“As we continue to go further, faster with our 3x3 Plan to...
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Zurich Insurance to pick up 51% in Kotak General Insurance for $488 million, to raise its stake by another 19% in future
·Zurich will acquire an additional stake of up to 19% over time. It...
Investment in Primary Health Care is cost-effective way to achieve Universal Health Coverage:Bharti Pravin Pawar
She mentioned that it is leading to improved population coverage,...
IFRS 17 to be implemented from Jan 1st, 2023:IASB
“We encourage companies to continue to press forward at current pace and use this additional time to strengthen their processes and procedures as well as allow for more testing, dry runs and contingencies. We also believe a shared effective implementation date for IFRS 17 and IFRS 9 will avoid temporary earnings mismatches that would otherwise exist and reduce implementation costs,” said Ralph Ovsec, Senior Director at insurance and reinsurance broker Willis Towers Watson.
British insurers suspend sale of Travel Insurance to new customers
“The ongoing global situation with coronavirus means there’s much greater likelihood of disruption to people’s travel plans, so we’ve decided to focus our attention on our existing customers,” Aviva said.
Alamelu Panel recommends reduction of tax rates from 40% to 25 % for Indian FRBs
On the fit and proper criteria of Key Managerial Personnel (KMP), the committee has recommended that FRBs , Lloyd’s India will appoint KMPs as per corporate governance guidelines when the book gross premium reaches a level of Rs 5000 crores for the first time.
RMS appoints Michael Steel as global head of business development
Steel said, “The insurance industry is at a key inflection point in terms of harnessing advances in data, analytics, and technology. RMS has always been the leader in catastrophe modeling and the significant investments it is making in technology solutions will assist the industry to navigate through this transformation. I am excited by the direction and potential of RMS, and in our ability to deliver, innovate, and grow.”
Generali, other Italian companies rush to provide funds for virus emergency
Generali said it would create an extraordinary international fund of up to 100 million euros ($112 million) to help countries facing the coronavirus emergency.
VW launches software it hopes will make car accidents obsolete by 2050
Next generation cars will be equipped with software, sensors and processors that enable vehicles to anticipate and avoid accidents, and to keep learning new reflexes, the German car brand’s strategy chief Michael Jost said in Berlin.
China non-life insurers see big drop in car accident claims in Coronavirus silver lining
Motor insurance accounts for about three quarters of Chinese non-life insurers’ business while health insurance – where virus-related claims would fall under – accounts for less than 5%, according to Swiss Re.
In contrast, for the non-life insurance sector globally, motor and health insurance each account for about a third of premiums.
AI cancels flights to Italy, South Korea, Kuwait; curtails services on five int”l routes
“Air India has only curtailed services to France, Germany, Spain, Israel and Sri Lanka till April 30,” the spokesperson said.
Earlier, a senior official, who did not want to be named, said the carrier has decided to temporarily suspend services to Italy, France, Germany, Spain, Israel, South Korea and Sri Lanka due to the coronavirus outbreak.
Insurers face big investment losses, Trade Credit claims from Coronavirus crisis
Coface chief executive Xavier Durand told analysts two weeks ago that hotels and airlines in Asia would feel the worst impact, while Euler Hermes saw coronavirus costing $320 billion of trade losses every quarter this year.
India needs 1,900 aircraft in 20 years, predicts Airbus
If you move to the future, within 20 years by 2038, we believe that the number (the 0.5 trips per capita in India) will grow at least four times. That is what China is close today. That is what the average of the global markets today,” he said.