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China set to be the largest global insurance market by mid-2030s:Swiss Re

by | Mar 6, 2019 | , , , ,

The seven largest emerging markets are forecast to contribute around 40% of global economic growth over the next decade
• China alone will count for more than 25% of global output
• From quantity to quality: maturing emerging economies will see more moderate, but also more stable growth • Emerging market insurance premiums are forecast to more than double over the next 10 years, growing four times faster than in advanced markets
• Premiums in emerging Asia are projected to grow three times faster than the world average over the next two years • China to become the world’s largest insurance market by the mid-2030s

Panel with IRDAI and NHA officials to strengthen health insurance ecosystem

by | Mar 6, 2019 | ,

The terms of reference for the joint working group will be to have a National Repository of Empanelled Hospitals under Insurance/Government schemes with defined standards for quality and package rates and codes,defining hospital infrastructure and facility audits to understand capacity of hospitals, specialists availability and developing a roadmap to get one common list of accredited/ verified hospitals for the entire Industry including ROHINI, NHRR, NIN and PMJAY databases.

LIC Housing borrowers can now repay loan till 75, ties up with IMGC with extended tenure, mortgage guarantee

by | Mar 5, 2019 | ,

“We will also be able to tap into the large segment of employees working in SMEs, MSMEs, small entities and self-employed individuals who have so far been out of the ambit of prospective home loan borrowers. Through this LIC HFL would support the vision of Housing for All by 2022 of the Government of India,” Sah said.

IL&FS board charges former directors of money laundering, criminal intent

by | Mar 5, 2019 | ,

They have also been accused of extending loans for “criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups.The notices, dated February 27, have asked former directors to reply within seven days upon receipt as to why departmental and legal actions should not be taken against them for their “misconduct, dereliction of duties, gross negligence and acts of conspiracy and getting unlawful gains for oneself and others.”

U.S. bans Lithium Battery Cargo on passenger planes

by | Mar 4, 2019 | , ,

U.S. regulators identified 39 incidents in air cargo transportation between 2010 and 2016, with 13 involving lithium batteries and smoke, fire, extreme heat, or explosion that would have been affected by the new rules. In one instance, packages of lithium ion cells were found smoldering in an aircraft unit load device during unloading, suggesting the initial thermal runaway likely occurred while the shipment was on the aircraft.

Making working with Robots safe for Humans

by | Mar 4, 2019 |

There are more than 2 million industrial robots in operation worldwide, mostly toiling inside metal safety cages. The seclusion is fine for repetitive tasks that can be done entirely by machines, such as arc welding, but the majority of work even in the most automated factories requires involvement of people. Embedding force sensors into industrial limbs is one way to prevent them from plowing through obstacles, but the same technology that makes the arms safe also makes them weak.

Supreme Court limits International Groups’ immunity for commercial activity in U.S.

by | Mar 4, 2019 | , , ,

The U.S. Supreme Court opened some American-based international organizations to lawsuits, ruling that a World Bank affiliate must defend against allegations it is responsible for environmental damage caused by a power plant in India.Voting 7-1 on Wednesday, the court said sovereign immunity doesn’t protect those international organizations in the U.S. when they are involved in commercial activities.

Smaller nations are the world’s healthiest, Canada tops list

by | Mar 4, 2019 | , ,

A new analysis, the Global Wellness Index published by investment firm LetterOne, ranks Canada as the best country out of the 151 nations evaluated. The US trails far behind, coming in at 37. In a tighter ranking of G-20 nations combined with the 20 most populous countries on the planet, South Africa comes in dead last, below Ukraine, Egypt and Iraq.

Aadhaar can be used voluntarily as ID proof, President signs ordinance

by | Mar 3, 2019 | , ,

It bans storing of core biometric information as well as Aadhaar number by service providers in cases of individuals who have voluntarily offered the national ID as a means of authentication. The ordinance gives effect to the changes in the Aadhaar Act such as giving a child an option to exit from the biometric ID programme on attaining 18 years of age.
The amendments make it clear that anyone not offering Aadhaar cannot be denied any service, be it opening of a bank account or obtaining a mobile phone SIM card.

FPI inflows into Indian equities hit 15-month high of Rs 17,220 cr in Feb

by | Mar 3, 2019 | ,

Foreign investors have turned into net buyers in February mainly on account of clarity on government spending post budget and value buying in several pockets, according to Vidya Bala, Head – Mutual Funds Research at FundsIndia, said.
She further said that inflows into the equity market can be attributed to a positive view on budget and dovish stance taken by the central bank.

Carlyle Group acquires 9 % stake in SBI Life for Rs 4365 cr

by | Mar 1, 2019 | ,

Carlyle’s equity for this investment came from CA Emerald Investments, an affiliated entity of Carlyle Asia Partners V, Carlyle’s flagship $6.55 billion fund focused on buyout and strategic investments across a range of sectors in Asia Pacific.Following this transaction, BNP Paribas Cardif and CA Emerald Investments now own 12.8 per cent  and 9 per cent  of the company, respectively, while SBI remains the majority shareholder with a 62.1% stake in the company.