``Munich Re is supporting these solutions with reinsurance...
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GIC Re’s Credit Ratings affirmed as “A-” (Excellent) by AM Best
General Insurance Corporation of India (GIC Re), a leading global...
Susan Panuccio to join Howden as Group Chief Financial Officer
Susan Panuccio, Group Chief Financial Officer-designate, Howden...
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...
Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions
The employee unions are also opposed to the idea of insurers distributing insurers to distribute other financial products as it may distract the companies from their insurance products, distribution and proper attention on serving the policyholders Chennai: The Unions...
Oil tanker owners show signs of shunning Russia’s Asian crude
Since Dec. 5, buyers of cargoes from Russia have only been allowed to access industry standard insurance and an array of trade-critical services if they pay $60 a barrel or less There are tentative signs that oil tanker companies are avoiding sending their ships to...
Reinsurers to stop covering key war risks related to Russia-Ukraine conflict
Hannover Re and Munich Re are among reinsurers who have warned that they will cease to underwrite any kind of risks — even indirect ones — related to the conflict in Ukraine from the start of next year, according to people familiar with the matter. The major German...