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India on track for lowest monsoon rains in 8 years -sources
"El Niño dampened rainfall in August, and it will also have a...
Viasat Inc’s $1 bn orbiting satellites risks upending space insurance
Viasat’s troubles in orbit come a few years after big-name insurers...
General insurance industry logs Rs1.7trillion of premium, private sector insurers gain 5 % market share in 2018-19
According to industry performance figures ,released by the General Insurance Council, the four main public sector insurers, New India Assurance, United India Insurance, National Insurance and Oriental Insurance Company, at Rs 68,719 crore of total premium ,up 1,37 per cent , have ceded five of their market share to the private sector insurers , excluding the stand alone health insurers, which have mobilised a total premium of Rs 81,600 crore,up almost 25 per cnt ,during 2018-19.
France’s AXA provided insurance cover for two Notre-Dame contractors
In a statement released on Tuesday, AXA said its staff were cooperating fully with investigators.The French insurer also said it provided insurance coverage for some of the relics and religious artworks displayed in the cathedral.An AXA spokesman declined to estimate the company’s potential liabilities associated with the damage caused.
UAE Takaful companies catching up with conventional peers
Emily Thompson, financial analyst, said: “Despite the growth in GWC, Takaful operators still account for a modest part of the UAE’s overall insurance market, commanding a stable 17% market share in 2018. Penetration has been consistent in recent years, but whether Takaful insurers can gain a sufficient foothold in the market to challenge the conventional players remains to be seen.”
Promoters of Reliance General and Max Life tap Indian investors to sell stakes
According to the media reports, Axis Bank is exploring options to acquire a large stake in Analjit Singh controlled Max Life while Anil Ambani-controlled RGI is tapping Reliance Industries (RIL) and Piramal Group to sale of up to 49% in the venture, as the group seeks to cut debt..
Mumbai airport has more private jet departures than Dubai, Tokyo
The top rank is held by New York, thanks to the city being home to the world’s largest number of rich people, with 66,968 private jet departures in 2018, while Mumbai is ranked 146, according to a study on the travel trends of ultra-high networth individuals by Knight Frank Friday.
Monsoon rains seen below normal this year: Skymet
The monsoon season delivers about 70 per cent of India’s annual rainfall and is key to the success of the farm sector in Asia’s third-biggest economy.
AIG CEO Duperreault was paid $20.9 million in 2018, half of 2017 compensation
At its annual meeting in 2018, only 62 percent of shareholder votes backed the pay, an unusually low number compared with the roughly 95 percent support that major U.S. companies typically receive in such votes. So-called say-on-pay votes are non-binding but low results often spur directors into action to guard against losing their own seats.
3 major automakers partner to develop autonomous vehicle safety standards, testing
General Motors Co., Ford Motor Co. and Toyota Motor Corp. said in a statement they are joining forces with automotive engineering group SAE International to establish autonomous vehicle “safety guiding principles to help inform standards development.”The group will also “work to safely advance testing, pre-competitive development and deployment,” they added.
IRDA set to allow claim settlement in installments in healh & PA policies
IRDA has favoured the concept of payments of claims in installments in respect of personal accident policies issued by general and health insurers and benefit based health insurance policies issued by all insurers as claims offer an income in the hands of the claimants for a reasonable period of time on the happening of the contingent event insured under an underlying policy.
Ethiopian crash could be largest nonwar aviation reinsurance claim: Willis Re
Liability claims for the passengers’ loss of life and in relation to the grounded aircraft could total around a billion dollars, James Vickers, chairman of Willis Re International, told Reuters by phone, a large sum for the aviation reinsurance market which Vickers said was “very small and very, very specialist.”