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Insurers seek to exclude US, UK Ships From Red Sea Coverage
“Underwriters are adding clauses saying no US, UK or Israeli involvement,” he said. “Just about everybody is putting something like that in, and many include the words ‘ownership’ or ‘interest’” War risk rates have gone into a frenzy in recent days following the US...
The cost of war-risk insurance for vessels sailing through the Red Sea is spiraling, adding a further potential impediment to trade passing through a waterway already labeled too dangerous for merchant shipping by the US Navy. Underwriters are now charging between...
ICICI Lombard General Insurance net rises 22.4% to Rs 431 cr in Q3
The insurer's combined ratio, an important profitability metric for an insurance firm's underwriting business, improved to 103.6 per cent from 104.4 per cent a year ago Mumbai: ICICI Lombard General Insurance, the country's second largest general insurer, on Tuesday...
India’s insurance sector to be fastest growing among G-20, may scale $450 bn of prm in next decade: Swiss Re
Swiss Re officials(L to R) Mahesh H Puttaiah, Head Group Economics & Sigma Research, Hadi Riachi, Market Head (India),Vineet Kumar, Head Cat Perils (APAC) at a press conference in Mumbai to release reinsurer's report ``India's Economy & Insurance Outlook...
Japan revokes certification for 3 models of Daihatsu after safety scandal
The discovery in early 2023 that a half dozen models might be affected by manipulated test results ballooned into a full-blown scandal last month, when Daihatsu revealed that an internal probe found 174 irregularities across 64 cars dating back as far as 1989 Tokyo:...
Red Sea war insurance rises with more ships in firing line
Insurance industry sources said that war risk premiums had risen to around 1% of the value of a ship, from around 0.7% last week with various discounts applied by underwriters. They added that rates were expected to move higher War risk insurance premiums for...
India’s CEOs see inflation, cyber risks as top threats in next 12 months: PwC Report
Health risks rank highly on the list of concerns faced by CEOs in India, with 27 per cent indicating that they anticipate their companies to be extremely and highly exposed to these over the next 12 months, the report noted New Delhi: India's CEOs have flagged...
Problem of cybercrime troubling everyone, policing system needs to be reformed: HC
The high court, which listed the matter for further hearing on January 30, asked the Delhi government standing counsel, Santosh Kumar Tripathi, and lawyer Arun Panwar, appearing for Delhi Police, to take instructions on having a simple digital facility for people to...
Red Sea crisis: Exporters holding consignments as shipping costs rise
Around 80 per cent of India's merchandise trade with Europe passes through the Red Sea and substantial trade with the US also takes this route. Both these geographies account for 34 per cent of the country's total exports New Delhi: Indian exporters are holding their...
Medi Assist IPO subscribed 1.20 times on second day of offer
The category for Retail Individual Investors (RIIs) received 1.70 times subscription while the quota for non-institutional investors got subscribed 1.61 times. The portion for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent New Delhi: The Initial...
Boeing’s legacy vanished into thin air and saving it will take years
Boeing has disclosed lapses in recent years ranging from rags and tools left in wing fuel tanks to wrongly drilled holes to loose rudder bolts. Together, these point to a common problem: the company’s once-vaunted system for building its prized 737s has been badly...
Over 24.8 cr people moved out of multidimensional poverty in India in 9 years: NITI report
Uttar Pradesh registered the largest decline in the number of poor with 5.94 crore people escaping multidimensional poverty during the last nine years followed by Bihar at 3.77 crore, Madhya Pradesh at 2.30 crore and Rajasthan at 1.87 crore New Delhi: In what can be...
More CEOs fear their companies won’t survive 10 years as AI and climate challenges grow PwC survey says
"Whether it is accelerating the rollout of generative AI or building their business to address the challenges and opportunities of the climate transition, this is a year of transformation,” Bob Moritz, global chairman of PwC, formerly known as PricewaterhouseCoopers...
Tighter rules to be notified soon under IT Act: MoS IT after Tendulkar flags deepfake video
“These videos are fake. It is disturbing to see rampant misuse of technology. Request everyone to report videos, ads & apps like these in large numbers. Social Media platforms need to be alert and responsive to complaints. Swift action from their end is crucial to...
Medi Assist IPO subscribed 54 pc on Day 1 of offer
The category for Retail Individual Investors (RIIs) got subscribed 89 per cent and the quota for non-institutional investors received 45 per cent subscription. The IPO is entirely an Offer for Sale (OFS) of up to 2,80,28,168 equity shares. It has a price range of Rs...
Indian exporters face rising costs after Houthi Red Sea attacks
Exporters said 95% of vessels had rerouted around the Cape of Good Hope on the southern tip of Africa, adding 4,000 to 6,000 nautical miles and 14-20 days to journeys from India since Houthi militants began attacking shipping in November. The cost of a 24-foot...
Container rates soar on concerns of prolonged Red Sea disruption, inflation
"Tanker rates will increase and futures are up this morning," said John Kartsonas, managing partner at Breakwave Advisors, who added that dry bulk remains the least affected sector. Major importers like Tesla , Geely-owned Volvo Car and Ikea already have reported...
Markets hit record peaks: Sensex breaches 73,000 level for first time; Nifty goes past 22k mark
Deepak Jasani, Head of Retail Research, HDFC Securities, said that shares in Asia were higher after China’s central bank unexpectedly kept a key interest rate unchanged, and in the wake of Taiwan’s election on the weekend. China's central bank left the medium-term...