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Insurers to provide details of basic features to customers from Jan 1, 2024
Policyholders will also be informed about policy coverage (like...
Sompo International appoints Chiew as Head of Crisis Management, Commercial P&C Insurance, APAC
Pei Ru Chiew, head,Crisis Management, Commercial P&C Insurance...
IRDAI asks insurers to design covers to pay for Caronavirus treatment
China’s economic slump over Coronavirus to cut global exports by $50 bn: UN
The study pointed out that China’s role as a central manufacturing hub for many global businesses meant that “any disruption of China’s output is expected to have repercussions elsewhere through regional and global value chains.”
Govt approves 72 amendments to Companies Act to decriminalise offences: FM
As many as 23 offences would be recategorised out of 66 compoundable offences under the Act. Besides, seven compoundable offences would be omitted, she said.
Sitharaman said the government would remove provisions of imprisonment in various sections and also reduce penalties in case of various compoundable offences.
Paytm launches insurance broking biz,to cross-sell insurance products through its leverage on its 16 mn merchants
Through its 100% subsidiary PIBPL, the company will now offer insurance products across four categories including two-wheeler, four-wheeler, health and life. PIBPL has already tied up with 20 of the leading insurance firms in India and would be integrating with 30 more companies over the next few weeks.Other than online initiatives, the company would be leveraging on its 16 million-strong merchant partner base to sell its insurance products all over the country.
Auto majors see falling sales in Feb
-The country’s largest carmaker Maruti Suzuki India (MSI) on Sunday reported a 1.1 per cent decline in sales at 1,47,110 units in February.Hyundai Motor India Ltd (HMIL) also reported a 10.3 per cent decline in total sales at 48,910 units while Mahindra and Mahindra (M&M) recorded a 42 per cent decline in total sales at 32,476 units in the same month.
-However, major automobile manufacturers Maruti Suzuki, Hyundai and Toyota Kirloskar Motor do not see any immediate impact on their production schedules due to disruption in supply of components from plants located in coronavirus-hit China.
Use of non-derivative financial instruments to insurance contracts with direct participation features now allowed:IASB
Ralph Ovsec, Senior Director, Insurance Consulting and Technology, at Willis Towers Watson, said: “All stakeholders will welcome the conclusion of deliberations on changes to IFRS 17, even if some of the decisions reached do not reflect the wishes of some in the industry. With regard to the determination of the acquisition date of reinsurance contracts, ceding companies should be mindful in assessing potential unintended consequences related to the ability to take reinsurance relief on onerous contracts offered by reinsurance.
Oriental Insurance needs Rs 3000 cr capital: CMD
A V Girijakumar,CMD , OIC said that the growth expectations might be tailored depending on the availability of capital. “The capital could either come from the government, its promoter, or through an IPO,”
Govt not to change farmers’ share of prm under Pradhan Mantri Fasal Bhima Yojana , official
Bhutani clarified that neither farmers” premium has been changed nor it will be withdrawn in the future
Global re/insurers face hefty claims if Coronavirus forces Olympics cancellation
The IOC takes out around $800 million of protection for each Summer Games, which covers most of the roughly $1 billion investment it makes in each host city. Insurance sources estimated it would pay a premium of about 2-3%, giving a bill of up to $24 million to insure the Tokyo event.
-Munich Re board member Torsten Jeworrek said on Friday it was a provider of cancellation insurance for Tokyo, for an amount in the hundreds of millions of euros.
-He would not say whether the figure was more or less than its 250 million euro exposure to the 2018 Winter Olympics or if the policy covered coronavirus, citing confidentiality.
Powered by hydrogen, Hyundai’s trucks aim to conquer the Swiss Alps
Hyundai's hydrogen-powered 18-tonne trucks are set to hit the roads in Switzerland next month as the South Korean automaker looks to establish a case for its zero-emissions technology in a low carbon world. Invented nearly two centuries ago, hydrogen...