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Insurers have to compulsorily cover employees travelling in employer’s vehicle including driver: IRDAI
The compulsory cover has to be provided as an inbuilt coverage...
IRDAI asks insurers to fast track Sikkim flood claims
Insurers have been advised to settle claim payments/on account...
3 PSU general insurers to get merged by March-end: Finance Secretary
“Merger of PSU general insurers is at an advanced stage. We can see that happening quite soon. It is already before the Cabinet,” Kumar told PTI in an interview.
Coronavirus: For China virus insurance, check the small print
The reinsurance market at Lloyd’s of London has not seen any untoward activity from traditional insurers looking to hedge their exposure to risks arising from this outbreak, two sources in the underwriting trade said.
IRDA sets up panel to explore allowing exclusive micro-insurance cos
The indicative regulatory aspects are: Capital and Solvency,Underwriting, Product and Claims,Finance and Accounting, Investments, Operations, Corporate Governance
Gymnast sexual abuse victims offered $215 mn insurance payout to settle claims
The $215 million total is the amount the insurance carriers for USA Gymnastics and the United States Olympic and Paralympic Committee are willing to provide in hopes of ending years of legal battles with athletes who were abused by former national team doctor Larry Nassar.
Aon acquires Canadian cyber security firm Cytelligence Inc
Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025. According to Aon’s 2019 Global Risk Management Survey, cyber-attacks were identified as a top ten risk facing organizations and is predicted to be one of the top three risks for organizations in 2022.
Coronavirus to hit reinsurers hard:AM Best
einsurers may face higher levels of risk than L/H insurers, as their risk profiles entail higher exposures to mortality and morbidity risks. However, global reinsurers have been broadening their risk exposures in recent years in an effort to minimize the concentration of mortality and morbidity risks.
Odisha is the most disaster prone state in the country:15th Finance Commission
A Disaster Risk Index (DRI) has been prepared by the FFC that assigns scores to each state based on probability and vulnerability.
“It is the first attempt to include state-level disaster risk scores in resource allocation and address a serious deficiency in the previous state-level allocations for disaster management,” the commission said in its report tabled in Parliament on Saturday.
IRDAI allows re/insurers to launch ART Solutions with its prior approvals
“In case, the re/insurer intends to adopt ART, non-traditional structured solutions, Financial Re-insurance, then it shall take prior approval of the IRDAI,” said IRDAI.The insurers have to inform the IRDAI on or before 1st March of every year about any such proposed re-insurance arrangement to be entered in to by the insurer.
3 PSU general insurers to receive Rs 6,950 cr capital
According to the budget papers, a sum of Rs 6,950 crore has been allocated towards recapitalisation of the government-owned general insurers – the National Insurance Company Ltd, the Oriental Insurance Company Ltd and the United India Insurance Company Ltd – so that they can maintain the required solvency ratio.
Swadeshi Jagran Manch asks PM’s to stall mergers of 3 PSU general insurers
Among other issues, SJM in its letter to PM has argued that the merger of public sector insurance companies is likely to endanger growth of insurance sector in the country in general and would hamper the successful implementation of socially important flagship insurance schemes like like Pradhan Mantri Fasal Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Aarogya Yojana,