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Swiss Re chairman Sergio P Ermotti to head UBS
Sergio P. Ermotti , chairman,Swiss Re The Swiss Re Board has nominated Jacques de Vaucleroy as new Vice Chairman and Lead Independent Director subject to his re-election as Board member by shareholders, effective post AGM Zurich: Swiss Re chairman Sergio P. Ermotti...
Licences of 18 pharma firms cancelled for manufacturing spurious drugs, 26 issued show-cause notices
An official source said that the action has been taken against 76 companies in the first phase of a special drive against the manufacture of spurious drugs New Delhi: In a major crackdown against the manufacture of substandard drugs, central and state regulators...
Expenses of Management(EoM): IRDAI fixes at 30% for general insurers,35% for health insurers
Premium in Rs, crore The new limit on EoM will be effective from April 1 The general and health insurers have to ensure that their expenses of management are within the allowable limit on the overall basis. Where the insurer has exceeded the allowable limits of...
Aditya Birla Capital exits insurance broking business; to sell its arm to Edme Services
The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), representing 50.002 per cent of the issued and paid-up share capital of ABIBL to Edme Services Private Limited, Aditya Birla Capital...
Women having their own source of income are more likely to own insurance:ICICI Lombard Report
Sanjeev Mantri, executive director, ICICI Lombard General Insurance said, “As data shows only a small percentage of women in India consider general insurance a priority. This highlights the need for more awareness and education on general insurance among women in...
India’s $1 trillion sovereign bond market sees rising clout of insurers
“Insurance companies have been one of the key investors in long-maturity bonds,As the penetration and reach of distribution channels increase, we expect that the growth in the sales of the traditional products to continue to grow, and consequently the demand for...
IRDAI removes caps on commissions paid to intermediaries within Expense of Management(EOM)
The government last Sunday has notified the new regulations, as approved by insurance regulator IRDAI , on the removal of cap on payment of commission to the intermediaries Oveall limit of Expense of Management(EoM) for the insurers will be fixed by insurance...
610 cases of Covid’s new variant XBB1.16 found in India: INSACOG data
The highest number of Covid cases caused due to this variant has been found in Maharashtra and Gujarat at 164 each, followed by 93 Telangana and 86 in Karnataka, according to INSACOG data. A total of 610 cases of Covid's XBB.1.16 variant, which might have been behind...
Credit Suisse bondholders consider legal advice on extinguished AT1 Bonds
Some distressed debt-type funds have been buying Credit Suisse’s AT1s for a few cents on the dollar. The bonds were traditionally held by institutional investors. Credit Suisse bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss...
Sun Pharma’s income hit by ransomware
While the drugmaker is unable to determine other impacts of the breach, including cost to maintain insurance coverage and possibility of litigation, it said there would be expenses linked to the incident. Mumbai: Sun Pharmaceutical Industries expects revenue to fall...
Cyber criminals exploiting ChatGPT popularity to spread malwares via FB accounts
"Cybercriminals are capitalising on the popularity of ChatGPT, exploiting Facebook's vast user base by compromising legitimate Facebook accounts to distribute malware via Facebook ads, putting users' security at risk. Our investigation has uncovered 13 compromised...
Medi Assist acquires Raksha TPA, to add approximately 3,000 corporates clients
``This acquisition aligns with Medi Assist's overall growth strategy, and expands our presence in the North and West regions of India and adds approximately 3,000 corporates to our client list. Raksha TPA adds 17 per cent to Medi Assist in terms of scale," said Satish...
Skyrisks to launch products for Advanced Air Mobility sector
Advanced Air Mobility (AAM) businesses will have diverse insurance needs including hull all risks, third party liability, passenger & crew liability, premises, products & hangarkeepers liability, and other coverages London: Skyrisks Limited announced today...
MS Amlin bolsters Risk Analytics expertise with senior hire
LONDON: MS Amlin, the Lloyd’s global (re)insurer, on Monday announced the appointment of Dr Jessica Turner as Head of Risk Analytics, effective 26 June 2023, and reporting to Martin Burke, Director of Underwriting Performance. Jessica joins MS Amlin from Guy Carpenter...
Miller bolsters Singapore Energy team with Engineering hire
London: Miller, UK based independent specialist (re)insurance broker, today announces the appointment of Bonifasius Dipati (Boni) as a risk engineer in its Singapore Energy team. Boni will report to Head of Energy (Asia-Pacific), Matt Hooker, and he joins on 3rd...
IRDAI approves new expense of management for insurers, allows higher intermediary commissions within EOM
New measures to be effective from Apr 1 The IRDAI also approved licenses of two new life players-Acko Life Insurance and Credit Access Life Insurance Hyderabad: With a bit of delay, insurance regulator IRDAI had its last board meeting of the current fiscal, FY2022-23,...
RCAP resolution plan: Roadblock as bidders upset over another auction plan
According to the sources, Torrent has recently conveyed to the lenders that it is not willing to participate in the second round of auction The other bidder -- IndusInd International Holdings Ltd (IIHL) of Hinduja Group -- has also told the lenders that it wants to...
Family ID next big thing for robust delivery of schemes, services in UP: Social Welfare Minister Asim Arun
Family ID is a 12-digit unique identification number carrying details of a family, serving as a central repository of family attributes to automatically determine their eligibility for government schemes and extend benefits to the missing beneficiariesThe database...