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Indian
Delhi govt approves single-window facility to facilitate expansion of EV charging infrastructure
Sharpening income inequalities telling story of ‘uneven’ recovery: Subbarao
A study by the Azim Premji University has found that the one year of Covid-19 pandemic has pushed 230 million people into poverty with a 15 per cent increase in poverty rate in rural India and a 20 per cent surge in urban India,” Former RBI Governor D Subbarao said citing the findings of a study.
“Add to that CMIE data showing that the unemployment rate has gone up as high as 12 per cent in May, 10 million jobs have been lost just on account of the second wave and 97 per cent of the households in the country have experienced declines in incomes,” he added.
Axis Bank stake in Max Life likely to rise to 20 pc in 12-18 months
Talking about synergy, he said, ”We are coming up with a new strategy for future growth. We are working together as a common team to ensure that Max Insurance’s life grows faster than the industry. We are working together to look at product mix to drive Axis channel so outcome is favorable for both customers and the company.” Besides, he said working on analytics areas to leverage each other’s capabilities.
Heavyweight bureaucrats to fight out for the IRDA chairmanship
Among the serving and retired IAS(Indian Administrative Service) officials who have applied for the top regulatory job of the Indian insurance industry are- B.V.R. Subrahmanyam(1987 batch ) who recently joined as secretary, Ministry of Commerce after serving as a chief secretary of Jammu and Kashmir(J&K) since 2018,Manoj Parida(1986 batch)), advisor to the administrator of Chandigarh, VP Joy(1987), chief secretary, Kerala, Chhabilendra Roul(1985), former secretary, Department of Fertilizers, Ministry of Fertilizers and Chemicals, Preeti Sudan, (1983-batch) who had retired as the union health secretary in July 2020.,Anup Wadhawan, who retired as the secretary, ministry of commerce in May end
International
Power & renewable energy companies facing considerable disruption:Willis Report
George Nassaouati, Head of Natural Resources, Asia at Willis Towers Watson, commented: “It is incumbent on the insurance industry to embrace the risks presented by these new developments and provide the appropriate risk advisory and risk transfer / retention solution. It is essential that today’s power and renewable organisations prepare themselves for the turbulence that disruptive change inevitably brings.”
ILS growth to $93bn in 2018 bodes well for a continued healthy market:Willis Re
In the face of multiple smaller catastrophic events in 2018 and a meaningful series of catastrophes in 2017, non-life cat bond issuance remained strong. About $9.2 billion of new capital was delivered, marking the second most active calendar year ever. Of $535 million in bonds issued during Q4, $125 million provides protection from California wildfire liability, $200 million grants peak multiperil protection, and $210 million covers U.S. earthquake (workers’ compensation).
Global ransomware attack could cost businesses almost $200bn, new study finds
Regionally, the US would be the hardest hit with $89bn at risk. Europe could lose $76bn, with Asia losing $19bn.The rest of the world could lose $9bn.
Despite the high costs to business, the report shows the global economy is underprepared for such an attack with 86% of the total economic costs uninsured, leaving an insurance gap of $166bn.
Lancet report blames ‘Big Food’ firms for fuelling obesity, climate change
The global rate of obesity almost tripled in the last four decades, with more than a third of the world’s adults now in a weight range that increases risks of heart disease, cancer and other disorders, according to the WHO. Meanwhile, almost half of children under the age of 5 don’t get needed nutrients — mostly in low- and middle-income countries — even as average weight increases.
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