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Tapping Indian Surety Bonds Market
Vishwajeet Kadam The Indian Surety insurance business will assist in developing an alternative to bank guarantees for construction projects. This shall enable the efficient use of working capital and reduce the requirement of collateral to be provided by...
Web-connected devices in EU have to meet new cybersecurity rules or face fines
New rules from the European Commission called the Cyber Resilience Act, set to become public next week, are aimed at improving the security of devices in the face of surging online attacks across the globe. Damages from software and hardware cybercrime amounted to...
Govt to soon invite bids for IDBI Bank privatisation: DIPAM Secretary
"We have been at it for quite some time. It is also a first of its kind transaction where through a bidding route we will be privatising a bank. Both government and LIC put together hold 94 per cent in IDBI Bank," he said while addressing 'FICCI CAPAM 2022 - 19th...
Lloyd’s to pay an extra £2,500 to some staff cover their rising living costs in UK
A consequent rise in interest rates to combat inflation contributed to a loss of £1.8 billion in the first six months of the year at Lloyd’s, Neal said. The decline in profit was attributed to a net investment loss of £3.1 billion from unrealized mark-to-market...
End of the COVID-19 pandemic is in sight, says WHO chief
"We are not there yet. But the end is in sight," WHO Director-General Tedros Adhanom Ghebreyesus told reporters at a virtual press conference. Deaths from COVID-19 last week were the lowest since March 2020, the U.N. agency reported The world has never been in a...
AIG unit Corebridge raises $1.68 bln in year’s largest IPO
AIG said it sold 80 million Corebridge shares at $21 per share, which was at the lower end of their indicated target range of $21 to $24 per share The IPO values Corebridge at $13.6 billion. All proceeds of the IPO will go to AIG and the new company is not raising new...
Gadkari urges automakers to adopt global safety norms for cars in India
New Delhi: Road Transport Minister Nitin Gadkari on Wednesday said majority of automobile manufacturers in India are already exporting cars with six airbags, and there is a need to adopt similar safety norms for cars in the country, stressing that they should also...
Marsh’s Thomas M Devasia appointed as Irdai’s Member, Non-Life
New Delhi: The government, on Saturday, has appointed Thomas M Devasia of Marsh India Brokers as the member, non-life in the insurance regulator IRDAI. This is for the first time; as reported by Asia Insurance Post earlier, the government has picked up a private...
Gallagher Re launches new academic research centre
London:Gallagher Re, the global reinsurance broker, today has announced the launch of the Gallagher Research Centre (“GRC”). Housed within Gallagher Re’s Global Analytics & Advisory centre of excellence and led by Dr Tina Thomson as Global Head of Research, the...
MS Amlin AG to rebrand as MS Reinsurance
London: MS Amlin AG today announced its rebrand to MS Reinsurance, An MS Amlin AG Company. The name change, which will occur during September 2022, reflects parent company MS&AD’s commitment to building a leading, globally diversified reinsurer. MS Reinsurance...
Reliance Cap suitors seek extension of up to 4 months for submission of binding bids
New Delhi: Suitors for debt-ridden Reliance Capital Limited (RCL) have sought extension of up to 4 months for submission of binding bids as part of its resolution process. US-based asset management fund Advent has sought extension by 16 weeks, while Piramal Finance...
FinMin mulls changes in insurance laws to boost penetration: Report
New Delhi: The finance ministry is contemplating changes in insurance laws, including reduction in minimum capital requirement, with a view to increasing the insurance penetration in the country. Insurance penetration in India increased from 3.76 per cent in 2019-20...
Govt appoints Kapur as CMD,NIA; Subramanian to head AIC
New Delhi: The government on Sunday has appointed Neerja Kapur, 58, general manager, New India Assurance as the CMD of the company while Girija Subramanian, 56, general manager, GIC Re has been elevated as the CMD of Delhi based Agriculture Insurance Company(AIC)....
Tata AIA Life Insurance expands presence in Dubai
The rep office will help Tata AIA assess the needs of the Indian diaspora in the UAE Mumbai: Tata AIA Life Insurance (Tata AIA), today announced the opening of its first representative office in Dubai, UAE. The rep office will help Tata AIA assess the needs of the...
Delhi HC adjourns “Singh Vs Govt of India” case to 23rd Jan
The outcome of the case, which has now been adjourned many times, can raise the issue of validity of appointments of existing CMDs of PSU general insurance companies along with chairman and four managing directors of Life Insurance Corporation(LIC) who were selected...
MOODY’s unveils new ESG insurance underwriting solution for P&C insurers
As insurers are seeking to measure the ESG impact of their portfolio, alongside the assessment of traditional insurance risks, this new offering is a great example of how our integrated risk-assessment strategy helps meet our customers’ needs,” said Colin Holmes,...
”Unique confluence of market uncertainties” tocharacterize the renewals: Aon
Investors and reinsurers are consequently reassessing their view of risk and appetite for natural catastrophe exposures, as macroeconomic conditions drive insurers to seek additional risk transfer capacity, resulting in a supply / demand mismatch that will continue...
PMS’ asset base rises 17% to Rs 25.4 trn in July, shows Sebi data
The increase in AUM of the PMS industry is in line with the recovery in broad markets and heightened interest from HNIs (High Networth Individuals) and family offices in PMS structures, Abhay Agarwal, Founder, and Fund Manager of Sebi-registered portfolio management...