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2023 Risk landscape: Swiss Re’s new Perspectives
Jérôme Haegeli, Group Chief Economist "A slower and more cautious phase of the central bank policy rate hiking cycle has begun amid inflation peaking, financial stability concerns and inflationary recessions on the horizon. Still, the overall direction remains...
Insurers may refuse to cover planes flying to Ukraine or ships sailing through Black Sea
As they operate on an “aggregation” basis with marine and aviation war risk insurance, totting up the losses as one, claims in one area make reinsurers wary about the whole war risk sector, David Smith, head of hull and marine liabilities at broker McGill and Partners...
Google building AI model to support over 100 Indian languages: Sundar Pichai
Pichai, who is visiting India, said the pace of technological change in the country has been extraordinary and Google is supporting small businesses and startups, investing in cybersecurity, providing education and skills training, and applying AI (Artificial...
Gadkari launches country’s first-ever Surety Bond Insurance from BAGI, proposes ratings of contractors
Union Minister for Road Transport and Highways Nitin Gadkari `` It has taken almost three years to get IRDAI's approvals for Surety Bond product. We have sorted out a lot of technicalities which will make constructing road projects less risky and ensure safety and...
Paytm in collaboration with HDFC ERGO launches insurance for digital transaction up to Rs 10,000
This product is expected to further enhance the trusted digital payments experience and increase the adoption of the same in India. With the new insurance offering, which will come at a cost of Rs 30 per annum, users would be able to secure themselves against mobile...
Govt to take view on privatisation of public sector banks after consultation with dept, regulator
In the Union Budget for the financial year (FY) 2021-22, he said, the government's intent to take up privatisation of two PSBs and approval of a policy of strategic disinvestment of Public Sector Enterprises (PSEs) was announced The government on Monday said it will...
Insurers shun FTX-linked crypto firms as contagion risk mounts
Specialists in the Lloyd's of London and Bermuda insurance markets are requiring more transparency from crypto companies about their exposure to FTX. The insurers are also proposing broad policy exclusions for any claims arising from the company's collapse. Kyle...
Govt expects Digital Personal Data Protection, Telecom bills to be passed in Monsoon session: Vaishnaw
Ashwini Vaishnaw,,Union Telecom and IT minister While speaking at Google For India event, the IT and telecom minister said another bill on Digital India Act will be also floated in a month for public consultation New Delhi: The government is expecting to get Digital...
‘I don’t trust it:’ Vaccine hesitancy lingers even as China COVID cases surge
Officially, China's vaccination rate is above 90%, but the rate for boostered adults drops to 57.9%, and to 42.3% for people aged 80 and above, according to government data, prompting warnings that the country could see over 1.5 million deaths after lifting curbs such...
Surety Bonds: Govt allows insurers’ parity with banks as `secured creditors’ within insolvency law in case of defaults
Nitin Gadkari, Union Minister of Road Transport and Highways(Morth), will be formally launching the country's first Surety Bond on Monday Bajaj Allianz General insurance, with major reinsurance back ups from Munich Re and Swiss Re has already got its Surety Bond...
China’s cities battle first wave of COVID surge as wider spread looms
A sharp surge in deaths would test authorities' efforts to move China away from endless testing, lockdowns and heavy travel restrictions, and realign with a world that has largely reopened to live with the disease. BEIJING: Hearses bearing the dead lined the driveway...
Pension liability between J’khand-Bihar to be resolved in Eastern Zonal Council meet
Bihar alleges that Jharkhand is a debtor of more than Rs 4,000 crore while the latter says that Bihar is responsible for the undue and illogical burden on it The Jharkhand government filed a case in the Supreme Court regarding the same which may take time to reach a...
Global cholera surge likely accelerated by climate change, warns WHO
"The situation is quite unprecedented, for not only we are seeing more outbreaks, but these outbreaks are larger and more deadly than the ones we have seen in past years," said Philippe Barboza, WHO Team Lead for Cholera and Epidemic Diarrhoeal Diseases "This...
Proposed amendments to insurance laws may lead to disputes in health claims, misappropriation: Unions
The employee unions are also opposed to the idea of insurers distributing insurers to distribute other financial products as it may distract the companies from their insurance products, distribution and proper attention on serving the policyholders Chennai: The Unions...
Impossible to track exact number of COVID cases in China: Chinese health agency
China's top official in charge of the pandemic, Sun Chunlan, while visiting hospitals on Wednesday said that China's capital, Beijing, has for the first time been hit by a significant outbreak. Chunlan explained that the country's focus needs to shift from preventing...
GST Council agrees to decriminalise certain offences, no GST on ‘no claim bonus’ in motor policy
Accepting one of the demands of the insurance industry, Revenue Secretary Sanjay Malhotra clarified that ‘no claim bonus’ offered by the insurance companies to an insured is an admissible deduction for valuation of insurance service and does not attract GST New Delhi:...
Working to introduce integrative medicine in all hospitals: Union Health Minister
Union Health Minister Mansukh Mandaviya The government has established 1,50,000 health and wellness centres across platforms that promote meditation, yoga, and all aspects and activities pertaining to integrated health and wellbeing New Delhi: Union Health Minister...
Oil tanker owners show signs of shunning Russia’s Asian crude
Since Dec. 5, buyers of cargoes from Russia have only been allowed to access industry standard insurance and an array of trade-critical services if they pay $60 a barrel or less There are tentative signs that oil tanker companies are avoiding sending their ships to...