There are instances of an entire family perishing or one of the...
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Air India’s Ahmedabad crash claim likely to hit around $475 million, liability losses can touch $350 million, says GIC Re
As surveyors and lawyers from London, appointed by reinsurers of...
Plane crash DNA tests identify 47 victims, 24 bodies handed over to kin
The committee, headed by Union Home Secretary Govind Mohan, is...
China could see as many as 25,000 deaths a day from Covid-19 in Jan
The jump in cases has fueled concern across the globe about the emergence of new Covid variants that could be more contagious, lethal, or both. That has prompted numerous countries to adopt mandatory testing and entry restrictions for travelers from China, which also...
Outlook 2023: Negotiating a Hard Reinsurance Market
Shankar Garigiparthy,CEO & Country Manager, India Reinsurers have been supporting the Indian market for many years, and have been paying significant amount of claims. With a hardening reinsurance market globally, the Indian market is also likely to face these...
Unprecedented hard global reinsurance market to make Indian re/insurance renewals costlier in FY2023-24
`Devesh Srivastava,CMD, GIC Re Supply side issues like Russia Ukraine conflict, high global inflation, capacity crunch, shortage of capital, large losses including high losses from Hurricane Ian have forced global reinsurers to jack up their prices exorbitantly for...
Japan asks its insurers to retain marine war cover for LNG shippers in Russian waters
The move comes after Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance on Friday told shipowners that they would stop offering marine war insurance, which covers damage to ships from war in Russian waters, from Jan Industry...
Cryptocurrency: Covering Losses
Lloyd’s recently announced a new policy to insure against losses stored on certain cryptocurrency wallets. Until the broader insurance market catches up with the rise of cryptocurrency and such insurance becomes more commonly used, most policyholders will need to look...
Epic winter storm brings frigid temps, snow and floods to US; over 200 million people affected
While it’s packing plenty of snow and frigid temperatures, the storm is mostly noteworthy for its size and speed. Snow, blizzard, freezes and flood warnings and advisories stretch across central and eastern US, its northern fringe and the Deep South, as well as into...
Rates to stay flat for Ukraine grain cargo insurance-Ascot
Aviation and marine war insurers are concerned that reinsurers – who insure the insurers – will exclude the whole Ukraine, Russia and Belarus region when reinsurance contracts come up for renewal on Jan. 1. A cargo insurance facility providing cover for shipments via...
New India launches Drone insurance, to cover physical damage to the aircraft and its theft
Neerja Kapur, CMD,NIA said, “India’s drone manufacturing industry clocked annual sales of Rs 60 crores in FY 2021 and is expected to grow to Rs 900 crores by FY 2024. Thanks to the impetus given by the Government of India through the liberalised Drone Rules, 2021,...
PMFBY number one crop insurance scheme globally in terms of farmers enrollment: Tomar
The minister said 832.24 lakh farmers enrolled under the PMFBY during 2021-22 fiscal. The premium paid by farmers stood at Rs 3,77,026 crore while claims paid were Rs 13,728.63 crore during 2021-22 New Delhi: The Pradhan Mantri Fasal Bima Yojana (PMFBY) has become the...
Violent earthquake Of 6.4 magnitude jolts Northern California; Damages homes, disrupts power
Approximately 12 people were reported as suffering injuries, including a broken hip and head wound, the Humboldt County Sheriff's Office said at a news conference interrupted by a jarring aftershock. Two people died — an 83-year-old and a 72-year-old — because they...