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100% FDI: Indian Govt issues norms to ease compliance for foreign investment in insurance
The proposed changes to the Amended 2015 Rules make it clear that the government’s intent is not limited to encourage foreign investment in the insurance sector, but it extends to provide a more friendly regulatory environment to both the new foreign entrants, as well...
Govt considers nuclear liability fund in excess of Rs15 billion for major accidents
The planned fund would provide a clear legal mechanism to finance compensation beyond the operator’s cap. For insurance coverage against nuclear accidents, India now relies on a nuclear insurance pool, a policy tool launched in 2015 but not embedded in law. Though...
Karnataka HC rejects social media platform X Corp’s petition challenging takedown orders
"Social media needs to be regulated, and its regulation is a must, more so in cases of offences against women in particular, failing which the right to dignity, as ordained in the constitution of a citizen, gets railroaded," the court said. X Corp had moved the court...
UK police arrest man over hack that affected European airports
Ransomware gangs routinely publicise attacks and leak stolen data on dark web "leak sites" but websites that monitor those portals had not, as of Wednesday, detected any group claiming the hack. LONDON: British police said on Wednesday a man had been arrested as part...
Globally company executives face rising threats of violence: Survey
A survey of 2,352 security chiefs at large and medium-sized companies in 31 countries, conducted by US security and staffing company Allied Universal, found that businesses worldwide have faced increasing threats of violence, with the US technology sector the worst...
Mixed rainfall in India’s agri regions, floods and deficits, raise food inflation risk: Report
"The key agri states in the core productive zone of north western India are facing a mixed situation this year with a few states like Rajasthan, Punjab and Haryana grappling with flood like situations, while UP continues to be in a deficit…… there is an upward risk...
Cyber Insurance: Ransomware remains biggest driver of claims
``Asian businesses with overseas presence should also consider multinational cyber solutions, especially those with operations in Australia, US and UK which tend to experience more substantial financial losses arising from privacy litigation and data breaches,” says...
HDFC Ergo expects 3%-5% margin pressure on its retail Health products without ITC
``We have already passed on the full zero GST benefit to new retail health policyholders .The policyholders will save a lot in case of a long term health insurance policy. Though, it is early days to calculate exactly the higher cost of retail health portfolio without...
Nearly 73 pc rural households expect income growth by next year: Report
“While the consumption-led buoyancy in the rural economy continues, there is some slackening of momentum in recent months, partly reflecting the impact of severe floods and landslides in a few states, including Himachal Pradesh and Punjab,” Nabard said. New Delhi:...
Expanding Life and Health insurance can boost ASEAN growth, says a Study
In partnership with PwC, the study evaluates the social and economic impact of insurance in six ASEAN countries: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. A 50 per cent growth in non-life insurance coverage is projected to yield up to 3.1...
Over 90 flights cancelled scores delayed as rains batter Kolkata
The aviation chaos mirrored the citywide disruption as Kolkata lay waterlogged under record rainfall. At least ten people have died, out of which nine due to electrocution, officials said Kolkata: Torrential rains battered Kolkata on Tuesday, throwing flight...
CBI court sentences 2 men to 5 years of RI for forgery in settlement of fire insurance claim
The case was registered in Gandhinagar on the basis of allegation that UIICL public servants and private persons entered into criminal conspiracy with each other and by abusing their official position extended pecuniary advantage of Rs 36,86,451 in the settlement of...
Govt plans disinvestment of more PSUs: DIPAM Secretary
Some of the names where the government will like to disinvest include a few PSU banks like UCO Bank and Bank of Maharashtra and Life Insurance Corporation of India New Delhi, Sep 22 (IANS) India is set to surpass its Rs 47,000 crore disinvestment target for the...
China’s EV boom saddles its auto insurers with large losses
Despite EV drivers paying anywhere from 20% higher to double the premiums for traditional cars, China’s auto insurers have been nursing losses from covering new energy vehicles for at least three years. The industry lost 5.7 billion yuan ($802 million) from...
Airport chaos highlights rise in high-profile ransomware attacks: cyber experts
The European Union's cybersecurity agency ENISA confirmed on Monday that the hack on Collins Aerospace, owned by RTX , was a ransomware attack, but did not say where the attack originated from. The outage, which hit check-in and baggage drop services, has affected...
US major Everest Re receives license for GIFT-IFSC venture
“Everest’s launch in India presents significant opportunity, as one of the most dynamic reinsurance markets globally, shaped by strong economic growth, and rising demand for the advanced, long-term reinsurance solutions we offer,” said Jill Beggs, Executive Vice...
Insurers start passing on full benefits of zero GST on retail Life and Health covers
``The net outgo for individual consumers has been reduced for products like Health Insurance, Personal Accident & Travel Insurance, maintaining the same policy coverage and claims servicing standards'' Naveen Chandra Jha, MD and CEO, SBI General Insurance New...
Super Typhoon Ragasa barrels through northern Philippines, triggers alerts across Asian region
Packing winds of 215 kph (134 mph) and gusts of up to 295 kph (160 mph), Ragasa slightly intensified as it brushed Babuyan Island and headed for possible landfall over Calayan Island, raising the risk of storm surges exceeding three metres (nine feet), the state...