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Risk Report: Building Risk Culture for India Inc
Sanjeev Mantri, MD & CEO, ICICI General Insurance Profound...
Tokyo court only holds utility responsible to compensate Fukushima evacuees and reduces damages
The decision is among the four rulings that apparently came in line...
DGCA,airport authority ignored warnings on Kozhikode table top runway
The runway at Kozhikode, where the latest crash took place, doesn’t have an adequate safety mechanism, especially in wet conditions with a tailwind, a member of the aviation regulator’s Civil Aviation Safety Advisory Council wrote in a letter to top bureaucrats in 2011, a copy of which was seen by Bloomberg News.
A ground arrestor system, similar to those maintained at Air Force bases, should be installed at table top airports to bring any skidding aircraft to a halt, an investigation report into the 2010 crash of another Air India Express jet recommended.
PM Modi launches financing facility worth Rs 1 lakh crore under Agriculture Infrastructure Fund
Already, 11 of the 12 public sector banks have signed memorandum of agreement with the Agriculture Ministry.
Under the fund, about 3 per cent interest subvention and credit guarantee of up to Rs 2 crore will be provided to the beneficiaries to increase the viability of the projects.
COVID-19 impact: Major ports’ cargo handling drops 18% to 193 MT in April-July
India has 12 major ports under the control of the central government — Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia).
These ports handle about 61 percent of the country’s total cargo traffic. These ports handled 705MT of cargo last fiscal.
Insured losses from Beirut blast seen around $3 billion: sources
Munich Re said this week the explosion would likely result in big claims, but it could not yet give an estimate.
AXA and Allianz , two major international insurers operating in Lebanon, also said it was too soon to give any figures.
Australia to spend US$1.2b on cyber security for private sector after rise in attacks
Cyber attacks on businesses and households are costing about A$29 billion $20.83 billion) or 1.5% of Australia’s gross domestic product (GDP), Morrison told reporters in Canberra.
Much of Australia’s cyber policy to date has focused on bolstering the defenses of government agencies after an attack on the parliament in 2019, but malicious cyber activity is increasing against small and medium businesses, universities and households,Australian Prime Minister Scott Morrison said.
IMA says nearly 200 doctors in India have succumbed to Covid-19
“As per the latest data collected by the IMA, our nation has lost 196 doctors, out of which 170 of them are above the age of 50 years, with general practitioners attributing to around 40 per cent of it,” the IMA said expressing concerns over the safety of doctors losing their lives in the fight against the Covid-19 crisis.
While an increasing number of doctors are getting infected and losing their lives every day, substantial number of them have been found to be general practitioners.
UK insurers set for large rise in business interruption claims,says GlobalData
While there have been some legal disputes, business interruption claims are still estimated to be very high, with the ABI forecasting over 75% of claims in 2020 to be business interruption related. However, strong regulation should help to protect leading insurers in the short-term
Lemonade’s 2020 giveback hits new high, Backing 34 nonprofits chosen by customers
The Lemonade Giveback is part of the company’s socially-impactful business model, in which a portion of underwriting profits go to nonprofits of customers’ choosing. As the Lemonade community grows, so does the potential of the Giveback, and this year’s donation is more than 20x the first one in 2017.
“The global pandemic has hurt so many in so many ways. More than ever, we’re grateful that our business allows us to take care of our customers while they take care of their communities.Many of our customers selected Direct Relief’s COVID response for their Giveback, and in so doing they helped finance medication for 50,000 ICU patients – a hugely impactful move,”said Daniel Schreiber, Lemonade CEO and cofounder.
S.African regulator working to clarify companies’ rights in pandemic insurance claims
Several lawsuits have been filed by individual firms, mostly in tourism and hospitality, after they were told by insurers that their policies did not cover coronavirus lockdowns.
AI Express plane overshoots runway at Kozhikode airport,broken into 2 pieces,17 dead
.There were 191 passengers, including crew members on board the flight and both the pilots along with 15 other persons have died and100 passengers have been injured.
Mumbai based state owned New India Assurance(NIA) is the primary insurer of Air India and the total cover for the airlines is heavily reinsured, upto almost 95 per cent, in the London market.
“There will be major hull claims as the aircraft is completely damaged. There will be also claims on account of the death of two pilots and and other passengers ,” said insurnace industry sources.