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Global IT outage: A ‘huge wake-up call’ for cyber insurance industry
Insurers are expecting a "wave of notifications" in the coming days, and losses are likely to be seen under business interruption and dependent business interruption insuring clauses, Acrisure Re said in its bulletin. Insurers may also suffer "bricking losses" if the...
Insured losses from CrowdStrike’s outage likely total $540 million to $1.08 billion, says insurer Parametrix
Fortune 500 firms excluding Microsoft to see $5.4 bln in CrowdStrike losses LONDON: U.S. Fortune 500 companies, excluding Microsoft will face $5.4 billion in financial losses from the recent CrowdStrike outage, insurer Parametrix said on Wednesday. CrowdStrike's...
SBI Life’s Q1 net profit rises 36% to Rs 520 crore
The life insurer’s Value of New Business (VoNB) stood at Rs 970 crore with a 12 per cent year on year (Y-o-Y) growth in Q11FY 25. Its VoNB margin was at 26.8 per cent during the reporting quarter Mumbai: SBI Life, the largest private sector life insurer, has...
CrowdStrike blames defect in content update for massive IT crash
The incident crashed Microsoft Windows computer systems around the world on Friday, taking down airline, banking and stock exchange operations from Australia and Japan to the UK CrowdStrike Holdings Inc., the cybersecurity company at the center of massive global IT...
18 killed as plane crashes during takeoff at Kathmandu airport
The plane caught fire after skidding off the runway at Kathmandu airport and crashing into a field east of the runway," the airport official added Kathmandu: A private airlines' Pokhara-bound plane crashed during takeoff at the Tribhuvan International Airport (TIA)...
CrowdStrike Chaos: (Re)Insurers could withstand preliminary loss estimates, says Fitch
``We expect claims will be mostly within the retentions of primary insurers,'' said Fitch Cyber risk remains difficult for insurers to assess due to the dynamic root causes of claims. Challenges include a lack of effective, widely accepted modeling tools and a limited...
Budget 2024: TDS reduced on life insurance policy payout from 5% to 2%, receives positive responses from insurers
The introduction of a clause pertaining to non-deductible expenses in Section 37 for life insurance companies may lead to tax litigation. The proposed hike in Capital Gain Tax is expected to impact the tax liabilities for ULIP policyholders Rushabh Gandhi, MD &...
Govt to release financial sector vision, strategy document for 5 years, rules for FDI to be simplified
Shailaja Lall, Partner, Insurance & Reinsurance, Shardul Amarchand Mangaldas & Co, commented the budget has announced that there will be some simplification of the rules and regulations pertaining to FDI, which will be keenly awaited by foreign investors in...
ICICI Pru Life Q1 PAT up 9% to Rs 224.34 cr
Anup Bagchi, Managing Director and Chief Executive , ICICI Pru Life The company said it registered nearly an 8 per cent growth in the value of new business (VNB) to Rs 472 crore and the VNB margin stood at 24 per cent Mumbai: ICICI Prudential Life Insurance on Tuesday...
IRDAI slaps a fine of Rs1cr on Care Health, orders it to buy back Rashmi Saluja’s exercised stock options and cancel others
Rashmi Saluja, non-executive chairperson cum director, Care Health Insurance The issuance of stock options of Care Health Insurance to Rashmi Saluja in her capacity as the chairperson of Raligare Enterprises Ltd(REL), the holding company Care Health Insurance, is in...
US, European regulators sign joint statement on effective AI competition
Generative AI has rapidly evolved in recent years and the "technological inflection points" could introduce new means of competing, catalyzing opportunity, innovation and growth, the statement said Regulators in the United States, European Union and Britain have...
Launch of NPS Vatsalya: Securing financial future of young citizens
"The launch of NPS-Vatsalya, allowing parents and guardians to contribute towards minors' future, is a transformative step. This plan seamlessly converts into a regular NPS account once the minor becomes an adult. Thank you, PM Modi, for your visionary approach in...
FM says will evolve solution on New Pension Scheme to addresses relevant issues
Deduction of this expenditure up to 14 per cent of salary from the income of employees in private sector, public sector banks and undertakings, opting for the new tax regime, is proposed to be provided New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said a...
Govt announces to remove angel tax on startups for all classes of investors
While previously the angel tax -- a tax levied on capital received on the sale of shares of a startup above the fair market value -- applied only to local investors, the Budget for the 2023-24 fiscal year (April 2023 to March 2024) widened its ambit to include foreign...
Budget 2024: FM assures financial support for flood mitigation, irrigation projects
Assam, which grapples with annual floods caused by the Brahmaputra and its tributaries originating outside India, will also receive assistance for flood management and related projects, Finance Minister Nirmala Sitharaman said New Delhi: Finance Minister Nirmala...
Union Budget 2024: Govt to exempt three more cancer drugs from customs duty
The three drugs are Trastuzumab deruxtecan, Osimertinib and Durvalumab. The reduction in customs duty may help reduce the financial burden on those battling the deadly disease New Delhi: In a big relief to cancer patients, Union Finance Minister Nirmala Sitharaman,...
Union Budget offers income tax sops for 4 crore salaried individuals
The standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000. The deduction on family pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000/-. This will provide relief to about four crore salaried...
Govt to launch three employment-linked schemes: FM
While presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman said the government will provide incentives to 30 lakh youth entering the job market by providing one month's PF (provident fund) contribution Central government will give one month's...