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Nvidia unveils AI tools and models for faster weather forecasting
Mike Pritchard, the director of climate simulation research for...
Budget-26-27:Improving insurance affordability and access
Recent policy measures, such as the exemption of insurance premiums...
Singapore rushes to clean-up oil slick after boat hits stationary fuel ship
Singapore's Maritime and Port Authority said in a statement late Saturday the oil leak from the vessel had been contained, and that the oil that escaped from the damaged tanker had been treated with dispersants Singapore: An oil spill caused by a dredger boat hitting...
UK imposes sanctions on Russian insurer Ingosstrakh protecting ‘shadow fleet’ of tankers
Sanctions against Ingosstrakh are notable because it is major provider of coverage for the commercial fleet moving Russian oil, largely displacing insurers based in the UK and Europe. The company didn’t immediately respond to a request for a comment on how the...
Multibillion-euro court battle over stranded Russian jets begins in Dublin
Lessors are suing dozens of insurers around the world over losses of at least $8 billion after more than 400 planes were prevented from leaving Russia when Western sanctions over Moscow’s war in Ukraine forced the termination of their leases. Lloyd’s of London, Chubb...
Singapore Airlines offers compensation for flight hit by turbulence
“Passengers medically assessed as having sustained serious injuries, requiring long-term medical care, and requesting financial assistance are offered an advance payment of $25,000 to address their immediate needs,” that will form part of any final settlement, the...
GI Council to develop a tech platform auto-generating jobs seamlessly to surveyors for retail claims: IRDAI
The system should be developed in such a manner that whenever a claim is reported by the customer and registered by the insurer, the assignment of surveyor should happen automatically on a random basis by the new digital platform. The system will also seamlessly...
Issuance of CAT bonds just hit a record high
Issuance of the bonds, including non-property and private transactions, reached an all-time high of more than $16 billion in 2023. The current value of outstanding cat bonds stands at $49 billion, Artemis estimates. Crucially, last year saw relatively few weather...
IRDAI asks general insurers to provide `Customer Information Sheet’ to all of their retail policyholders
The IRDA has outlined 14 key points which have to be mentioned mandatorily in the `Customer Information Sheet' by the general insurers with immediate effect This is a positive step towards making insurance more customer-friendly, ensuring smoother claims services, and...
AM Best revises outlook for global reinsurance industry to positive
"Demand for coverage remains strong due to heightened natural catastrophe loss activity and general economic uncertainty," said Carlos Wong-Fupuy, senior director, AM Best OLDWICK, N.J: International rating agency AM Best has revised its market segment outlook for the...
Jun 10 interview for IRDAI’s member, Non-life, postponed, new date yet to be fixed
After SK Rath, general manager(GM), GIC Re dropped out of the race, CS Radhika, GM, United India Insurance (UII) has been added to the list of five contenders New Delhi: In a last minute development, the government has postponed the interview scheduled on June 10 for...
Climate change made deadly Brazil floods twice as likely
Factors besides climate change — such as poor flood-control infrastructure and deforestation — played a role in making the floods more destructive. But it was the interplay between climate change and El Niño, the occasional warming of the eastern equatorial Pacific,...