The consortium was created to address a lack of capacity in the...
Category:
Non-Life
Latest
AXA XL appoints Anthony Dagostino as global chief cyber underwriting officer for commercial lines
Anthony Dagostino “Cybersecurity continues to be a top risk...
Bank of England tells UK to hold insurers to account on infrastructure
Britain is rolling back capital rules for insurers from later this...
IRDAI asks insurers to ensure cancellation of vehicle’s RC in case of total loss claim settlement
It has been informed by the Law Enforcement Authorities that documents pertaining to such vehicles are being misused like giving new identity to the stolen vehicles by forging engine number and chassis number of destroyed vehicles under TL claims.
Insurance subsidiaries of DHFL are in a comfortable position:IRDAI
“The insurance companies (of DHFL) are safe. I don’t see any problem in the insurance companies. We monitor the performance and their solvency is adequate and there is nothing to worry,” Khuntia said on the sidelines of centenary year celebration of New India Assurance on Tuesday
InsurTech investment buoyant in Q2, 2019:Willis Towers Watson
69 deals with a total value of $1.41 billion were announced in Q2, 2019. The value of investments in property/casualty-focussed firms rose by 283% compared to Q2, 2018, and Life & Health deals by 259%. The number of strategic investments by (re)insurers hit a record high of 36.
US home insurance leader Hippo Insurance raises $100 million
Hippo is building faster, more accurate and more affordable homeowners insurance for today’s customers. The company’s data-driven pricing and real-time underwriting analyzes trusted public data sets, from municipal building records to satellite imagery of physical property characteristics, to develop a more accurate profile of a customer’s property, resulting in qualified customers receiving a comprehensive, tailored and accurate quote in under 60 seconds, and reduced premium costs of up to 25 percent
RIMS and Tata AIG team up for global risk management education opportunity
Through their learning wing Tata AIG Academy, Tata AIG facilitates insurance learning for employees, insurance intermediaries, risk and insurance managers, in line with Tata AIG’s firm belief in the holistic development of a risk management culture in the Indian insurance market through imparting risk and insurance expertise that strengthens technical and functional capability and builds a talent pool of exceptional risk and insurance leaders.
U.S. slaps $5 billion fine against Facebook, other privacy settlement terms
“Despite repeated promises to its billions of users worldwide that they could control how personal information is shared Facebook undermined consumers’ choices,” said FTC Chairman Joe Simons, a Republican, in a statement.
Equifax’s $700 million data breach settlement includes $300 million for consumers
Under the settlement, the company will establish a $300 million restitution fund for harmed consumers that could climb to $425 million depending on its use. Consumers eligible for the fund must submit claims showing they were fraud victims or set up credit-monitoring services following the breach
Private insurance firms got Rs 46 crore premium in 2 years, paid Rs 7 crore in claims to railway passengers: RTI
IRCTC, which is a wholly owned undertaking of the Ministry of Railways, has entered into an agreement with three private insurance companies through limited tender – Shriram General Insurance Company Ltd, ICICI Lombard General Insurance Company Ltd and Royal Sundaram General Insurance Company Ltd for its Optional Travel Insurance Scheme which was launched in September 2016 with a premium of Rs 0.92 per passenger.
Odisha received 26.3% deficit rainfall till July 19
The minister said only nine districts – Koraput, Khurda, Kalahandi, Nabarangpur, Cuttack, Jharsuguda, Puri, Malkangiri and Bargarh received normal rainfall, while the rest 21 got less than normal precipitation.
ICICI Lombard General net profit at Rs 310 cr, up 7.1 %, in Q1 FY2020
Combined ratio of the company stood at 100.4 per cent in Q1 FY2020, up from 98.8 per cent in Q1 FY2019, primarily on account of long-term motor policies and losses from cyclone Fani,for which it has paid total claims of Rs 16 crore said the company.