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BMS launches ASIA operations

“We will look to expand out from M&A insurance into additional specialisms, extending our existing areas of expertise into other sectors, potentially including reinsurance, renewable energy, marine, and capital markets. We hope our ambition and entrepreneurial culture will continue to attract the very best talent in the market,”said Nick Cook, CEO of BMS Group

SC upholds environmental clearance, govt notification on Central Vista

The Central Vista revamp, announced in September, 2019 envisages a new triangular Parliament building, with seating capacity for 900 to 1,200 MPs, that is to be constructed by August, 2022 when the country will be celebrating its 75th Independence Day.
Justice Khanwilkar, writing the judgement for himself and Justice Dinesh Maheshwari,also directed that the project proponent set up smog tower and use anti-smoke guns at the construction site for the Central Vista project.

Aviation reinsurance rates rise by up to 250% – report

Insurers and reinsurers face claims from the crashes relating to hull and product liability that could amount to more than $2 billion, a large sum in a relatively small insurance sector, Willis Re International chair James Vickers told Reuters.

Aviation underwriters are also suffering from lower premiums due to worldwide lockdowns and travel bans, as insurance contracts are often negotiated based on the amount of time planes spend in the air.

S. African insurers may fund vaccines for broader population

Legislation has been amended to allow the companies to fund shots for people who don’t have medical insurance and talks are now focused on the number of those who may benefit, said Stavros Nicolaou, head of the Health Workgroup for B4SA, a grouping of South Africa’s biggest business organizations. In addition to medical insurers, companies such as miners may contribute funds so their workers can be covered, he said.

Insurer Centene to buy Magellan in $2.2 billion mental health push

The move by Centene to expand mental health support comes as more than two out of five Americans are struggling with mental or behavioral health issues associated with the pandemic, the company said.
“I was thinking about it long before the pandemic, the pandemic just emphasized it,” said Centene Chairman, President and Chief Executive Michael Neidorff.
Centene’s patients, after being diagnosed with a serious illness, such as cancer, would benefit from having increased access to mental health care, Neidorff added.

IRDAI unveils mandatory standard detariffed products for dwellings, micro and small enterprises

The new products can be sold by the general insurers from 1st April, 2021
IRDAI has now issued guidelines whereby the Standard Fire and Special Perils (SFSP) Policy provided for in the AIFT 2001 will be replaced by the standard products that will  be mandatorily offered by all general insurers carrying on Fire and allied perils insurance business with effect from 1st April, 2021.

World risks ‘moral catastrophe’ if COVID shots delayed in Africa, its CDC chief says

Cases of the new coronavirus increased by nearly 19% since last week and deaths increased by 26%, according to Africa CDC data. Africa has recorded 2.7 million coronavirus infections and 64,000 deaths as of Thursday, it says.

South Africa, where a new variant of the virus has been detected, recorded 82,000 cases in the past week, he said.