Insurers have complained publicly about the risks of covering...
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Ukraine in talks with insurers on deal to cover grain exports
Attacks by Russian forces on agricultural infrastructure in recent...
Insured losses from natural catastrophes set to top $100 billion in 2023
More than two-thirds of the insured losses were as a result of...
Hannover Re net income at EUR 1.05 bn, logs a gross premium of EUR 19 bn in 2018
On the whole, prices as at 1 January 2019 were commensurate with the risk or slightly improved. Hannover Re maintains its emphasis on a selective underwriting policy under which minimum margin requirements take precedence over premium growth.
Merger of 3 PSU general insurers to be completed by FY’20
Their combined net worth is Rs 9,243 crore with total employee strength of around 44,000 spread over 6,000 offices Initial estimates suggest that the combined entity formed after the merger will be the largest non-life insurance company in India, valued at Rs 1.2-1.5 lakh crore.
National Insurance to manage Ayushman Bhart scheme for Maharashtra in 2019
“ We have worked relentlessly on prevention of frauds during last few months therby bringing down the cost and premium for the scheme. NIC has agreed to run scheme with premium of Rs 640 per family per year . Due to this there will be prospective saving of Rs 111 crore annually for the state government,’’ said Shide.
Insurance firms expect Interim Budget proposals to boost penetration
For the insurance industry, the schemes aimed at boosting farmers’ income and reducing tax outgoes for the middle-class will encourage consumption, while the plan to develop 1 lakh digital villages will boost digital infrastructure
Budget 2019: India to lead the world in transportation through EVs, says FM
Electric vehicle sales in India are expected to be 30 per cent of total sales by 2030. According to Niti Aayog estimates, EV sales are expected to touch around 25.36 million units in India in 2030.
Power & renewable energy companies facing considerable disruption:Willis Report
George Nassaouati, Head of Natural Resources, Asia at Willis Towers Watson, commented: “It is incumbent on the insurance industry to embrace the risks presented by these new developments and provide the appropriate risk advisory and risk transfer / retention solution. It is essential that today’s power and renewable organisations prepare themselves for the turbulence that disruptive change inevitably brings.”
IRDAI expresses concern over insurers paying illegal commissions to dealers to grab motor biz
“Whenever it is coming to our notice, we are taking action. We have also done some focused inspection of some of the service providers, we are watching the market very carefully for some violations,” he said. adding that some insurers are incentivising car dealers in violation of motor insurance service providers(MISP) guidelines.
Nearly 50% cancer patients are uninsured, study
A majority of oncologists believe that cancer incidences are likely to increase by almost 25 per cent over the next five years. Breast Cancer is likely to account for a greater proportion of these incidences followed by Lung, Oral, and Cervical Cancers.
ILS growth to $93bn in 2018 bodes well for a continued healthy market:Willis Re
In the face of multiple smaller catastrophic events in 2018 and a meaningful series of catastrophes in 2017, non-life cat bond issuance remained strong. About $9.2 billion of new capital was delivered, marking the second most active calendar year ever. Of $535 million in bonds issued during Q4, $125 million provides protection from California wildfire liability, $200 million grants peak multiperil protection, and $210 million covers U.S. earthquake (workers’ compensation).
“We are more focused on improving the pricing and the other terms and conditions” Alice Vaidyan, CMD, GIC Re
“When I began my term as the CMD of GIC Re, I had two goals for us- to be a Top 10 Global Reinsurer and to deliver consistent underwriting profit. And I am proud to say that GIC Re has been ranked as the 10th largest Reinsurer in the latest S&P rankings. I realize that it is not enough to be a `Top 10 Reinsurer’ only on the metric of size but to deliver value to our clients, shareholders and business partners.’’