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M&A: Global insurance deals drop sharply in 1H 2023, Clyde & Co
Joyce Chan, Partner at Clyde & Co in Hong Kong, said: “Private equity firms are looking at investing in some of the Asia tech players around the region, at all stages of development, with prospective capital providers fairly evenly split between international PE...
IRDAI appoints Canara HSBC Life Insurance as lead insurer for Karnataka
“The State Level Insurance Committee should ideally formulate a short term and medium term plan so that a more dedicated and synergized approach is followed within state for insurance awareness. PMJJBY is a measurable product and IRDAI can support the initiative by...
GIC Re net profit rises 6.1% to Rs 732 crore in Q1, further sheds loss making business
Devesh Srivastava, CMD, GIC Re ``Profit is the only embedded principle of all our business. We will not do any business that is not adding to our bottom line. We have restructured our entire organisation and manpower in recent years to deliver on results,'' said...
Zurich Insurance CEO criticizes climate clubs after exodus
Mario Greco, who led his firm out of the Net-Zero Insurance Alliance earlier this year amid a wider exodus from the group, said the decision followed a realization that, as things stand now, the goal of limiting temperature rises to 1.5C as enshrined in the Paris...
Lloyd’s of London leads insurers tightening Taiwan cover as conflict risks rise
“Availability of cover for Taiwan has got tighter,” said Crispin Hodges, head of trade and political risk with insurer Canopius, “We’ve been tightening up the wording to ensure that the policies reflect the underlying risk that we want to insure and there aren’t any...
LIC’s net profit jumps to Rs 9,544 crore in Q1FY24
Siddarth Mohanty, chairman, LIC ``Our premium has fallen in Q1 as our ticket size of the policy has gone up. We would like to grow our bottomline but would ensure that our top line growth is maintained at better than the industry's growth rate so that our market share...
Disclosure or disclaimer must for celebrities, influencers endorsing as health experts: Govt
''Celebrities, influencers and virtual influencers presenting themselves as health experts or medical practitioners, when sharing information, promoting products or services or making any health-related claims, must provide clear disclaimers, ensuring the audience...
IRDAI launches impact study on Risk Based Capital framework
This study holds paramount significance, as it provides the opportunity to comprehensively evaluate the potential impact on the capital and overall solvency of the insurers This framework would serve as a pivotal mechanism which would enable insurers to maintain an...
Axis Bank to infuse Rs. 1,612 crore in Max Life, Stake to go up to 19.02%
Max Life Insurance new business margin (NBM) expanded to 22.2% in Q1FY24, improved 110 bps over corresponding previous quarter mainly driven by change in product mix Value of New Business (VNB) grew by 16% to Rs. 247 Crore in Q1FY24 New Delhi: After the approval of...
Two wheeler sales in India decline 7.2 pc in July: SIAM
Commenting on sales data of July 2023, Vinod Aggarwal, President, SIAM said, “Though the Passenger Vehicle and Three-Wheeler segments are performing well, there has been a de-growth of Two-Wheelers in July 2023, compared to July 2022. Overall, we expect that the...
ICICI Lombard General Insurance to be lead insurer for Tripura
ICICI Lombard General Insurance Company has been nominated by the IRDAI as a lead insurer in the non-life segment in the state of Tripura. The insurer aims to implement the state insurance plan,ensuring access insurance services to uninsured population. The recently...
RBI holds rates steady but eyes food price spike; signals tighter policy
Shaktikanta Das,Governor,Reserve Bank of India "Liquidity plays a major role with regards to inflation – both in pushing up inflation and controlling inflation," RBI Governor Shaktikanta Das said, explaining the decision."While inflation has moderated, the job is...
No evidence Facebook use linked to mental health harm, UK study finds
''This is not to say this is evidence that Facebook is good for the wellbeing of users. Rather, the best global data does not support the idea that the expansion of social media has a negative global association with well-being across nations and different...
US Finance firms’ return-to-office Crackdown could backfire: Deloitte
Across corporate America, employers are wrestling with the balance between in-person collaboration and flexibility. Financial firms that enforce strict return-to-office mandates could drive employees to leave, according to a study published Tuesday by accounting firm...
US business owners seek increased insurance protection amid mounting risks – study
“The devastation caused by natural disasters has heightened urgency for adequate protection,” CEO Patrick Gallagher told Reuters, adding that there is ongoing demand for insurance coverage to secure properties, homes and businesses from potential damages and losses...
Wall Street WhatsApp, US texting fines by SEC exceed $2.5 billion in
As part of the settlements, the companies admitted that their employees had used platforms like iMessage, WhatsApp and Signal to discuss business. The companies didn’t maintain sufficient records, according to the SEC. The CFTC said it found similar violations. Wells...
Bermuda considers introducing corporate income tax
The Bermudan government said in a statement the proposal would end the island nation’s long-standing 0% corporate income tax and would apply to Bermudan units of multinational corporations with 750 million euros ($820 million) or more in annual revenue. The proposal,...
After attacking Ukraine wheat exports, Russia faces own shipping challenge
Insurance for ships heading to Russia’s Black Sea ports currently costs tens of thousands of dollars in additional premiums daily, the three sources said, with rates ticking higher following Russia’s attacks on Ukraine’s other waterways through the Danube in recent...