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Indian
Equity indices open in red, Sensex down by 1020 points
Indian shares slid about 1.5% on Thursday, in line with weakness in...
Generali takes controlling stakes in Indian insurance JVs,Future Group to to exit insurance business
Generali will raise its stake to around 74 per cent in Future...
Mumbai: FIR against Google CEO, others in copyright `violation’ case
Film director and producer Suneel Darshan had approached the court...
Madras HC orders probe on enmasse withdrawal of accident claims cases
''In view of the seriousness of the allegations made in the present...
International
UK life insurers pay 90 million pounds in COVID-19 claims – trade body
Insurers received 7,000 life insurance claims from families of people who died from COVID-19 and 83% have been paid so far, the ABI said in a statement. Every life insurance claim has been accepted, it said.
The average payout is expected to be 63,000 pounds for an individual policy and 137,000 for a group policy.
Although they are paying life insurance claims, worsening life expectancy will mean pensions, often the bulk of their business, are paid for a shorter period, industry sources say.
Digital and new business capabilities driving modernisation of life insurers: Novarica CIO Study
“For 60% of insurers surveyed, improving digital and new business capabilities stand out as the key drivers for modernization, followed by improvements in productivity to allow faster and more fluid underwriting processes and workflows,” said Tom Benton, Vice President of Research and Consulting at Novarica
Munich Re among insurers facing ‘Major’ Beirut blast losses
Property damage alone from the blast, which killed more than 150 people and triggered the collapse of Lebanon’s government, could exceed $7 billion, according to the Institute of International Finance.
Although only a fraction of the losses are covered by insurance, the blast’s financial impact still could blow holes in reinsurers’ balance sheets. Insured losses at the port and nearby vessels and cargoes could reach $250 million, according to Guy Carpenter & Co., a U.S. brokerage.
“We are currently assuming that this will be a major loss for us,” Christoph Jurecka, Munich Re’s chief financial officer, told reporters in an Aug. 6 conference call. He declined to estimate the size of the loss, but Munich Re classifies total payouts of more than 10 million euros ($11.8 million) for one incident as “major.”
Hannover Re, another Germany-based reinsurer, also anticipates a loss of at least 10 million euros, a company board member, Sven Althoff, said last week in a call with analysts.
Britain’s Prudential to exit U.S. business,focus on Asia, Africa
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