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India among top countries with high income, wealth inequality: new UNDP report
In India, between 2000 and 2022, per capita income soared from USD...
India automobile retail sales declined 8% in October: Industry data
Commercial vehicles are looking at a strong November, with festive...
Munich Re Specialty Group appoints Hui Yun Boo as Asia chief
“Asia Pacific continues to be one of the key growth markets for us and we are thrilled to have Hui Yun on board to lead our efforts in the region,”said Charlie Burgess, CEO of International Distribution at MRSG
Insurers fret as company bosses face coronavirus legal claims
“An uptick in litigation targeting directors and officers across industry sectors is one likely, and unwelcome, consequence” of the coronavirus pandemic, said James Whitaker, partner at law firm Mayer Brown.
“We are starting to see insurers looking at the potential for specific COVID-19 exclusions going forward,” said Beth Thurston, head of management liability, UK & Ireland, for broker Marsh.
Chinese insurance industry set for robust growth between 2019-23 despite Covid-19, says GlobalData
The Covid-19 in China: Insurance Forecast Snapshot report reveals that the insurance industry will witness a revised growth rate with a compound annual growth rate (CAGR) of 6.1% between 2019 – 2023 (down from 10.4%), says GlobalData, a leading data and analytics company.
Apr1 renewals:Indian market sees Covid-19 exclusions,buyers suffer risk losses,says Willis Re
On the impact of situation triggered by caronavirus pandemic on the renewals in the Indian market, the report says reinsurers showed caution and added the exclusion wording, which was accepted by buyers as primary policies were not exposed, said the report..
EU states step in where trade credit insurers fear to tread
Without insurance, companies can be reluctant to buy or sell goods or services to others, with a rise in insolvencies expected among European firms forced to halt operations due to lockdowns aimed at slowing the coronavirus pandemic’s spread.
Atradius, which like rivals Coface and Euler Hermes sells protection to companies against the risk of default by their customers, forecasts a 2.1% rise in insolvencies in western Europe this year, compared with a 0.2% fall in 2019.
IRDA clears 16 Regulatory Sand Box proposals from 8 insurers
This is for the first time Regulatory Sandbox proposals from life insurers have been approved as in the first tranche the regulator had only allowed such proposals from only general insurance companies.
Covid -19 claims to hit Munich Re’s Q1 profitability
ICICI Gen and Bharat Pe partner to launch Coronavirus cover for shopkeepers
On a diagnosis of COVID-19 (+ve), the policy holder will paid be 100% of the sum insured, irrespective of hospitalization expenses.
The health cover is priced affordably at a premium starting at nominal amount of ₹ 199 and provides a sum insured for₹ 25,000 and value-added benefits such as Health Assistance and CHAT/Virtual assistance, teleconsultation and ambulance assistance, as part of the offering. The unique benefit of the COVID-19 Insurance Protection Cover is the coverage across the age group of 18-65 years.
IAG exits Indian market, sells 26% stake in SBI Gen for $310 mn
As a result, IAG will book a net profit on the sale of its interest in SBI General of approximately USD 310 million in the second half of FY20, as per IAG’s filing to the Australian exchange.
IRDA bans Capital Gearing treaties by insurers
Insurers who are having such treaties on their books as on the date of issuance of this circular shall take the following steps-
-Submit board approved action plan to the IRDAI on or before 30th June, 2020 for phasing out the treaties along with timelines such that it complies with the Solvency Stipulations.
-The plan of action will also include assessment of requirement of capital infusion and sources of funds for the capital infusion so required due to prospective closure of these Capital Gearing treaties.