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12 insurers complete their integration with National Health Claim Exchange
Under the Digital Health Incentive Scheme, to encourage efficiency...
Cyber ‘Catastrophe Bonds’ set to test bond markets
Beazley Plc, which owns specialist insurers across Europe and the...
Decide corruption cases in time involving retiring bank, govt officials: CVC
“Further, it was also conveyed that all such retirement cases should be received by the first week of the month of superannuation of the officer(s) concerned,” said the directive, issued to secretaries of central government departments and the chairman and managing directors of public sector banks, undertakings and autonomous organisations.
UK’s Covid-19 Support Fund by insurers aims to raise £100 million
The fund is supported by members of the ABI (Association of British Insurers), The British Insurance Brokers’ Association (BIBA), Lloyd’s, and The London Market Group (LMG).
COVID-19 to accelerate use of drone technology among insurers, says GlobalData
Drone technology will become more widespread in insurance as natural disasters hit different geographies. Climate change has worsened extreme weather conditions such as hurricanes, floods, and tsunamis as well as non-weather natural disasters like earthquakes, volcanoes, and wildfires. After a disaster during the lockdowns, home insurers can use drones to inspect properties while still social distancing.
Few Coronavirus liability lawsuits have been filed thus far in US
There are 197 class actions, largely brought by consumers, stemming from disputes over insurance, lending, tuition and ticket refunds.
“The idea of a mountain of liability is grossly exaggerated,” said Paul Bland, the executive director of Public Justice, a litigation advocacy group.
Odisha, Bengal brace to fight cyclone Amphan amid Covid crisis; NDRF deployed
The cyclone, according to an IMD report, has intensified into a very severe cyclonic storm over the Bay of Bengal. It is likely to make a landfall somewhere between Digha in West Bengal and Hatiya Islands in Bangladesh on Wednesday.”The trajectory is mostly towards West Bengal, Sagar Islands and probably towards Bangladesh…. But we have to watch the trajectory very closely. NDRF has deployed the teams well in advance. They are either deployed or moving towards the destination,” S N Pradhan, the chief of National Disaster Response Force (NDRF) said in New Delhi.
As it rolls in towards the Indian shores ominously, the cyclone is likely to unleash heavy rain and high-velocity winds in large swathes of coastal Odisha and West Bengal.
Maritime advisory by U.S. sanctions for ship owners,insurers
The guidelines, known as a Global Maritime Advisory, concern sanctions on Iran, North Korea and Syria. The State Department said it is committed to disrupting sanctions evasion and smuggling of goods, including oil exports from Iran, which the Trump administration imposed sanctions on soon after pulling out of the Iran nuclear deal in 2018.
Global shippers and insurers had balked at an initial outline of the advisory that the State Department previewed in March, arguing it would have disrupted international trade with legal questions.
AXA to provide medical support to customers of 5,000 Accor hotels worldwide
“AXA’s ambition is to move from a payer to a partner with its customers, notably by providing them with innovative solutions in health. This is why AXA has become over the last year a world leader in telemedicine solutions. Partnering with Accor, a worldwide leader in hospitality, is a unique opportunity to enlarge people’s access to our healthcare expertise and solutions. As we are facing an unprecedented health crisis with Covid-19, this ambition has never been more relevant, said Thomas Buberl, CEO of AXA.
Covid-19 Pandemic:General insurance industry prm degrows by 10 % in Apr,NIA records 7% prm growth
“It could become possible due to the company’s strong presence on digital platform. Out entire team has risen to the challnges. The loss of premiums in the motor segment was compensated by health and property segments. The premium for property risks have gone up since Apr2020,” said Atul Sahai, CMD, NIA.
NIA has also managed to grow its miscellaneous business which has compensated its loss of premiums in cargo, hull and aviation, a few segments severely impacted by the countrywide lockdown.
The overall depressive trends in the industry due to Covid -19 pandemic will continue till September 2020. Hopfully, all the segments including motor portfolio will look up, said Sahai.
Lloyd’s of London to pay up to $4.3 billion in coronavirus claims
Insured losses are likely to total $107 billion, similar to natural catastrophe losses in 2005 led by Hurricanes Katrina, Rita and Wilma and to 2017 including Hurricanes Harvey, Irma and Maria, Lloyd’s said.
Managing Millennial Mindset
To remain relevant, cites the Capgemini and Efma’s World Insurance Report 2020, incumbent insurers must take action, by re-evaluating their portfolios and harnessing partnerships to become ‘Inventive Insurers’. This involves shaping existing products to meet fast-evolving customer needs and preferences.