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Insurance for All by 2047: Working groups among stakeholders formed to strengthen and implement strategies, says IRDA
Participants in "Insurance for All" Vision Meet, hosted by...
Govt directs Reliance General to pay Rs 225 cr to Maha farmers in a week
Shivraj Singh Chouhan ,Union Agriculture Minister On August 22, the...
Disaster Financing:Nagaland,Swiss Re&Tata AIG strike India’s first-ever parametric deal,to kick in against excess rainfall
In addition to protecting the State treasury’s balance sheet, the transaction will enable Nagaland to build fiscal resilience against natural disasters.The parametric structure is designed to cover the entire state of Nagaland through six distinct zones, with a stepped payout feature to ensure funds are allocated where losses occur and in proportion to the amount of recorded rainfall, to mirror its impact. It based on a geospatially gridded dataset whose precipitation levels are derived from satellite observations .
G Satish Raju, Swiss Re said, “This is Swiss Re’s first disaster risk financing arrangement in India. Nagaland is a first mover and this transaction marks a positive step towards strengthening India’s resilience to natural disasters. With tropical cyclones Amphan and NIsarga hitting the eastern and Western coats of India in early 2020, the transaction serves as a timely model for other states looking to similar innovative re/insurance solutions that help protect their significant natural catastrophe exposures.”
Cargo ship calls at Singapore hub plummet to 27-year low, marine fuel sales fall
As the coronavirus pandemic hit global trade, the number of cargo ships calling at the world’s top transhipment port fell in May to 3,059, the lowest since at least January 1993, the oldest available figure, data from the Maritime and Port Authority of Singapore (MPA) showed.
Munich Re subsidiary Roanoke partners with travel insurance tech startup battleface
Sasha Gainullin, Chief Executive Officer of battleface: ‘battleface is proud to offer products that meet the needs of US travelers who face challenging situations in equally-challenging destinations. With battleface, our customers can rely on the fact that their travel insurance is as tough as they are.’
U.S. insurers use lofty estimates to beat back coronavirus claims
The industry has warned it could cost them $255 billion to $431 billion a month if they are required, as some states are proposing, to compensate firms for income lost and expenses owed due to virus-led shutdowns, an amount it says would make insurers insolvent.
Some U.S. P/C lines still challenged despite segment’s overall improvement
Overall, the P/C industry saw an increase of almost 400% in net underwriting earnings to $4.4 billion, and the industry’s combined ratio improved marginally to 98.8.
IRDA asks insurers to allow telemedicine facilities for their policyholders
Provision of allowing telemedicine will be part of claim settlement of policy of the insurers and need not be filed separately with the IRDAI for any modification. However, the norms of sub limits, monthly/ annual limits etc. of the product shall apply without any relaxation, said IRDAI .
Lloyd’s new API enhances and simplifies electronic placement
Jennifer Rigby, Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s, said:“This is an exciting new development that will enhance and simplify the flow of electronic placement data across the market, as we continue to progress the development of the next generation version of PPL. At Lloyd’s we want to make digital solutions that deliver better outcomes for our customers in a way that benefits the entire market. We are committed to sharing these benefits as quickly as possible using an open source framework that engenders even greater collaboration and engagement across the Lloyd’s ecosystem.”
DIFC strengthens its position as region’s reinsurance Hub
During the last 16 years, DIFC has emerged as the leading reinsurance hub in MEASA region. It is now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities serving the market, including three of the top five global insurance companies. The Centre has attracted world-renowned global companies including Munich Re, Lloyd’s, Berkshire Hathaway Specialty, RGA, Korean Re, AIG, Zurich, Marsh, and AON.
IRDAI scraps long-term package motor insurance products from Aug 1
Effectively,now the insurers have to go by another circular issued by the IRDA on June 21, asking them to make available stand-alone annual own damage covers)including standalone OD cover for fire and /or theft if opted for by the policy holders for cars and two-wheelers , both new and old
AXA XL appoints Xavier Veyry as CEO Asia & Europe
Veyry is currently Country CEO of AXA China and Chairman of AXA Tianping in China and AXA General Insurance in Korea. Over the span of his 24-year career at AXA, . Veyry has held several CEO and leadership positions around the world and has lived and worked in 12 countries across the Middle East, Asia and Europe.He will step down from his role as CEO of AXA China later this year to lead AXA XL’s Asia & Europe business from Dublin, Ireland.