Along with a full transaction ban on two major Russian oil...
Category:
Reinsurance
Latest
Re/insurance industry needs to push boundaries of risk taking in a fragmenting world: Experts
“While the universe of risks is expanding, the world is...
Aon’s advanced AI-powered supply chain offering to help businesses anticipate & mitigate hidden risks
Using AI and advanced data modelling, the solution analyses...
Houthi attacks has led to an “environmental disaster” in the Red Sea, US says
The Houthi assaults have continued despite waves of airstrikes by the US and the UK The missile attack by Houthi militants on a ship carrying a cargo of fertilizer has led to an “environmental disaster” in the Red Sea, US Central Command said Friday evening. Hours...
Cyber Insurance: Heightened Indian Risk
Cyber insurance premium costs have increased by over 50% over the past year. Several factors have contributed to the considerable increase in cyber insurance premium in India. This include the surge, sophistication and severity of cyber-attacks that have significantly...
IRDAI again bans Malaysian broker Confinance from Indian market for 2 yrs in Tata AIG’s Rs 300 cr fraudulent crop deal
The action of Malaysian re/insurance broker Confinance in reinsurance transaction caused inconvenience to TATA-AIG in India which could have potential loss to the insurer and to policyholders. It is considered view that the action of Confinance is deliberate and...
IRDAI retains Obligatory Cession to GIC Re at 4% for FY25
The IRDAI, after consultation with the Advisory Committee, and with the previous approval of the Central Government has taken the decision that the percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian Re-insurer (GIC...
India seeks $26 bln of private nuclear power investments
This is the first time New Delhi is pursuing private investment in nuclear power, a non-carbon-emitting energy source that contributes less than 2% of India's total electricity generation. The funding would help India to achieve its target of having 50% of its...
IRDAI considers mandating Cross Boarder Reinsurers to furnish large collaterals for accessing Indian business
`The CBRs have been getting significant amount of premiums from India and their share in the Indian reinsurance market is increasing. It is now felt necessary to ring-fence the interests of Indian insurers to maintain their ability to meet obligations towards...
Yemen’s Houthis say ship attacked in Gulf of Aden may sink
“Shipping companies must weigh up the increased costs and journey times against the risk to their vessels, and, most importantly, the safety of the crew onboard,” insurance broker Gallagher Speciality Marine said in a report last week CAIRO/LONDON: Yemen’s Houthi...
Indian diesel diverted to Asian markets as Houthis attacks impact flows to Europe
Tankers heading to Europe or the Atlantic Basin are being forced by the Houthi threat to go around South Africa’s Cape of Good Hope, increasing journey lengths and costs, or use the Suez Canal, “with the risks involved and extremely high war risk insurance Shipments...
Star Health gets GST notice of Rs 170 cr on reinsurance deals
Star Health and Allied Insurance Company said that it has received a tax demand order for Rs 170 crore, along with a penalty of Rs 8.7 crore on non-payment of GST liability on the re-insurance commission received by the company during the period April 2018 to March...
Policybazaar Insurance Brokers gets reinsurance license
Policybazaar Insurance Brokers (Policybazaar), PB Fintech’s wholly-owned subsidiary, has received the nod from the IRDAI ) to upgrade its license from a direct insurance broker to a composite insurance broker. A composite insurance broker can also intermediate...