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Existing rules on mandatory insurance cover, helmets on 2-wheelers applicable to electric vehicles, HC
“As the relevant provisions of the MV Act and Central Motor...
SBI General appoints Jitendra Attra as CFO
SBI General Insurance today announced the appointment of Jitendra...
Record global insurance M&A deals in H1 2019
According to today’s mid-year report from Clyde & Co, there were 38 deals in Asia-Pacific, marking the fourth consecutive period of rising deal volume to the highest level since 2015. Japanese acquirers were again the most active ahead of Australia and India
Oil tankers cut navigation risks in Strait of Hormuz by vanishing from tracking systems
Ships go dark when they want to avoid prying eyes — Iranian vessels have been doing it on and off for years because of sanctions that penalized buyers of the nation’s oil. Tankers occasionally turn off their signals when rounding the Arabian peninsula, near flash points in Yemen. This doesn’t make vessels invisible or hide them from radar, though it does make their movements harder to track
GIC Re hikes its property capacity to Rs 3,500 cr, plans US operations: Vaidyan
Vaidyan completed her tenure of 41 months as the CMD of GIC Re on Wednesday. After Vaidyan’s retirement, the government has asked two senior officials of GIC Re, M Sashikala , director & general manager and Reena Bhatnagar, general manager to discharge the function of Chairman & managing director(CMD), of the listed company, from Aug 1, till a regular appointment is done.
Swiss Re H1 profit hit by Ethiopian airlines crash, grounding of Boeing 737 MAX
The Zurich-based company’s combined ratio in its property and casualty division, a key measure of profitability, was 100.5% in the first half, versus 92.9% a year earlier. Readings below 100 indicate profitability, and the company said it expected the division’s ratio to be about 98% this year.
3 of 5 costliest disasters hit emerging and developing countries in H1 2019:Munich Re
When looking at the first half of 2019, disasters in poorer countries are worrying because the victims so often have virtually no insurance cover. Cyclone Idai, which hit Mozambique, was in relative terms worse for that country than the Tohoku earthquake – the costliest natural disaster on record – was for Japan in 2011. Almost nothing was insured, so that very few of the people affected were able to obtain prompt financial assistance for the loss of their belongings. Experience has shown that such countries often take years to recover from disasters. The insurance industry therefore needs to promote partnerships with governments and development banks to provide greater assistance to countries like Mozambique, ” said Torsten Jeworrek, member of the Board of Management, Munich Re said
New auto safety technology leaves insurers in the dark
According to Swiss Re AG, the world’s largest auto reinsurer, and mapping company HERE, ADAS has the potential to reduce motor accident frequencies by up to 25%, cutting global insurance premiums for fully ADAS-equipped cars by $20 billion by 2020.
No-Deal EU exit ‘Now a Very Real Prospect’, Says Head of Newly Formed Brexit Cabinet
Chancellor Sajid Javid is ready to release more than 1 billion pounds ($1.2 billion) for planning a no-deal exit, the Financial Times reported on Sunday, noting the new funds add to the 4.2 billion pounds set aside by his predecessor, Philip Hammond.There’s not a clear majority in Parliament for no deal and lawmakers have said they will try to block it. Labour Party leader Jeremy Corbyn said he’s ready for a general election at any time
Bad legroom to get worse as airlines stuff more passengers in a flight
Asia’s demand has led to industry shortages of almost everything, from pilots and mechanics to airports and runways (to say nothing of legroom). Carriers go to great lengths to avoid buying more aircraft and having to pay for extra landing rights at airports that are close to bursting
Chubb innovates in marine insurance with instant shipment insurance
Currently, Chubb offers automated shipment insurance in Australia, Korea and Singapore. This allows traders, logistics service providers, carriers, and even insurance intermediaries to obtain an insurance quotation and bind cover within minutes. The process, previously characterized by endless paperwork and long turnaround time, is now seamless, quick, and available 24/7
U.S. judge cuts $2 billion verdict against Bayer to $86 million
Under Smith’s final order, California couple Alva and Alberta Pilliod would receive roughly $17 million in compensatory and $69 million in punitive damages, down from $55 million and $2 billion, respectively.The plaintiffs still have to formally accept the reduced award.