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Govt is committed to develop a `Global Reinsurance Hub’ in India: Sitharaman
Nirmala Sitharaman, Union Finance Minister Lloyd’s is evaluating its options for setting up in GIFT City. The summit jointly organised by IFSCA and IRDAI has allowed the market to engage with the two regulators and obtain clarification on a number of areas, said...
Red Sea attacks on ships spark safety concerns for sailors
An attempted hijacking of a commercial vessel in the Gulf of Aden on Sunday appears to have been carried out by armed Somali pirates and not Yemeni Houthis, despite the firing of missiles from Houthi-controlled territory in Yemen afterwards Commercial ships face...
Indian economy tops expectations, grows by 7.6% in Q2
''Real GDP growth clocked 7.6 per cent in Q2 FY 2023. The real GDP growth has surprised on the upside by not only being higher than the median projections of 6.8 per cent by professional forecasters but also their highest estimate of 7.4 per cent,'' the finance...
Electric vehicles are less reliable than gas-powered cars: US consumer report
Consumer Reports noted that lingering concerns about reliability will likely add to the issues that give many buyers pause when considering a switch to the new technology, joining concerns about higher costs, too few charging stations and long charging times Electric...
Climate change is the biggest human health risk, says Africa’s disease boss
Jean Kaseya, director general of the Africa Centres for Disease Control and Prevention The threat of "a climate change-related disease becoming a pandemic and coming from Africa" was what keeps Jean Kaseya, the director general of the Africa Centres for Disease...
“We are likely to come out with a set of pension regulations soon”
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth. The first phase followed the creation in 2020 of a new regulator, the International Financial...
Outdoor air pollution accounts for over 2 million deaths annually in India: BMJ study
Phasing out fossil fuels would result in the largest absolute reductions in attributable deaths in South, South East and East Asia, amounting to about 3.85 million annually, the researchers said New Delhi: Outdoor air pollution from all sources accounts for 2.18...
WMO report shows 2023 shattered climate records experts highlight concerns for India
“Greenhouse gas levels are record high. Global temperatures are record-high. Sea level rise is record high. Antarctic sea ice is record low. It’s a deafening cacophony of broken records,” said WMO Secretary-General Prof. Petteri Taalas Dubai: The year 2023 has...
Centre approves Rs1658 cr recovery and reconstruction plans for Joshimath
Joshimath was hit by landslide and ground subsidence and the central government has extended all necessary technical and logistical support to the state The recovery plan for Joshimath would be implemented in three years, following the best practices, Build Back...
Work-related accidents and diseases increased by 5 per cent compared to 2015: ILO
Circulatory diseases, malignant neoplasms and respiratory diseases rank among the top three causes of work-related death Agriculture, construction, forestry and fishing and manufacturing are the most hazardous sectors, accounting for 200,000 fatal injuries per year,...
UBS sees shift in new billionaires away from entrepreneurs to inherited wealth
"This is a theme we expect to see more of over the next 20 years, as more than 1,000 billionaires pass an estimated $5.2 trillion to their children," said Benjamin Cavalli, head of strategic clients at UBS Global Wealth Management Number of billionaires rose by 7% to...
UK health insurance rates to soar on surging claims-industry experts
British individual and workplace health insurers paid out a record of nearly three billion pounds ($3.74 billion) for claims in 2022, an ABI spokesperson said. Employers are enthusiastic about offering health cover, as delayed treatment can lead to sickness and...
Finance and insurance sector jobs most affected by adoption of AI:UK Report
Management consultants were singled out as the occupation most exposed to any of the 10 AI applications included in the study, from image recognition to language modeling or translation. The technology is most likely to transform professional roles such as lawyers,...
First bond to insure against cyber attacks issued
Long Walk Reinsurance Ltd. issued a $75 million so-called cat bond, sponsored by AXIS Capital, to insure against “a cyber-catastrophe event” across its main underwriting units, the Bermuda-based firm said Tuesday. “We expect this transaction will serve as a template...
Irdai effects a mini reshuffle of its sr officials, 2 members to retire soon
Though as early as July, the government had advertised for two posts of members- `Finance and Investment’ and `Actuary’ at the Irdai, no body has been selected for these posts as yet Hyderabad: Even as the government is yet to make any new appointments to...
LIC launches guaranteed return plan Jeevan Utsav
(Lto R) M Jagannath, MD, LIC and Siddhartha Mohanty,chairperson, LIC at the launching ceremony of corporation's new product Jeevan Utsav Siddhartha Mohanty,chairman, IRDAI had said the new product is poised to disrupt the market and that there is a widespread interest...
After Munger’s death, Berkshire succession comes into focus
Ajit Jain,Vice Chairman, Insurance Operations, Berkshire Hathaway Charlie Munger's death, on Tuesday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Warren Buffett's top...
Current solar cycle intensity to peak in 2024 may impact Earth’s satellites find researchers
"During intense solar storms, the Earth's upper atmosphere expands outwards, thereby introducing friction on the low-Earth satellites. The friction can lead to a decay in the satellites' orbits and reduce their lifetime. Thus, they are able to live in space for a much...