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Indian
Financial inclusion a top priority for govt, says Union Minister Thakur
India orders 300 mln COVID-19 shots before approval as court asks for vaccine ‘roadmap’
Retired babus taking up private sector jobs soon after retirement is serious misconduct: CVC
In an order, it also said that all government organisations should mandatorily take vigilance clearance before offering post-retirement jobs to babus.
In case a retired officer served in more than one organisation, the vigilance clearance should be obtained from all organisations where the retired officer had served during a period of 10 years prior to his retirement, it said mentioning the procedure.
Niti Aayog submits names of PSU banks to be privatised to Core Group of Secretaries on Disinvestment
Industry sources say the likely names are Mumbai based Central Bank and Pune based Bank of Maharashtra.
Following the clearance from the Core Group of Secretaries, headed by the Cabinet Secretary, the finalised names will go to Alternative Mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for the final nod.
Changes on the regulatory side to facilitate privatisation would start after the Cabinet approval.
International
RMS estimates insured losses from California wildfires to be between $9 Bn and $13 Bn
Mohsen Rahnama, Chief Risk Modeling Officer, RMS, said: “Wildfire is now a major catastrophe risk that must be rigorously managed with the best data and model science. With increasing exposure due to properties near wildland areas and ongoing climate variability, insurers, policymakers, and homeowners must adapt to the prospect of more frequent and severe wildfires.”
Asia led by China and India will drive global insurance growth:Swiss Re
According to latest data from different sources, this sigma estimates that the global re/insurance sector has total assets under management of about USD 30 trillion – roughly three times the size of China’s economy. This large asset base should be fully mobilised as risk absorber. Further, the report newly estimates that the global mortality and property protection gap currently stands at USD 500 billion in premium-equivalent terms. The gap represents the still elevated vulnerability to adverse events for many households and businesses across the world, and the very large opportunity for insurers to further contribute to improving resilience.
Aon launches cover for intangible assets
Non-Damage Business Interruption policies protect companies’ revenues against business interruption costs that result from an event where there is no physical damage. For an increasing number of firms, physical damage is a lesser risk priority than risks related to income streams and cash flows, such as a terrorist threat, a cyber attack, or unseasonal weather.
Boeing defends 737 safety as first U.S. lawsuit filed over Lion Air crash
Investigators believe an erroneous sensor prompted a computerized safety system to aggressively push the jet into a dive as pilots were trying to deal with multiple malfunctions. Boeing and U.S. aviation regulators are considering whether to add a software fix to the 737 Max. Three U.S. pilots’ unions have raised concern about what they say is a lack of information provided by Boeing on the safety system
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