Insurers continue to have "material exposure" to climate change...
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Africa Specialty Risks gets Lloyd’s in-principle approval to launch Syndicate in 2024 with managing agent Apollo
Mikir Shah, CEO, Africa Specialty Risks ASR Syndicate 2454 aims to...
Rising war risks prompt property insurers to rethink cover
“There’s a chance that the reaction to Ukraine and others is going...
Bollywood wakes up to Covid-19 risks,Taapsee Pannu’s Looop Lapeta can be first film to be covered
“For instance, a crew member tests positive, the entire movie crew might have to be possibly quarantined. In that case, the producers will be covered from the money they are spending on days lost,” film’s producers Atul Kasbekar said.
Cars, a cocktail and a celebrity: South Koreans succumb to Tesla fever
Tesla’s rising popularity among affluent professionals in South Korea, who have been relatively unscathed by the pandemic, is one of many feathers in its cap.Highlighting the threat it poses to established brands, Tesla last week surpassed Toyota Motor Corp as the world’s most valuable automaker while its second-quarter deliveries smashed expectations at a time when sales at rivals have been laid low by the pandemic.
South Korea’s generous subsidies of 12.43 million won ($10,380) for the Model 3 have definitely helped sales, bringing the car’s price down to less than $40,000, but the Silicon Valley automaker has also generated a genuine buzz.
India arrests South Korean CEO,11 others for gas leak at LG Polymers
Toxic styrene gas leaked from the chemical plant choking many people who were sleeping.
This week, a government-appointed committee recommended that the plant should be shifted away from human habitation and called for action against the top employees. It said LG Polymers had been negligent and warning systems were not working.
Covid 19 Pandemic:Generali launches a new system for remote facility inspection for large companies
• Generali Global Corporate & Commercial Iberia & LatAm has developed an exclusive remote facility inspection system available on mobile
• This innovative solution simplifies processes for clients and brokers contingent on Covid pandemic travel bans
• The inspection system has been set up on a permanent basis for risk management and analysis
Australian Bushfires cause insured Losses of S$1.3B: PERILS
The industry loss data cover the peak period for the bushfires which occurred during the turn of the year, said PERILS, noting that the figure is based on detailed loss data collected from the vast majority of the Australian insurance market.
As insurers face hefty pandemic losses,newcomers see chance to step in
A lot of firms are reducing the amounts of business they do in certain types of insurance, creating space for new entrants, said Convex deputy chief executive Paul Brand.Investors’ appetite for higher returns when central banks are putting in trillions of dollars in stimulus is attracting them to insurance.Broker Hyperion estimates around $16 billion in capital has already been raised by insurers this year, compared with $9 billion over the same period last year.
Govt shelves merger plans among UII,OIC and NIC,to infuse Rs10,000 cr of fresh capital into 3 cos
The Cabinet also approved increase in authorised share capital of NIC to Rs.7,500 crore and that of UIIC and OlC to Rs 5,000 crore respectively to give effect to the capital infusion.
The capital infusion of Rs.3,475 crore will be allocated to three PSU general insurers as the first tranche in the current financial year and the. balance amount will be released in one or more tranches.
IRDAI forms panel to explore possibility of an “Indian Pandemic Risk Pool”, to address BI risks arising out of a Pandemic event
There is a need to examine long-term solutions to address the various risks which have been triggered by the current pandemic and offer protection in case of a future similar crisis.Some of the risks like Business Interruption losses without concurrent material damage loss,loss of employment would result in huge losses much beyond the capacity of government /insurers /reinsurers, said IRDAI.
The panel will examine the the need for setting up a Pandemic Risk Pool giving rationale for the same,recommend the structure and operating model for the Pool within eight weeks. .
India’s COVID-19 tally crosses 7-lakh mark
New Delhi: India's COVID-19 tally raced past the seven-lakh mark on Tuesday after a single-day spike of 22,252 infections, five days after crossing the six-lakh post, while the death toll breached the 20,000 mark, according to the Union Health Ministry data. It...
Insurers can now offer mandatory Arogya Sanjeevani Policy without Rs 5 lakh cap in sum assured: IRDAI
Hyderabad:: The insurance regulator IRDAI has now allowed the general and health insurers to offer mandatory,“Arogya Sanjeevani Policy” for a minimum sum insured of less than Rs.1 lakh and maximum sum assured of above Rs 5 lakhs . According to the...