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Mumbai hoarding collapse: 8 dead, 64 injured, Case of culpable homicide to be lodged
"There will be an investigation regarding what kind of permission...
TATA AIG General launches India’s first satellite in-orbit 3rd-party liability policy
The Indian space industry is experiencing phenomenal growth, with a...
India’s insurance gaps rise, at $27bn it constitutes 1.0% of its GDP :Lloyd’s report
In Lloyd’s Underinsurance Report 2018, underinsurance continues to represent a significant threat to global economic development with an estimated US$163bn of assets underinsured in the world today.While the global gap has closed by almost 3% over the last six years, the gap for Asian countries included in the report has widened by 9.4% to US$134bn. At the same time, the world has seen a series of extreme weather-related catastrophes and new risks such as cyber attacks have emerged, posing additional threats to society.
Insured Losses from Hurricane Michael To Be Between USD $6.8 Billion and $10 Billion:RMS
Michael Young, Vice President of Model Management, RMS, said: “This truly was one of the few hurricanes that have exceeded building-level design wind speeds for the region. Within the tragedy of this event, there are many opportunities to see effective wind and flood mitigation measures and learn how to re-build better and stronger.”
Indian firms overly confident about their Cybersecurity, Survey
-88 percent of Indian firms surveyed said they are better prepared for data breaches than their competitors
-Financial services and utility respondents were least realistic, with 100 percent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 percent
-In the coming year, 80 percent of Indian financial services firms believe the overall level of cyber-threats and data breach activity will go up
-62 percent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 percent amongst Indian financial services firms and 80 percent for utilities
Nikolaus von Bomhard to become Munich Re chairman
As a universally acknowledged expert and industry professional, he has the comprehensive knowledge of the business that is so important for the work of the Supervisory Board.Since April 2018, von Bomhard has been the Chairman of the Supervisory Board of Deutsche Post DHL Group
Insurers call for delay in implementing “IFRS 17” rule by 2 yrs to Jan 2023
Nine national and regional insurance industry bodies from Europe, Canada, Korea, New Zealand, Australia and South Africa want the International Accounting Standards Board (IASB) to amend and delay its “IFRS 17” book-keeping rule by two years to January 2023
Insured losses for Hurricane Michael may touch $10 Billion:AIR Worldwide
“Fueled by unseasonably high 84-degree sea surface temperatures in the Gulf of Mexico and unhindered by any prior landfall, Hurricane Michael rapidly intensified shortly before making landfall at close to Category 5 intensity,” said Dr. Peter Sousounis, vice president and director of meteorology, AIR Worldwide.
Donald Trump okays $60 billion answer to China’s OBOR
The president’s shift has less to do with a sudden embrace of foreign aid than a desire to block Beijing’s plan for economic, technological and political dominance. China has spent nearly five years bankrolling a plan to gain greater global influence by financing big projects across Asia, Eastern Europe and Africa
It’s Not Easy to Teach Robot Drivers to Think Like Humans
With Alphabet Inc.’s Waymo planning to roll out an autonomous taxi service to paying customers in the Phoenix area later this year, and General Motor Co.’s driverless unit racing to deploy a ride-hailing business in 2019, the shortcomings of robot cars interacting with humans are coming under increased scrutiny. Some experts have advocated for education campaigns to train pedestrians to be more mindful of autonomous vehicles. Startups and global automakers are busy testing external display screens to telegraph the intent of a robotic car to bystanders
Drones pose new challenges for re/insures, GIC Re Chief
While the aspiration of the country to create a reinsurance hub remains on the horizon; with proactive approach, Indian insurance capacity can definitely chart a path for developing an aviation insurance hub for Afro-Asian region in foreseeable future, hoped Vaidyan.
AGCS restructures its ART line of business
Large companies are increasingly seeking to assume more control over their risk management beyond traditional insurance products in property or liability. With our two new lines of business, we can respond to these needs by designing multi-line, multi-year, parametric or capital-market solutions to protect our clients from earnings and cash flow risks. Our new structure and leadership team will help AGCS to further evolve and grow this important segment of our business”, says Hartmut Mai, AGCS Board Member and Chief Underwriting Officer Corporate.