Ramaswamy Narayan, CMD, GIC Re, observed,“Hosting the 29 th FAIR...
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Riots impose financial strain on Nepal re/insurers
Oriental Insurance Company, a branch of India's Oriental Insurance,...
Govt considers nuclear liability fund in excess of Rs15 billion for major accidents
The planned fund would provide a clear legal mechanism to finance...
GIC Re net profit rises 6.1% to Rs 732 crore in Q1, further sheds loss making business
Devesh Srivastava, CMD, GIC Re ``Profit is the only embedded principle of all our business. We will not do any business that is not adding to our bottom line. We have restructured our entire organisation and manpower in recent years to deliver on results,'' said...
Lloyd’s of London leads insurers tightening Taiwan cover as conflict risks rise
“Availability of cover for Taiwan has got tighter,” said Crispin Hodges, head of trade and political risk with insurer Canopius, “We’ve been tightening up the wording to ensure that the policies reflect the underlying risk that we want to insure and there aren’t any...
IRDAI launches impact study on Risk Based Capital framework
This study holds paramount significance, as it provides the opportunity to comprehensively evaluate the potential impact on the capital and overall solvency of the insurers This framework would serve as a pivotal mechanism which would enable insurers to maintain an...
US business owners seek increased insurance protection amid mounting risks – study
“The devastation caused by natural disasters has heightened urgency for adequate protection,” CEO Patrick Gallagher told Reuters, adding that there is ongoing demand for insurance coverage to secure properties, homes and businesses from potential damages and losses...
Bermuda considers introducing corporate income tax
The Bermudan government said in a statement the proposal would end the island nation’s long-standing 0% corporate income tax and would apply to Bermudan units of multinational corporations with 750 million euros ($820 million) or more in annual revenue. The proposal,...
After attacking Ukraine wheat exports, Russia faces own shipping challenge
Insurance for ships heading to Russia’s Black Sea ports currently costs tens of thousands of dollars in additional premiums daily, the three sources said, with rates ticking higher following Russia’s attacks on Ukraine’s other waterways through the Danube in recent...
Severe thunderstorms account for up to 70% of all insured natural catastrophe losses in 1H2023, Swiss Re
Severe convective storms – storms associated with thunder, lightning, heavy rain, hail, strong winds and sudden temperature changes – caused USD 35 billion (nearly 70%) in insured losses worldwide in the first half of 2023. This means that insured losses are almost...
Govt says crop insurance claims worth Rs 2,761.10 cr pending under PMFBY till 2021-22
Narendra Singh Tomar, Union Agriculture Minister Out of the pendency of claims, the maximum was in Rajasthan (Rs 1,387.34 crore), followed by Maharashtra (Rs 336.22 crore), Gujarat (Rs 258.87 crore), Karnataka (Rs 132.25 crore) and Jharkhand (Rs 128.24 crore), the...
AB-PMJAY: BAGI wins Gujarat, RGI bags Meghalaya, NIC retains Jharkand
Bajaj Allianz General Insurance has outbid Oriental Insurance Company to win the mandate for Gujarat and Reliance General Insurance has pushed out National Insurance Company(NIC) for Meghalaya in competitive bidding Reliance General Insurance will be earning a premium...
Ukraine’s drone attack yet to jolt insurance for Black Sea oil carriers
As of Monday, the extra insurance premium ships pay when entering risky areas was stable compared with levels prior to the weekend attack, according to two people familiar with the market. The figure is closely watched by traders and shipowners alike for whether it...