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Over 4.6 crore farmers got IDs under digital agri mission :Chouhan in RS
Union Agriculture Minister Shivraj Singh Chouhan As many as 7,708...
IRDAI rejects appeal of general insurers and CBRs to review its collateral based cross border reinsurance norms
Indian general insurers, which will be generating a premium of over...
9 trends to watch as aviation readies for post Covid-19 takeoff
Says Cristina Schoen, Global Head of Aviation Claims at AGCS,”Covid-19 has not been a direct driver of aviation claims over the past year .
As a result of the significant reduction in commercial airline travel during the pandemic we saw fewer attritional claims than we would during a typical year. However, the insurance sector was not immune to larger losses during the course of the pandemic, with different regions seeing tragic accidents, emergency landings and hull losses to name a few. As air travel begins to return to pre-pandemic levels we expect claims volume to rise accordingly”
Suez Canal says deal reached to free seized vessel
At first, the Suez Canal Authority demanded $916 million in compensation, which was later lowered to $550 million.
The authority did not reveal details on the settlement deal with the Shoei Kisen Kaisha Ltd., the Japanese owner of the Ever Given. It said the deal will be singed in a ceremony in the Suez Canal city of Ismailia on Wednesday.
The canal authority will receive a tug boat with a pulling capacity of about 75 tonnes as part of a settlement to release the container ship Ever Given, which blocked traffic at the waterway for six days in March, Rabie told a private TV channel.
Getting athletes to Olympics amid global pandemic a logistics nightmare
Although most athletes have been fully vaccinated and Games organizers require negative Covid tests prior to arrival, there have already been some upsets. Two members of Uganda’s Olympic squad tested positive in Japan last month, despite having been inoculated earlier, and over the weekend, a rower from Serbia tested positive.
Corporate payment delay trend stabilized, but risks and uncertainty remain:Coface Asia Corporate Payment Survey 2021
On economic improvement in 2021,Australian firms were the most optimistic, with 80% of respondents anticipating higher growth, followed by India (76%), China (73%), Malaysia (73%) and Taiwan (71%). In contrast, Japan was the only country where less than two-thirds of respondents (61%) expect an improvement in economic growth during 2021.
By sectors, automotive is the most confident regarding year-ahead sales, with 66% of respondents expecting an improvement. This was followed by energy (64%), metals (64%), paper (63%) and pharmaceutical (61%). The highest proportion of companies anticipating an improvement in cash flows over the next 12 months were found in automotive, agri-food, and pharmaceutical at 55% each, followed by metals (53%), paper (52%), and chemicals (51%).
Cyber laws, rules, and guidance must be workable, risk-based, clear, transparent, and consistently applied across companies and jurisdictions:US Insurers
Insurance is an important economic recovery resource for victims of ransomware attacks. Prohibitions on the reimbursement of legal ransom payments presents potential unintended consequence such as eliminating a meaningful risk management resource.
Insurance policy and underwriting activities should not be misconstrued as cybersecurity risk assessments, which provide the insured with confidence that their security measures are sufficient to avoid or eliminate ransomware attacks.
Insurance is an important economic recovery resource for victims of ransomware attacks. Prohibitions on the reimbursement of legal ransom payments presents potential unintended consequence such as eliminating a meaningful risk management resource.
Like a customer’s decision on how to manage cyber risk, insurers must also be able to determine their risk appetite through careful underwriting and appropriate coverage offerings.
A massive ransomware attack has hit more than 1,000 companies
The impact of the attack is only beginning to come to light. In Sweden, a majority of grocery chain Coop’s more than 800 stores couldn’t open on Saturday after the attack led to a malfunction of their cash registers, spokesperson Therese Knapp told Bloomberg News.
There are victims in 11 countries so far, according to research published by cybersecurity firm ESET.
The hackers were identified as the Russia-linked ransomware group REvil, which was accused last month of hacking giant meatpacker JBS SA.
Insurers’ response to COVID-19 pandemic has damaged their reputation, finds GlobalData
Ben Carey-Evans, Insurance Analyst at GlobalData, comments: “The pandemic has undoubtedly been an extremely difficult situation for insurers. Claims in some lines have soared and a lot of lines have become hard to insure. The biggest factor behind the industry’s reputational damage is likely to be the legal battles around business interruption claims throughout 2020.
Reinsurance rate increases continued for most major lines and territories during July 1 renewals:Willis Re
Momentum continued in the catastrophe bond market, which saw around US$6 billion of new issues in the second quarter of 2021, outstripping all new cat bond capacity issued in 2019. Significant investment inflows have narrowed margins and encouraged new cat-bond cedants.
James Kent, Global CEO of Willis Re, said: “The global reinsurance market is moving towards an equilibrium. Reinsurers, backed by resilient investors delivering an increasing capital base, are robust and well positioned to provide the long-term support their clients expect and need. However, we are approaching the top of a cycle which we believe is unlikely to precede a precipitous and damaging decline in rates. Instead, the market is likely to retain its discipline in order to maintain the balance it has achieved over the past couple of years especially with the full picture of losses from COVID-19 and prior year liability lines still to emerge.”
Gallagher becomes the first global insurance broker to set up a 100 % subsidiary in India
Edelweiss Financial Services to sell its 70 pc stake in insurance broking JV- Edelweiss Gallagher Insurance Brokers- to its foreign partner Gallagher for Rs 307.60 cr
Special drive launched to bring more farmers under PM crop cover scheme
A week-long drive, starting July 1, will cover all notified areas under the kharif 2021 season with special focus on 75 aspirational districts where crop insurance penetration is low.
Launching the special drive, Agriculture Minister Narendra Singh Tomar said so far 29.16 crore farmers have insured their crops under the PMFBY.
More than Rs 95,000 crore worth of claims have been provided to farmers since the launch of the scheme, against the total premium of Rs 17,000 crore paid by them, he said.