Alpesh Shah, Managing Director & Senior Partner, Boston...
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Insurtech Zopper bags Bima Vahak deal, to develop tech platform for selling Bima Vistaar to masses
Zopper has been awarded the project by the Indian insurers,...
Aviation war insurers cancel some cover for Israel, Lebanon
“Insurers want regular updates – each airline has a different risk...
Coronavirus leads companies with supply chain disruptions to invoke ‘Force Majeure’
-Force majeure refers to unexpected external circumstances that prevent a party to a contract from meeting their obligations.
-The underlying event must be unforeseeable and not the result of actions undertaken by the party invoking force majeure. Natural disasters, strikes, and terrorist attacks can all be force majeure events.
-Declaring force majeure may allow a party to a contract to avoid liability for nonperformance.
SBI Gen Insurance records a PBT at Rs 387 cr, u/w profit of Rs 14 cr in Apr- Dec
Rikhil Shah, CFO, SBI General Insurance Company said, “SBI General has maintained a steady growth in FY 19 – 20, we’ve managed a growth of almost 46% as compared to an industry growth of 15% for 9M FY19-20. Despite being one of the youngest players in the sector, we have seen an impressive progress since commencing operations. Growth has been evident across all lines of businesses. New tie-ups & improved business from existing tie-ups in motor, higher branch activations/better penetrations across SBI network has also helped in contributing to the growth.”
IAI to host 3-day 21st Global Conference of Actuaries in Mumbai from Feb 17
“The Global Conference of Actuaries provides a platform where the actuaries and non-actuaries from all across the globe gather and share their views and opinions on matters that impact the financial services Industry, particularly in the area of Insurance,pensions, risk management, data science and analytics. With such an event, we create opportunities for actuaries all over the globe to learn/contribute papers/presentations on the financial aspects that affect the financial industry as a whole. This year is special as we complete 75 years of the Indian Actuarial Profession and celebrate platinum jubilee year,” said Sunil Sharma, President Institute of Actuaries of India.
Cabinet approves Rs 2,500 cr of capital infusion in 3 PSU gen insurance cos
The Cabinet approves the proposal for capital infusion and immediate release of Rs 2,500 crore for three public sector general insurance companies in the light of the critical financial position and breach of regulatory solvency requirements,” an official statement said.
IRDA improves ambit of “pre-existing disease” norms
IRDAI wants expenses incurred towards treatment in any hospital or by any medical practitioner or any other provider are specifically excluded by the insurer and disclosed in its website / notified to the policyholders are not admissible.
Coronavirus emergency ‘holds a very grave threat’ for world: WHO
“With 99% of cases in China, this remains very much an emergency for that country, but one that holds a very grave threat for the rest of the world,” he told more than 400 researchers and national authorities, including some taking part by video conference from mainland China and Taiwan.
Bill Coen appointed chair of the IFRS Advisory Council
The new Advisory Council Chair will have three priorities. First, to provide leadership and set the agenda for the 2020 meetings; second, to assess for the Trustees of the Foundation any relevant changes that may be warranted in the role and composition of the Advisory Council; and third, to position the Council through any transition.
Coronavirus adds risk to India’s nascent recovery: Krishnamurthy Subramanian
The virus epidemic is seen curbing growth in China and the global economy, which will weigh on India’s outlook at a time when the government is forecasting a rebound. Asia’s third-largest economy will likely expand at 6%-6.5% in the year beginning April, an improvement from an estimated 5% this year, Subramanian wrote in a report last month.
Italian investor group Exor weighs sale of PartnerRe to France’s Covea
-Insurers are turning to acquisitions, also in reinsurance, to strengthen their businesses as they face tougher regulation and falling returns from financial market investments.
-Branching out to reinsurance would also allow Covea to diversify outside its main market France, where it makes almost 90% of its 17 billion euros ($19 billion) business.
Domestic passenger vehicle sales down 6.2% in Jan; car sales slide 8%: SIAM
Car sales last month were also down 8.1 per cent at 1,64,793 units as against 1,79,324 units in the January last year, according to data released by the Society of Indian Automobile Manufacturers (SIAM).Motorcycle sales last month declined by 15.17 per cent to 8,71,886 units from 10,27,766 units a year earlier,