Non-Life

India’s slowing economy to weigh on re/insurers, says Moody’s

Indian News       Jan 22, 2020

  Dubai: Moody's Investors Service  in a report has said that India's slowing economy will weigh on insurance premium growth over the next 2-3 years, although supportive measures put in place by the Insurance Regulatory and Development Authority of India (IRDAI) will help counterbalance the deteriorating...

IBM calls for rules to curb bias in Artificial Intelligence

International News       Jan 22, 2020

  The Armonk, New York-based company issued policy proposals Tuesday ahead of a Wednesday panel on AI to be led by Chief Executive Officer Ginni Rometty on the sidelines of the World Economic Forum in Davos. The initiative is designed to find a consensus on rules...

Ransomware exposure driving up cyber insurance costs

International News       Jan 22, 2020

  U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said.   The changes follow a challenging year of hackers using malicious programs, known as ransomware, to take...

More suicides among unemployed, self-employed than farmers in 2018: Report

Indian News       Jan 18, 2020

  New Delhi: An average 35 unemployed and 36 self-employed people ended their lives every day in 2018, with the two categories together accounting for 26,085 suicide deaths during the year, according to government data.   Unemployed persons (12,936) were slightly behind those self-employed (13,149) who took...

Boeing 737 MAX: Company finds 'new minor' software glitch in grounded aircraft

International News       Jan 18, 2020

  Boeing is working to fix a newly discovered problem with software powering up on the 737 Max, adding to the list of tasks the aircraft maker faces to get the grounded plane back in the air.   Boeing said Friday it has told the Federal Aviation...

ICICI Lombard General Insurance Q3 net at Rs 294 cr, up 23%

Indian News       Jan 17, 2020

  Mumbai: The largest private non-life insurer ICICI Lombard General Insurance  on Friday reported a 23 per cent increase in profit to Rs 294.11 crore for December 2019 quarter.Net profit in the corresponding quarter of 2018-19 stood at Rs 239.14 crore. The company's combined ratio stood...

Boards of UII & OIC approve merger proposals, NIC to follow suit on Monday

Indian News       Jan 17, 2020

  New Delhi: Inching towards the final implementation of the two-year old merger plans of three PSU general insurance companies,after being directed by the government,the boards of  Oriental Insurance Company(OIC) and United Insurance Company (UII) have met today separately in New Delhi, to pass merger resolutions.  ...

Cyber and climate change rank as top risks for India Inc:Allianz

Indian News       Jan 16, 2020

  Singapore: For the third year in a row, Cyber incidents (49% of responses) ranks as the most important business risk in India in the ninth Allianz Risk Barometer 2020. Awareness of the cyber threat has grown rapidly in recent years, driven by companies increasing reliance...

WEF sounds alarms about Climate Change risks

International News       Jan 15, 2020

  The World Economic Forum is sounding alarm bells on climate change, with environmental risks occupying the group’s top five long-term concerns for the first time on record.   Extreme weather events, the failure of climate-change mitigation, major natural disasters, biodiversity loss and human-made environmental damage were...

Zurich sees hardening rates, improving terms – first time since 2002

International News       Jan 14, 2020

  Zurich Insurance Group AG expects to have more power to increase commercial insurance rates than it has seen in almost two decades as a shortage of supply and high natural catastrophe payouts help reverse declining premiums.   “The last time this kind of market really existed...

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