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Indian
Policybazaar.com opens 15 retail stores for broking business
To drive the business, the company has roped in former executive director of SBI Life Insurance Rajiv Gupta to lead its expansion plans in the offline space.
The brick-and-mortar stores will serve as experience centres for customers and provide them with the comfort of a local physical presence to help resolve any queries or service requests, it said.
Fake vaccine scam unearthed in Mumbai and Kolkata, police probe on
Many large e-comm firms have blatantly flouted laws of land: Goyal
Commerce and Industry Minister Piyush Goyal said that many of the practices which these companies follow are against the interest of consumers and the government has recently come out with draft rules for e-commerce companies or marketplace models, which are applicable to all entities including Indian.
These rules are to protect consumer interest, he said at a webinar.
India’s airline fleet to contract, fall below 700 on weak demand -CAPA
Indian airlines are expected to induct 69 planes during the year and retire 86 aircraft, some of which could be through repossessions by lessors, CAPA said during a web conference on its outlook for the country’s aviation sector.
Airlines will also be forced to ground 250-300 planes in the first half of the current fiscal year, CAPA estimates, as a surge in COVID-19 infections in the South Asian nation earlier this year roils air travel.
International
Munich Re Syndicate Singapore expands its Asian partnership
France’s AXA provided insurance cover for two Notre-Dame contractors
In a statement released on Tuesday, AXA said its staff were cooperating fully with investigators.The French insurer also said it provided insurance coverage for some of the relics and religious artworks displayed in the cathedral.An AXA spokesman declined to estimate the company’s potential liabilities associated with the damage caused.
Global life reinsurers poised for growth, but mature U.S. market still key:AM Best
The Asia-Pacific direct life insurance market continues to grow faster than in developed countries, providing opportunities for life reinsurers to assume more business. China’s life insurance market is now the world’s second largest life insurance market. Additionally, legacy life/annuity blocks of business also have become meaningful acquisition opportunities for global life reinsurers, and recent acquisitions involving second- and third-tier reinsurers highlight growing market competition.
UAE Takaful companies catching up with conventional peers
Emily Thompson, financial analyst, said: “Despite the growth in GWC, Takaful operators still account for a modest part of the UAE’s overall insurance market, commanding a stable 17% market share in 2018. Penetration has been consistent in recent years, but whether Takaful insurers can gain a sufficient foothold in the market to challenge the conventional players remains to be seen.”
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