SIRC 26
Indian
Policybazzar to float Rs 6,500 crore IPO soon
India ‘challenging place’ to do business, must ease hurdles: US State Dept
New protectionist measures, including increased tariffs, procurement rules that limit competitive choices, sanitary and phytosanitary measures not based on science, and Indian-specific standards not aligned with international standards, effectively closed off producers from global supply chains and restricted the expansion in bilateral trade, the report said.
Nine new Insurance Ombudsmen selected
Vipin Anand,managing director, Life Insurance Corporation, who will retiring this month end , has been chosen for Bengaluru, Girish Radhakrishnan, who retired as CMD of United India Insurance, has been selected for Kochi.
The other selected candidates are S.Sampathkumar for Chennai, N Sankaran for Hyderabad,B S Pandya for Mumbai, Atul Jerath for Chandigarh, RM Singh for Bhopal, Rajiv D Sharma for Jaipur, Somnath Ghosh for Guwahati.
3523 Air India employees affected by Covid of which 56 died: Centre to LS
“On the death of a permanent/fixed-term contractual employee due to COVID-19, their families are paid compensation of Rs 10,00,000 and Rs. 5,00,000 respectively. Families of casual/contract workers are paid compensation of Rs 90,000 per two months’ salary,” the minister said. It further informed that COVID centres have been opened by the company in various locations to take care of the affected employees/ families.
“Reimbursement of vaccination charges are being provided to employees and their families if paid by them,” it added
International
Munich Re launches automated damage detection for improved hurricane response and claims experience
Munich Re’s Remote Industries offers insurance companies the information they need to prioritize and steer claims adjuster resources, proactively reach out to affected policyholders and ultimately help mitigate losses. Remote Industries uses high-resolution aerial imagery and machine learning to help insurance companies predict potential property claims four days prior to an expected hurricane.
ILS market slow to return to normal
market declined year-on-year in the second quarter of 2019, with just below $1.7 billion of non-life ILS capacity issued through 11 cat bonds, down from $6.2 billion and $4.0 billion in Q2 2017 and 2018 respectively. That made the recent quarter the second-lowest second-quarter for issuance by volume in the past eight years, except for 2016.
Munich Re’s gross premiums at €11,799m, profits up by 36% in Q2 2019
In the renewals at 1 July 2019, the recently observed market recovery continued. In particular, there was a marked improvement in prices for reinsurance cover in the markets affected by natural catastrophes.However, there were also increases in loss expectations and stable renewals in unaffected regions and markets.
Why year-long Ebola outbreak hasn’t triggered payout from pandemic insurance
The Pandemic Emergency Financing (PEF), which includes funding for an Ebola outbreak, comprises $95 million of bonds and $55 million of insurance. It would also provide financing in event of pandemics caused by other infectious diseases such as Marburg, Crimean-Congo hemorrhagic fever or Lassa fever.
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