GIC Re has also branch offices in London and Kuala Lumpur. In April...
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GIC Re:Gross premium grows 14% to Rs 9,967cr, net profit rises 7% to Rs 1621cr in Q3FY25
N Ramaswamy, CMD, GIC Re One of the outstanding features of GIC...
Miller to acquire AHJ Holdings
In addition to providing immediate scale and capability in treaty...
Boeing lifts China jet demand estimate over two decades to $1.47 trln
Chinese airlines will need 8,700 new airplanes through 2040, 1.2% higher than its previous prediction of 8,600 planes made last year. Those would be worth $1.47 trillion based on list prices, the U.S. planemaker said in a statement.
Earlier this month, Boeing revised up long-term forecasts for global airplane demand on the back of a strong recovery in commercial air travel in domestic markets like the United States.
EU plans 120 billion euro economic boost by easing insurance rules
Olav Jones, deputy director general for Insurance Europe, an industry body, said he welcomed EU acknowledgement of the need to reduce capital requirements, but only a “significant and permanent” cut in capital would allow insurers to increase support for the economy and regain global competitiveness.
Brussels proposed easing the impact of the so-called volatility adjustment, which mitigates the impact of short-term market moves on insurer solvency.
It also wants to make it easier for insurers to benefit from preferential capital treatment worth around 10.5 billion euros from investing in long-term assets to green the economy.
Kharif foodgrain output estimated at record 150.50 mn tonne this year: Govt
Releasing the first advance foodgrain production estimate for the ongoing kharif season, Agriculture Minister Narendra Singh Tomar said: “A record foodgrain production is estimated at 150.50 million tonne in kharif season.”
Bumper crop is being achieved on account of tireless hard work of farmers and scientists besides farmer-friendly government policies, he said.
Britain launches 220 mln pound support scheme for industry to go green
“With innovation and investment across the economy, we can power the UK’s green industrial revolution. But we know for the most polluting and energy-intensive businesses, this will mean a big shift in the way they operate,” Prime minister Boris Johnson said in a statement.
U.S. flood insurance rates to rise for 77% of policyholders -study
Under the new “Risk Rating 2.0” system from the U.S. Federal Emergency Management Agency (FEMA) taking effect Oct. 1, new premiums will be based on a property’s value, risk of flooding and other factors, rather than simply on a home’s elevation.
Meant to account for climate-change-driven shifts like increasing flood frequency, the new plans also will make the program more equitable, said Nick VinZant, QuoteWizard senior research analyst.
MS Amlin AG appoints Robert Wiest as CEO
Robert Wiest brings over 30 years of industry experience. During a career at Swiss Re spanning over two decades, most recently as Chief Operating Officer, Wiest has successfully led business units as the Head of Global Business Solutions, Head of Strategy and Operations for Asia, and Head of Western and Southern Europe, the Middle East, and Turkey.
Brit launches machine learning algorithm to enable faster claims response to catastrophe events
In this latest innovation, Brit’s Data Science team developed and overlaid a machine learning algorithm to access the ultra-high-resolution ariel images and data such that it pinpoints, color-codes, and displays properties by damage classification within days after a catastrophe event. This enables the Brit Claims team to proactively identify, triage and assign response activity even before claims are reported.
C-DOT developing tech to tap all media for broadcasting disaster alerts
The Centre for Development of Telematics (C-DOT) is developing the system for National Disaster Management Authority (NDMA) and expects it to be ready in 18 months, CDOT chairman and executive director Rajkumar Upadhyay told PTI.
”We are developing a pan-India integrated alert system which can send out alerts across all mediums at one go in an emergency situation. It will be deployed by NDMA. Once the system is deployed, the department concerned will have to just mark the area on the map by pen and the alert will go across all mediums in that area in the local language,” Upadhyay said.
AM Best upgrades GIC Re’s credit rating outlook to stable, co’s balance sheet strength remains strong
GIC Re,with a global premium of $6,481 billion in 2020. is the 10th largest non-life reinsurer in the world and third largest reinsurer in Asia after China Re and Korea Re. The business profile assessment of favourable reflects GIC Re’s position as a leading reinsurer in India, with an approximate 75% market share based on ceded domestic written premium. The company continues to have close relationships with direct insurers in India, and local regulations provide GIC Re with a competitive advantage in obtaining domestic reinsurance placements.
In addition, the company maintains a geographically diversified underwriting portfolio, with over 35% of business sourced outside of India in fiscal year 2021.
Jitendra Singh launches AXA’s free telemedicine services in India
SAATH(Supportive Action Across Telemedicine and Healthcare) will connect people to doctors including general practitioners, ayurvedic doctors, nutritionists and Sewa International volunteers. In addition to telemedicine services, it will provide information on: availability of hospital beds and oxygen cylinders; ambulance assistance; home Intensive Care Unit setup information; food supplies for COVID-19 patients; access to psychologists; and more. Using the wide range of services, SAATH aims to increase acceptability, affordability and accessibility to telemedicine and virtual care.