The exact details of the deal has not been disclosed by either...
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Hiscox unveils a new sexual molestation liability cover
The sexual molestation liability (SML) product will also cover...
Nigeria insurance stocks gain most in almost 20 yrs on new law
The law, approved by Nigeria’s President Bola Tinubu, which makes...
Viasat Inc’s $1 bn orbiting satellites risks upending space insurance
Viasat’s troubles in orbit come a few years after big-name insurers like American International Group Inc. and Allianz SE have shuttered their space portfolios. That’s left a smaller pool of providers to absorb the risks in the notoriously high-stakes $553 million...
Geopolitical fragmentation, increasing trade protectionism, climate change posing serious challenges to inclusion: Industry leaders
In a panel discussion at the B20 Summit India 2023 in New Delhi, Tata Sons Chief Economist and Head of Policy Advocacy, Roopa Purushothaman said while inequality between countries has been getting better, inequality within countries has been worsening in the last few...
Swiss Re ordered to pay former underwriter $1.6M for sexism, unfair dismissal
Ms. Sommer was awarded 1.29 million pounds in a ruling published on Thursday, which the tribunal said was for “injury to feelings, personal injury and aggravated damages” and other financial losses, including the loss of a bonus in 2021 London: A former Swiss Re...
IRDAI asks insurers to settle HP claims quickly
As the ongoing floods in Himachal Pradesh have caused widespread loss to property(homes and businesses) and infrastructure, the IRDAI on Friday asked general insurers and standalone health insurance companies to mobilise all resources to ensure that all claims are...
Global reinsurers pull back from natural catastrophe cover, says Fitch
Natural catastrophe business has become largely loss-making in recent years as prices have failed to keep pace with increasingly frequent, severe and volatile weather-related losses due to climate change. This has reduced reinsurers’ appetite to provide natural...
IRDAI lowers capital of FRBs to Rs 50 cr from Rs100 cr, order of preference streamlined to 4 levels from 6
This comprehensive regulatory overhaul is strategically designed to position India as a prominent global reinsurance hub. The revised Order of Preference for International Financial Services Centre Insurance Offices (IIOs), coupled with simplified regulations and...
AstraZeneca facing two London lawsuits over COVID-19
Anish Tailor, whose wife Alpa died in March 2021 after receiving her first dose of the vaccine, filed a product liability claim against AstraZeneca at London’s High Court on Aug. 4, according to court records AstraZeneca is facing a similar lawsuit from Jamie Scott,...
Insurers raise premiums for Black Sea tankers as tensions mount – traders
The war risk premium was increased from around 1% of the cargo’s cost to some 1.20-1.25%, the traders said The increase means every voyage will cost $200,000 per one Suezmax tanker (can carry 120,000-200,000 tonnes) more if Russian oil is delivered to India. The rise...
Deepfake imposter scams are driving a new wave of fraud
The fastest-growing scam category is investment fraud, often introduced to victims through search engines where scammers can easily buy sponsored advertising spots. When would-be investors click through, they often find realistic prospectuses and other financial data....
IRDAI cautions public not to deal with `Surety Seven’ selling Surety Bonds
The company is soliciting Surety Insurance policies including Bid Bond, Advance Payment Bond, Performance Bond, Court Bond, Customs Bond from the public especially from business like Construction and Import/Export Hyderabad: Insurance regulator IRDAI has cautioned...