N Ramaswamy, CMD, GIC Re Though the largest Indian reinsurer has...
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Bridge Specialty International launches with the rebrand of Lonmar Global Risks
Bridge Specialty Group, a global wholesale and specialty insurance...
General Insurance industry grows 28% to Rs 30,378 crore in Oct
In a note worthy trend, seven stand alone health insurers have now...
Private jet demand rises as wealthy Russians spend lockdown in West
In March, there were 250 private jet round flights between Moscow and Europe, flight tracking data from 80 planes registered with Russian and European charter firms show, though the data did not specify how many people were on board each.
Flights continued in April, albeit falling to 61 round trips that month despite Russia suspending regular and commercial charter flights to and from Russia with some exceptions and locking down Moscow, the epidemic’s epicentre.
Pandemic forces virtual safety checks for oil tankers
With an estimated 160 million barrels of surplus oil being kept onboard dozens of tankers because on-land storage is full, the situation is pressing.
If restrictions on access to ships stay in place towards the final quarter of the year, tankers may be unable to store oil or sail until repairs can be carried out. This could drive up freight rates for shipping and storage, as fewer vessels will be seaworthy.
Busy Atlantic hurricane season predicted for 2020
HOUSTON: U.S. forecasters expect an above-normal 13-19 named storms during the 2020 Atlantic hurricane season, the National Oceanic and Atmospheric Administration’s (NOAA) Climate Prediction Center said on Thursday.NOAA forecasters estimate three to six...
Brazil reinsurer IRB eyes acquiring foreign competitors’ portfolios:Report
With the region’s economy side-swiped by the coronavirus-linked economic crisis, some global reinsurers are leaving or decreasing operations in Latin America to focus on their main markets in the United States and Europe, one source said, without revealing names.
UK’s Aviva expects COVID-19-related claims of nearly $200 Million
Aviva said on Thursday the “vast majority” of its commercial policies did not cover business interruption claims arising from COVID-19, but it had paid some claims in Britain and Canada where cover was in place.
Confirmed Pakistan’s Airbus A320 Jet Crash death toll at 97 – airline CEO
Airbus said the jet first flew in 2004 and was fitted with engines built by CFM International, co-owned by General Electric and France’s Safran.
Australia clamps down on litigation funders following surge in class action lawsuits
Litigation funders provide financing for lawsuits in exchange for a share of any settlement or judgment. If the litigant loses, it does not have to repay the financial investor.
IRDA asks insurers to settle Amphan claims expeditiously
There is an urgent need for the insurance industry to take immediate steps to mitigate the hardships of the affected insured population by ensuring immediate registration and settlement of eligible claims, said IRDAI
IRDA to revamp Trade Credit Insurance regulations,to make it more MSME friendly
In the Indian context, the present guidelines on TCI, issued in 2016, do not allow the insurance companies to offer full fledge benefits that provides much needed protection to suppliers and restricts TCI covers to banks and financial institutions.
With the Govt. of India’s initiative to improve businesses for the MSMEs, which are considered as the backbone of the national economic structure, it is also imperative to relax the trade credit insurance guidelines to support the business environment.
COVID-19 to accelerate use of drone technology among insurers, says GlobalData
Drone technology will become more widespread in insurance as natural disasters hit different geographies. Climate change has worsened extreme weather conditions such as hurricanes, floods, and tsunamis as well as non-weather natural disasters like earthquakes, volcanoes, and wildfires. After a disaster during the lockdowns, home insurers can use drones to inspect properties while still social distancing.