The findings come as the industry grapples with an intensifying...
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Expanding Indian EV Market: Securing Battery Insurance
Battery, making up about 60% of an EV’s total cost often doesn’t...
Risk-Based Capital: Rewarding Indian insurers
The adoption of Risk-Based Capital (RBC) rules by the Indian...
Munich Re and Swiss Re back Bajaj Allianz General to launch first-ever surety bond for NHAI projects on Dec 19
"The surety bonds will help in boosting the liquidity in the infrastructure sector by freeing the contractors working capital stuck in bank guarantees. Contractors can utilise these funds for growth of their business," said Nitin Gadkari, union minister, road...
World Bank seeks to unclog Cat Bond jam in emerging markets
“Most of our transactions today have been either earthquake or hurricane,” said Bennett, referring to insured risks. “I think that will continue to be the largest, but certainly people are thinking about things like drought and flooding” Michael Bennett, head of...
Oil tankers blocked near Turkey by proof-of-insurance rule
The measure, which came into force on Friday, compels ships carrying crude oil to have a letter from their insurer guaranteeing cover while in Turkey’s waters. Oil shipments from Russia and Kazakhstan are getting ensnared in a Turkish government rule to provide proof...
South Korea’s only reinsurer announces to drop new coal, but with loopholes
Asia’s second-largest reinsurance company, Korean Re, will no longer be providing reinsurance 1 for new coal mining or power plant construction from next month. Over 60 percent of the global reinsurance market, including reinsurers such as Hannover Re and Swiss Re,...
WTW appoints William Miller as Head of Crisis Management for APAC
Luke Ware, Head of Corporate Risk & Broking Asia, WTW said: “As geopolitical tensions rise, individuals and businesses are exposed to a wider range of security risks which is why we have expanded our offering to include domains such as Special Crime and high-risk...
EU agrees $60 Russian oil price cap
The G7 price cap will allow non-EU countries to continue importing seaborne Russian crude oil, but it will prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap...
2022 hurricane season: Fewer storms than anticipated, but still extremely damaging, says Munich Re
According to preliminary estimates, overall losses from all storms amounted to around US$ 110bn, with insured losses in the magnitude of US$ 65bn (excluding the National Flood Insurance Program NFIP1) `2022 continues the trend of increasing losses from US hurricanes...
Aon names new leaders for Asia Pacific Reinsurance Solutions
``In 2022, we have continued to strengthen our business and a key part of this success is building a team that inspires and energises each other to create differentiated solutions for clients and deliver the exceptional level of service our clients demand, George...
Govt proposes scrapping of minimum capital for insurers
The department of financial services (DFS) has said these amendments would enhance the financial security of policyholders, promote their interests, and improve their returns New Delhi: Revamping the existing regulatory frame work, the finance ministry has proposed...
Farmers paid Rs 1.25 lakh crore as claims till Oct 31: Government
''In the last 6 years, Rs 25,186 crore have been paid by farmers as the premium, wherein Rs 1,25,662 crore have been paid to the farmers against their claims as on October 31, 2022 with Central and state governments bearing most of the premium under the scheme,'' an...