Dozens of insurers have announced restrictions on their cover for...
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Global EV sales grow 50%, China market faces slowdown
“Tesla is obviously a big influence, but increasingly Hyundai Kia,...
Sompo International appoints Vicky Sarjeant as Head of Energy Insurance, Asia Pacific
Sompo International, a global provider of commercial and consumer...
Gallagher picks up a miniority stakes in Edelweiss Insurance Brokers
“EIBL presents an exciting opportunity to expand Gallagher’s commercial insurance footprint in India, in keeping with our growth strategy to invest in market-leading businesses that broaden our specialist capabilities and diversify our geographic presence,” said J. Patrick Gallagher, Jr., Chairman, President and CEO.
Nigeria more than triples insurers’ capital Requirements
Insurers wanting to combine life and property and casualty businesses are required to have capital of at least 18 billion naira ($50 million), up from 5 billion naira, while the minimum for property and casualty business is 10 billion naira compared with 3 billion naira. The requirement for life insurance is 8 billion naira versus 2 billion naira and that for reinsurance is 20 billion naira compared with 10 billion naira.
Japan non-life insurers focus on profitability
Over the last few years, Japan’s major non-life players have embarked on global expansion at an accelerated pace, seeking risk diversification. With regard to a change in companies’ risk profiles, AM Best views adopting a holistic approach to capital and catastrophe risk management remains crucial for the major Japan non-life insurersin the event of unforeseen catastrophe losses or amid challenging post-event market conditions.
Boeing sued by French Widow in U.S. for $276 million over Ethiopian Crash
It is unclear when the 737 MAX aircraft will receive FAA approval to return to service. Safety regulators in other countries have said they plan to independently assess Boeing’s fixes before giving their approval.
AIG shareholders OK $21 million compensation for CEO Duperreault
A non-binding resolution to endorse the firm’s executive compensation received support from just 55% of votes cast, according to a securities filing by the company Tuesday afternoon, far below the norm of 90% or more for U.S. stock issuers.
Irdai proposes to increase third-party insurance premium for cars, two-wheelers
Similarly, for cars falling between 1,000 cc and 1,500 cc also, premium is being proposed to be increased to ₹3,300 from the existing ₹2,863. However, for luxury cars (with engine capacity of over 1,500 cc) no change in TP premium has been proposed from the existing ₹7,890.
Ashok Leyland ready to ride on Elon Musk’s India dream
According to Venkatesh Natarajan, Senior Vice President and Chief Digital Officer, Ashok Leyland, the company is open to Musk for a partnership to finally let Indians experience his path-breaking autonomous Tesla electric cars.
Airlines urge Nations’ Regulators to avoid competing Safety Rules
The head of the International Air Transport Association (IATA), representing 290 airlines or more than 80 percent of world traffic, backed the existing process that usually involves one host regulator lead certification for each type of new aircraft, in exchange for reciprocal agreements with other agencies across the world.Airlines want to “avoid each model being certified 1,000 times” but focus instead on a single lead regulator, Alexandre de Juniac told a meeting of aerospace executives in Paris.
London marine insurers widen Middle East threat zone after ship attacks
The Joint War Committee, made up of syndicate members from the Lloyd’s Market Association (LMA) and representatives from the London insurance company market, normally meets every quarter to review areas it considers high risk for merchant vessels and prone to war, terrorism, piracy and related perils.
Reliance Capital to raise Rs 10,000 crore in current fiscal by selling assets
It has also announced its plans to monetise 49 per cent stake in Reliance General Insurance Company and the DRHP has recently been filed with the Securities and Exchange Board of India (Sebi).