraging the best-in-class technology. At present almost 75% of our physical inspections are assisted through IDEAS tool and have already processed more than 20,000 motor claims with promising accuracy levels. We look to further revolutionize the way claims will be settled in the insurance sector and very soon move towards instant claim settlements for customers, turning their satisfaction into delight.”
There would be significant cyber losses in the next 10 years: Mumenthaler
`There are certain tail risks that are too big, in my view, for the insurance industry to carry. We can carry a certain amount of risk, and we are active in the market, but I think the capacity will run out within the next three years.The shadow of cyber risk still looms large, with bad actors or rogue states capable of launching damaging cyber attacks that could even result in human losses, given our dependence on technology. It’s not a random event. It’s perpetuated by people and on the aggregation side it’s a real challenge,” he explained…
Ransomware attacks surge 40% globally in Q3: Report
While sensors in India, the UK and Germany recorded decreases, the US saw a staggering 145.2 million ransomware hits in Q3 — a 139 per cent year-over-year increase, said the report.
Super typhoon Goni slams into Philippines, 1 million evacuated
Manila’s main airport was ordered shut down for 24 hours from Sunday to Monday and airlines canceled dozens of international and domestic flights. The military and national police, along with the coast guard and firefighters, have been put on full alert.
About 1,000 Covid-19 patients were moved to hospitals and hotels from tent quarantine and treatment centers in the capital and the northern province of Bulacan, Jalad said. More emergency shelters would be opened than usual to avoid congestion that can rapidly spark infections.
India’s carmakers report brisk sales in monthly sales in Oct
Maruti Suzuki, the country’s biggest automaker, said it sold 182,448 vehicles in October, an increase of nearly 19% over the same period last year