The insurer's Combined Ratio, a key metric that compares claims and...
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Irdai forms panels to look into violations by insurers
"As part of enforcement function, to decide on the violations...
General insurers rush to become preferred choices for Tesla’s EV customers in India
ACKO General Insurance,Zurich Kotak General Insurance and Liberty...
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...
IRDAI asks re/insurers not to use IIB burning rate as minimum rates within `Reinsurance Treaty Agreements’
Given the tough conditions at 1/1 renewals and shortage of proportional capacity that is being witnessed elsewhere for India reinsurers may insist on more retention and trend will continue for non proportional arrangements . At the same time as the non IIB rates are...
Insurers may refuse to cover planes flying to Ukraine or ships sailing through Black Sea
As they operate on an “aggregation” basis with marine and aviation war risk insurance, totting up the losses as one, claims in one area make reinsurers wary about the whole war risk sector, David Smith, head of hull and marine liabilities at broker McGill and Partners...
Gadkari launches country’s first-ever Surety Bond Insurance from BAGI, proposes ratings of contractors
Union Minister for Road Transport and Highways Nitin Gadkari `` It has taken almost three years to get IRDAI's approvals for Surety Bond product. We have sorted out a lot of technicalities which will make constructing road projects less risky and ensure safety and...
Insurers shun FTX-linked crypto firms as contagion risk mounts
Specialists in the Lloyd's of London and Bermuda insurance markets are requiring more transparency from crypto companies about their exposure to FTX. The insurers are also proposing broad policy exclusions for any claims arising from the company's collapse. Kyle...
Surety Bonds: Govt allows insurers’ parity with banks as `secured creditors’ within insolvency law in case of defaults
Nitin Gadkari, Union Minister of Road Transport and Highways(Morth), will be formally launching the country's first Surety Bond on Monday Bajaj Allianz General insurance, with major reinsurance back ups from Munich Re and Swiss Re has already got its Surety Bond...