War risk premiums have risen up to 1% of the value of a ship in the...
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Insurance gaps leave airlines exposed as Iran conflict widens
Airlines have aviation war cover for their fleets, including damage...
Indian Accounting Standards (Ind AS): IRDAI issues exposure draft,to implement new accounting system for industry from Apr 1
The proposed amendments aim to promote greater consistency,...
Rising claims pose challenge for health insurance sector in India: Jefferies
The report indicated that India's non-life insurance sector is experiencing significant shifts, the health insurance segment may face challenges as healthcare costs continue to rise and more consumers claim their insurance, and insurers are grappling with increased...
OMAC is hull insurance carrier for sunken yacht in Sicily
The global yacht insurance market has faced significant challenges in recent years, largely due to natural disasters like Hurricane Maria in 2017 and Hurricane Ian in 2022, which devastated numerous charter bases and hundreds of yachts Yacht insurance provider OMAC is...
APAC: Climate change response held back by insufficient data
“The deadly heat waves and catastrophic floods we’ve seen in recent months show us what’s at stake. We need high-quality data and robust statistical capacity to avoid policy blind spots and make sure our strategies for tackling the climate crisis are well-informed....
IRDAI, insurers and IIM-Kozhikode organise 3-day strategic meet in Mumbai from today
Debasish Panda,chairman, IRDAI Recently, IRDAI chairman Debasish Panda had led a team of CEOs of Indian insurance industry including reinsurers (Foreign Reinsurance Branches) to some of the European countries and had met the top officials of large re/insurance...
Malawian govt receives $11.2 million insurance pay out for Niño-linked drought
Malawi had a drought insurance policy through the bank and the African Risk Capacity Group, an agency of the African Union. The funds will support food assistance to around 235,000 households in some of Malawi’s hardest-hit regions and also help with direct relief...
Government, Banks, regulators and security agencies need to collaborate to check cyber security for banking industry
L to R- Vivek Joshi, secretary, Department of Financial Services, Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs and M. Nagaraju, secretary-designate, DFS. at at a meeting in New Delhi to review the performance of public sector Banks (PSBs) The...
UK insurers ask for new rules to develop captive market
UK is missing out on a market that’s estimated to reach $161 billion globally by 2030, the letter said. The US, France and Italy have all introduced regimes to bring captives onshore according to a letter written to Chancellor Rachel Reeves by senior figures in the UK...
Istanbul: With earthquake risk city’s business now getting ahead on contingency planning
The impact would, of course, be huge. Insurers estimate a $300 billion hit to the economy, equivalent to 27% of gross domestic product, according to a senior person in the industry. That would be three times the estimate from last year’s disaster. About $25-$30...
Monkeypox in Africa: Exporters keep fingers crossed
"As of now, the spread is not rampant, but looking into the infection, the exporters are definitely concerned, hoping it will not spread," Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai said The bilateral trade of India with Africa grew...
National Insurance aims for Rs 100-200 cr profit in FY25
T Babu Paul, executive director,National Insurance Company ``Medical treatment costs have increased by 5-20 per cent, and to bridge the cost gap, an industry-wide tariff revision is expected this year. Our average claim amount has jumped to Rs 41,000 from Rs 27,000 in...