The company in a regulatory filing said that the amount of damage...
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Doha Insurance Group to set up reinsurance business in Gift City
Doha Insurance Group(DIG) is currently working on completing the...
Plane with 67 passengers crashes in Kazakhstan, many killed
According to Russian news agency Tass, 32 people have survived the...
ELEMENT and Parametrix launch innovative cloud outage insurance in Europe
Parametrix developed this unique insurance solution based on its proprietary monitoring technology that analyses the global performance and availability of cloud service providers’ down to the millisecond level. The highly advanced parametric system ensures an accurate and precise overview of risk accumulation and concentration across different IT-services and regions. Also, the monitoring system detects insured events in real time and triggers compensation with waiting periods as short as only one hour. This new insurance solution in the field of cyber and tech-related insurance is an innovative answer for companies to financial losses due to cloud outages.
Hurricane Ida lashes Louisiana, knocking out power in New Orleans
U.S. President Joe Biden declared a major disaster in Louisiana, ordering federal assistance to bolster recovery efforts in more than two-dozen storm-stricken parishes. Ida slammed ashore around noon near Port Fourchon, Louisiana, a hub of the Gulf’s offshore energy industry, blasting the coast with hurricane-force winds extending 50 miles (80 km) out from the eye of the storm. Landfall came 16 years to the day after Hurricane Katrina, one of the most catastrophic on record, struck the Gulf Coast.
Resting on climate action a $11 trillion opportunity for India: Deloitte Report
Over the next 50 years, the top five most impacted industries in terms of economic activity are expected to incur a significant share of climate-related loss.
These industries — services (government and private), manufacturing, retail and tourism, construction, and transport — currently account for more than 80 per cent of India’s GDP. Together, they form the basis of the country’s contemporary economic engine, it added.
Deloitte estimates that by 2070, these five industries alone would experience an annual loss in the value added to GDP of more than USD 1.5 trillion per year.
Climate Change: Insurers can afford to drop Oil and Gas—but many won’t
To date, just one insurer has promised to take “significant action” in this regard, according to analysts at Societe Generale SA.
Australia’s Suncorp was the first to announce it would no longer provide coverage for all new oil and gas production projects.While insurers (23 in all) have moved to end their underwriting of coal-related activities, they have been slow to act on oil and gas. That’s mainly because the insurance market for those fossil fuels is considerably larger, with estimated premiums of more than $17 billion in 2018, compared with $6 billion for coal power, said Peter Bosshard, program director at the Sunrise Project and global coordinator of Insure Our Future (IOF).
Japan’s Fukushima nuclear water to be released via undersea tunnel
The government decided in April to start discharging the water, after further treatment and dilution, into the Pacific Ocean in spring 2023 under safety standards set by regulators. The idea has been fiercely opposed by fishermen, residents and neighboring countries including China and South Korea.
The offshore discharge using a pipeline enclosed inside a concrete tunnel is an attempt to minimize the “reputational damage” that would occur if the contaminated water is released close to marine life off the Fukushima coast.
Air taxis will be possible in coming days under drone rules: Scindia
“That time is not far when taxis, like the ones of Uber etc that you see on roads, you will see in the air under the drone policy. I believe this is very much possible,” he added.
In a notification dated August 25, the Ministry of Civil Aviation eased the rules regarding drone operations in the country by reducing the number of forms that need to be filled to operate them from 25 to 5 and decreasing the types of fees charged from the operator from 72 to 4.
Lloyd’s forms partnership to deliver faster claims service through geospatial technology
The GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding. The data, which includes innovative resolution drone imagery, allows Lloyd’s market insurers to instantly assess damages at a time when physical access to the risk location may be limited following a natural catastrophe.
Satellite imaging combined with other intelligence data sources is an innovative way of assessing damage to insured infrastructure and businesses. The technology will help insurers support customers around the world during periods of crisis, whilst reducing operational costs and the carbon footprint of insurers.
Finance Ministry exploring insurance bonds as alternative to bank guarantees
“Government is exploring on instituting insurance bonds as alternatives to bank guarantees,” an official statement said.
Bank guarantees are usually asked for while extending a loan and typically require a collateral. An insurance bond is also a surety but it does not require any collateral.
As per reports last year, insurance regulator Irdai was also looking at the option of insurers offering surety bonds in the context of road projects.
Swiss Re and Climeworks sign world’s first 10-yr carbon removal purchase agreement
”To mitigate the risks of climate change, the world needs to scale-up carbon removal on top of, not instead of emission reductions. By partnering with Climeworks we can play to our strengths in this endeavour, as a risk taker, investor, and forward-looking buyer of climate solutions”, said Christian Mumenthaler, Swiss Re’s Group Chief Executive Officer and Co-Chair of the World Economic Forum’s Alliance of CEO Climate Leaders.
“Govt to have minimum presence in life insurance, general insurance and reinsurance” Sitharaman
“If minimum presence is something that has to be there as per policy, I will obviously be present in LIC, in the general insurance industry, and somewhat in the reinsurance sector also,” finance minister said.
Debashish Panda, secretary, department of financial services(DFS) announced changes to the pension payouts of Public Sector Banks. Family members of deceased PSB bankers will now get pension of 30 pc of last drawn salary as against earlier Rs 9,284, says
“Pension payouts to bank employees could increase to Rs 30,000-Rs 35,000 from the earlier cap of Rs 9284,” Panda said.