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Australia’s climate risks are making home insurance unaffordable
Median home insurance premiums surged 28% to A$1,894 ($1,240) in...
Ships backed up in Black Sea lanes as Russia warning shots raise tensions
Firing on a merchant vessel will ratchet up already acute concerns...
GST Council cuts 3rd party motor insurance rates to12% from 18%
Commercial vehicle owners have been asking for a rate cut as the mandatory tax makes the vehicles expensive. They believe that a reduction in tax rate will also help increase the insurance cover, which at present is only 50 percent of all vehicles
ICICI Lombard Gen uses `AI’ to renew expired motor policies
Mumbai:: ICICI Lombard, today launched industry’s first Artificial Intelligence (AI) based solution to facilitate instant renewals of expired or lapsed motor insurance policies. The tech-based feature will allow the user to capture images of his/her car...
Govt to infuse Rs 830 bn in PSU banks, yet to decide on recapitalisation of 3 PSU general insurers
Though, the three public sector general insurance companies, United India Insurance,Oriental Insurance Company and National Insurance Company,require capital from the government to achieve the required solvency ratio of 1.5, there has been no response from it so far.Officials from these general insurers point out that these companies together require over Rs 8,000 crore of capital to attain the required solvency ratio
Govt plans Rs 12,000-levy on petrol, diesel cars to spur EV demand: Report
Under a new policy that is nearing finalisation, National Institution for Transforming India (NITI), a government policy think-tank, has proposed incentives of up to Rs 25,000 -50,000 be directly transferred to EV buyers, ensuring that gains are not pocketed by auto manufacturers, government officials told TOI.
India will need 2,300 planes worth $320 bn in 20 yrs: Boeing
As much as 85 percent of the planes would be narrow-body and the rest would be wide-body.The forecast is for the 2018-2037 period.
Novartis may team with Reinsurers to cut Drug Costs, FT Reports
Reinsurers, which already provide a backstop to employer health insurance plans, could benefit from this new revenue amid increasing competition from rival sources of risk capital, the FT said. Reinsurers could pool the costs of treatments by different drug companies across countries
IRDAI Board to meet on Dec 21, may allow new players
Some well known names like Paytm and Indiabulls group and a few other companies, backed by Private Equity Funds, have already applied for licenses some time ago, to float life , general and exclusive health insurance companies to the IRDAI.
AIG arranges first CLO Deal since financial crisis
AIG’s last deal prior to the crisis was called Galaxy X CLO, managed by Lehman Brothers and sold in February 2008, according to data compiled by Bloomberg. The spun-off PineBridge then took over the series and issued its first post-crisis deal, Galaxy XI CLO, in July 2011.
J&J begins settling Pinnacle Hip Implant defect claims
J&J is set to face a trial Jan. 14 in Dallas where five recipients of the Pinnacle hip will press claims that the world’s largest health-care products company failed to warn customers about the devices’ risks. A similar 2016 case produced a $1 billion verdict for multiple plaintiffs.
Revised Reinsurance Norms:Order of Preference, GIC Re’s ` first right to refusal’ retained, ART relaunched
Among other new significant decisions, the revised reinsurance guidelines approved by the IRDAI board almost three months back but gazetted on Wednesday, however removed the `Order of preference’ for the life reinsurance business, put a cap on how much a cross boarder reinsurer can do business with a nonlife insurer in a specific portfolio, lays out detailed guidelines for the reinsurers on how to do their reinsurance business(, termed as retrocession) with their board approvals, relaunching the banned alternative risk transfer business (ART)