Manufacturers will have to assess the cybersecurity risks of their...
Category:
Non-Life
Latest
Govt is committed to develop a `Global Reinsurance Hub’ in India: Sitharaman
Nirmala Sitharaman, Union Finance Minister Lloyd’s is evaluating...
Electric vehicles are less reliable than gas-powered cars: US consumer report
Consumer Reports noted that lingering concerns about reliability...
Disaster Financing:Nagaland,Swiss Re&Tata AIG strike India’s first-ever parametric deal,to kick in against excess rainfall
In addition to protecting the State treasury’s balance sheet, the transaction will enable Nagaland to build fiscal resilience against natural disasters.The parametric structure is designed to cover the entire state of Nagaland through six distinct zones, with a stepped payout feature to ensure funds are allocated where losses occur and in proportion to the amount of recorded rainfall, to mirror its impact. It based on a geospatially gridded dataset whose precipitation levels are derived from satellite observations .
G Satish Raju, Swiss Re said, “This is Swiss Re’s first disaster risk financing arrangement in India. Nagaland is a first mover and this transaction marks a positive step towards strengthening India’s resilience to natural disasters. With tropical cyclones Amphan and NIsarga hitting the eastern and Western coats of India in early 2020, the transaction serves as a timely model for other states looking to similar innovative re/insurance solutions that help protect their significant natural catastrophe exposures.”
Cargo ship calls at Singapore hub plummet to 27-year low, marine fuel sales fall
As the coronavirus pandemic hit global trade, the number of cargo ships calling at the world’s top transhipment port fell in May to 3,059, the lowest since at least January 1993, the oldest available figure, data from the Maritime and Port Authority of Singapore (MPA) showed.
Nationwide lockdown pulls down general insurance prms by 10% in May,New India maintains positive growth
“We have managed this performance thanks to our strong digital presence and the commendable team work shown by the Corporate team and our numerous office in-charges and their respective teams,`It has taken real hard work, in such challenging times, to stay in positives. What is more or equally important that during this period, when we are not able to open offices in a regular manner, we have continued to settle the claims with equal efficiency by electronic means. Hope its not clichéd to say ‘tough times do not last but tough teams do’. However, it would be extremely challenging if such period continues for some more months,” said Atul Sahai, CMD,NIA
SC asks Centre to discuss ticket price refund issue with airlines
The airlines instead of providing the full refund of the amount collected for the tickets due to cancellation, are providing a credit shell, valid up to one year, which is clear in violation of the Civil Aviation Requirement of May 2008 issued by the DGCA which clearly states that the option of holding the refund amount in credit shell by the airlines shall be the prerogative of the passenger and not a default practice of the airline, said the plea.
U.S. insurers use lofty estimates to beat back coronavirus claims
The industry has warned it could cost them $255 billion to $431 billion a month if they are required, as some states are proposing, to compensate firms for income lost and expenses owed due to virus-led shutdowns, an amount it says would make insurers insolvent.
Munich Re subsidiary Roanoke partners with travel insurance tech startup battleface
Sasha Gainullin, Chief Executive Officer of battleface: ‘battleface is proud to offer products that meet the needs of US travelers who face challenging situations in equally-challenging destinations. With battleface, our customers can rely on the fact that their travel insurance is as tough as they are.’
Remdesivir rollout to take more time as pharma firms working on providing safety, quality data
The Union Health Ministry on Saturday, in its revised ‘Clinical Management Protocol for COVID-19’, recommended the use of remdesivir under emergency use authorization on patients with moderate disease — that is those on oxygen support. It is not recommended for those with severe renal impairment and in children less than 12 years, pregnant and lactating women.
Insurers’ solid capital levels, growth prospects support stable outlook on Vietnam non-life sector
A new Best’s Market Segment Report, titled, “Market Segment Outlook: Vietnam Non-Life,” states that Vietnam’s non-life insurance market grew by 12% in 2019 to VND 52.3 trillion (USD 2.2 billion) in terms of direct premiums written (DPW). The health and personal accident and fire classes of business recorded remarkable growth of 20% and 30%, respectively, in 2019, supporting the sector’s overall strong growth. Notably, the primary drivers of business growth have been the health and motor insurance businesses, which registered robust 10-year compound annual growth rates of 27% and 18%, respectively.
Some U.S. P/C lines still challenged despite segment’s overall improvement
Overall, the P/C industry saw an increase of almost 400% in net underwriting earnings to $4.4 billion, and the industry’s combined ratio improved marginally to 98.8.
IRDA asks insurers to allow telemedicine facilities for their policyholders
Provision of allowing telemedicine will be part of claim settlement of policy of the insurers and need not be filed separately with the IRDAI for any modification. However, the norms of sub limits, monthly/ annual limits etc. of the product shall apply without any relaxation, said IRDAI .