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Howden launches climate-focused parametric insurance unit
The global market for parametric insurance is expected to reach...
SC declines to allow same-sex marriages
On April 27, the court asked the Centre whether social welfare...
Epidemics and equities: What the coronavirous means for markets
For global corporations, Wuhan is an important hub. Of about 2,000 cities in China with factories and other facilities in Bloomberg’s supply chain database, the city ranks 13th, with about 500 facilities. The province of Hubei has 1,016, making it seventh of 32 such jurisdictions. US-based companies have 44 facilities there, and European ones about 40, the data show. Many plants are in the auto and transportation industries, and big names include PepsiCo Inc. and Siemens AG.
Eyeing leadership position in electric vehicle segment: Tata Motors
“As far as Tata Motors is concerned, we want to establish ourselves as leaders in the EV space. We have taken up the mission that we should be ahead in terms of EV technology,” Tata Motors President Electric Mobility Buisness Shailesh Chandra told PTI in an interview.
The auto major aims to build complete in-house capabilities in terms of design, supply chain and even full local manufacturing in the EV space as part of its plans to be a complete player in the segment, he added.
Sitharaman may announce the merger of 3 PSU gen insurers in Budget 2020
“Though, the roadmap for the merger of the three companies are yet to be made public by the ministry of finance(MoF), it seems, it will be announced in the next week Budget. The actual process of merger may take one year after the Budgetary announcement on Feb 1,’’ said MoF sources adding that the way, MoF sought approvals of the boards of three companies hurriedly, indicate some major announcement about the merger in the Budget 2020.
Acko Gen Insurance fined Rs 1 core for violating IRDA’s advertisement regulations
Hyderabad: The insurance regulator IRDAI has slapped a fine of one crore rupees against Acko General Insurance (AGIL) for violating various provisions of IRDA(Insurance Advertisements and Disclosure) Regulations, 2000. AGIL's...
India Inc’s insurance cost to go up as GIC Re hikes reinsurance premiums
Mumbai: India Inc has to shell out a lot more premium within the range of 20-50 per cent in the property segments, as GIC Re has decided to hike its reinsurance premium in as many as 291 occupancies since January 2020.Most of renewals in the Indian market...
Insys founder John Kapoor sentenced to 5 1/2 years for orchestrating opioid scheme
Kapoor and others were accused of paying millions of dollars in bribes to doctors across the United States to prescribe the company’s highly addictive oral fentanyl spray, known as Subsys. The bribes were paid in the form of fees for sham speaking engagements that were billed as educational opportunities for other doctors.
New India Assurance settles insider trading case with SEBI, pays over Rs 62 lakh
After a meeting of Sebi’s internal committee in December 2019, New India Assurance paid settlement amount of Rs 62.68 lakh to settle the case through settlement procedure.Consequently, Sebi in a settlement order passed on Thursday said, “The proceedings that may be initiated for the default…are settled.”
Budget 2020:Indian General Insurance Industry
An index based scheme (Parametric Insurance) can be adopted which compensates for the damage caused due to catastrophic event, as per the pre-defined triggers for such events. The premium for the same can be collected along with the property tax and once the claim is triggered, amount can be directly transferred to beneficiary’s Jan Dhan Account linked to the home insurance policy. It will go a long way in bridging the protection gap between the economic losses and insured losses during Nat-Cat events
Ransomware exposure driving up cyber insurance costs
Cyber-insurance premiums started rising 5% to 25% late last year, said Robert Parisi, U.S. cyber product leader at Marsh & McLennan Companies Inc.
IBM calls for rules to curb bias in Artificial Intelligence
The European Union is considering new, legally binding requirements for developers of artificial intelligence to ensure the technology is developed and used in an ethical way. IBM advised a European committee of academics, experts and executives that recommended avoiding unnecessarily prescriptive rules.