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At Rs15 crore, GIC Re tops India Inc’s per employee profitability chart during FY 2022-23
A dividend cheque of Rs.1083.60 crore for FY 2022-23 was handed...
Availability of containers not affected due to Red Sea crisis: Patel
Minister of State for Commerce and Industry Anupriya Patel said...
AI Kozhikode crash costs re/insurers the highest Indian aviation claims of Rs 660 cr, New India settles full Hull claim of Rs 373.83 cr in a record time
“The payment for aircraft Hull has been made within two working days after receiving necessary documents from reinsurers, setting high standards of service, reliability and always standing with our clients in the times of need and distress. It speaks volumes of our financial strength, cash liquidity and the trust bestowed on us by entire Indian air line industry as we are writing almost all commercial airlines in India,’’ said Atul Sahey, CMD, NIA.
The Air India insurance account is majorly reinsured ,above 95 per cent, in London market with global re/insurers like AIG,AXA Allianz and GIC Re providing the reinsurance capacity.Leading aviation and liability broker Global Insurance Brokers was the broker for the AI cover. .
Arctic headache for ship insurers as routes open up
As climate change opens new sea routes, experienced polar captains like Whatley are coveted for Arctic voyages that can save money on the run between Europe and Asia. But as activity in the Arctic’s waters picks up, insurance companies are grappling with a fundamental question: If something goes wrong, who pays?
So far, it’s unclear that the cost of a major accident would be completely covered by insurance. Damages from a ship spilling oil, hitting an iceberg or becoming marooned can run into the hundreds of millions of dollars.
Sompo Asia strengthens its insurance pricing platform with Willis Towers Watson
These solutions enable insurers, distributors and managing agents the ability to capture all elements of the pricing process and analysis. This ranges from traditional rating structures through to complex pricing algorithms with embedded models that take advantage of machine learning methods, and implement them directly into the point-of-quote engine of the insurer. To date, the Radar solution is being used by 23 out of 25 of the world’s largest insurance groups.SOMPO, which already uses WTW’s liability calculation tools, will initially implement Emblem and Radar in Singapore, India, Malaysia and Indonesia, before cascading to its business operations in other markets across Asia.
Oxford Covid-19 vaccine prompts immune response among adults: AstraZeneca
“It is encouraging to see immunogenicity responses were similar between older and younger adults and that reactogenicity was lower in older adults, where the Covid-19 disease severity is higher,” an AstraZeneca spokesman told Reuters.
Winter survival test is coming for airlines as coronavirus cases rebound
One exception is in China, where the pandemic is in check and domestic flights have surged past where they were a year ago. In the U.S., airlines carried 1 million passengers on a single day for the first time since March. Still, air travel is at about the level it was more than three decades ago.
Massive ransomware attack hits PTI, services resume
According to a company spokesperson, “The computer servers suffered a massive ransomware attack, disrupting operations and the delivery of news to hundreds of subscribers across India for several hours before they were restored after an all-night effort by engineers”.
According to sources, no ransom was paid and the engineers worked through the night to restore the services by Sunday morning.
The ransomware was identified as LockBit that encrypted data and applications, crippling the news delivery to subscribers.
LockBit functions as ransomware-as-a-service (RaaS).
Cyberattack on Dr Reddy’s Labs sharp reminder to strengthen digital infrastructure: Analysts
Dr Reddy’s faced a major data breach yesterday which triggered a shutdown of its key facilities. The company experienced data breaches in servers in the UK, the US, India, Brazil and Russia. Afterwards, the company released a statement which said that in the wake of a detected cyberattack, it had isolated all data centre services to implement preventative measures. Dr Reddy’s anticipates all services to be up within 24 hours and does not expect any major impact on operations due to the cyberattack.
India records 50,129 fresh COVID-19 cases, 578 deaths
There are 6,68,154 active cases in the country which comprise 8.50 per cent of the total caseload, the data stated.
A total of 70,78,123 people have recuperated from the disease so far, pushing the national recovery rate to 90 per cent while the case fatality rate stands at 1.51 per cent.
Cybersecurity tops corporate priorities in India now: Study
With users connecting from outside the corporate walls, secure access defined as the ability to verify identity and establish trust no matter how, where, or when users log in, is the top cybersecurity challenge faced by the largest proportion of Indian organizations (68 per cent)when supporting remote workers.
Vaccine storage issues could leave 3 billion people without access
The vaccine cold chain hurdle is just the latest disparity of the pandemic weighted against the poor, who more often live and work in crowded conditions that allow the virus to spread, have little access to medical oxygen that is vital to Covid-19 treatment, and whose health systems lack labs, supplies or technicians to carry out large-scale testing.