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War risk insurance rates edge up after surge in Red Sea ship attacks
Insurance industry sources said that war risk premiums had stayed...
Aon’s first-of-its-kind collaboration with AfDB and AI startup to catalyze regenerative agriculture in Africa
The collaboration intends to leverage first-of-its-kind, farm-level...
U.S. commercial automobile insurance segment records decade-worst underwriting loss in 2019
“Reduced road traffic from shelter-in-place requirements has resulted in fewer automobile accidents; however, although accident frequency may decline, severity potentially could rise because of vehicles colliding at higher speeds,” it added.
G Srinivasan panel to study suitability of Surety Bond issuance by Indian insurers
Currently, Surety Bond for contractors is not being offered by insurance companies in the Indian market to guarantee satisfactory completion of a project by a contractor and providing performance security to various government agencies,
Due tothe COVID 19 pandemic and consequent economic impact on liquidity and cash flow issues in the Indian Banking sector, the Ministry of Road Transport and Highways (MORTH), Government of India, has requested to examine possible offering of Surety Bondby the general insurance companies.
Second fatal NLC India boiler blast in 2 months kills at least six
The incident occurred at unit V of power plant II, a company official said, adding that the unit was under shutdown when the mishap happened. The accident in May occurred in unit VI.
“It was supposed to start operating only on Thursday. Actual cause of the accident is yet to be ascertained and is being investigated,” the official said.
Millions at risk in Bangladesh as monsoon floods add to coronavirus worries
“The disaster is worsening by the hour, with several hundred thousands already severely affected by the floods, worsening the COVID pandemic and crisis in the country,” said Antony Balmain, a spokesman for the International Federation of Red Cross and Red Crescent Societies.
Bangladesh had 149,258 confirmed coronavirus cases as of Wednesday, with 1,888 deaths.
Fauci, CDC chief raise concerns about full airline flights
The CEOs of American and United have said that even with middle seats empty, it is impossible to follow 6-foot social-distancing on a plane, so airlines rely on masks, deep cleaning and air-filtration systems on planes to prevent spreading the virus.
Security beefed up near Taj Mahal Palace, Hotel Colaba After bomb threat from Pakistan
The official told that Mumbai police are on high alert after Monday’s Karachi exchange terror attack and as part of the enhanced anti-terror measures, security outside the hotel and other vital installations has been increased.
India accounts for 45.8 million of the world’s ‘missing females’:UN report
Between 2013 and 2017, about 460,000 girls in India were ‘missing’ at birth each year. According to one analysis, gender-biased sex selection accounts for about two-thirds of the total missing girls, and post-birth female mortality accounts for about one-third, the report said.
Covid-19 Pandemic:Tally rises to 5,66,840, general and health insurers receive 28,000 claims for Rs 445 crore
With 18,522 people testing positive for coronavirus in a single day, India’s COVID-19 tally climbed to 5,66,840 on Tuesday while the death toll rose to 16,893 with 418 new fatalities, according to the Union Health Ministry data.
Recording nearly 4,000 cases in the last 24 hours, Tamil Nadu has surpassed Delhi to regain the second spot among the list of worst-hit states by the pandemic, while Karnataka also recorded more than 1,100 overtaking Haryana and Andhra Pradesh.
IRDA likely to implement new Indian Accounting Standard in the insurance sector soon
In its recent board meeting the IRDA discussed, the status of implementation of the Ind AS in the insurance sector in India and had taken the following decisions on the matter of Ind AS.
-approval of implementation of Ind AS 109 and IFRS 17 equivalent in India simultaneously,along with other applicable Ind AS,
– re-visit existing regulations on preparation of financial statements,
– direct the insurers to discontinue submission of proforma Ind AS financial statements being filed effective quarter ending 31st December, 2016 and
-to decide on the date for implementation of all applicable Ind ASs after the finalization of IFRS 17 by IASB which is expected during mid 2020.
New India Assurance turns profitable in Q4 FY 2019-20,records a net profit of Rs 113 crore
The largest general insurer in the country has improved its combined ratio(CR) from 130.13 per cent in Q4 FY 2019-20 to 116.21 per cent during the reporting period,
The company’s underwriting losses,at Rs1,073 crore,has fallen by 42 per cent y-o-y in Q4 FY 2019-20.The incurred claim ratio(ICR) of the company has also improved to 90.97 in Q4 FY 2019-20 from 93.12 per cent in the year ago period.
The NIA’s expense management ratio has fallen from 30.19 per cent in Q4 2019-20 to 22.19 per cent in Q4 2019-20.