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IRDAI slaps 1 crore fine on ICICI Lomard,
The IRDAI passed an order against ICICI Lombard General Insurance after conducting an onsite inspection conducted during September 2019 and subsequent enforcement proceedings. Hyderabad:The IRDAI on Monday, has imposed a monetary penalty of Rs. 1 crore on ICICI...
“India’s medical tourism has a huge potential”, says Piyush Goyal
Union Commerce and Industry Minister Piyush Goyal Highlighting India's cost advantage, Goyal said the country offers clinical excellence and advanced technologies while healthcare costs are "60 to 80 per cent lower than other parts of the world, particularly the...
Blue Machines AI launches Aurora, a BFSI-native speech-to-text model
Aurora is designed for real-time financial conversations in India, where customers frequently switch languages, combine English financial terminology with regional languages, and communicate over noisy or low-bandwidth telephone connections. Bengaluru: Blue Machines...
Alternative-fuel car: Sales more than petrol vehicles on cost, E20 concerns, dealers’ body says
Alternative-fuel models, including compressed natural gas, hybrid and electric models, accounted for nearly 42% of passenger-vehicle sales, while petrol vehicles stood at about 41%, according to the Federation of Automobile Dealers Associations (FADA), which...
The growing use of artificial intelligence and the threats posed by cyber risks are fundamentally changing the risk landscape. Although cyber risks currently present one of the greatest business risks, uptake of cyber insurance remains low. The increasing...
Even as rescuers search for the thousands still missing in Nepal after catastrophic flooding that killed 1,250 people, the nation’s leaders face a second immense challenge — how to pay for recovery and rebuilding.The tab is expected to come to at least $5 billion, an...
Atlantic Hurricane season remains most Tranquil since 1941
The tranquil Atlantic is good news for the millions of people who live along the US East and Gulf coasts, or on Caribbean islands. It also means fewer disruptions for the oil and gas export terminals that line the Gulf of Mexico. September is usually the month when...
OpenAI commits $1 billion to cyberdefense effort amid AI safety scrutiny
OpenAI has faced increased scrutiny since its own AI agent breached systems at open-source platform Hugging Face during a July test and attempted to hide its actions. Similar concerns have emerged at rival Anthropic. Both firms are preparing for mega IPOs. OpenAI said...
Data Centres: Global investment boom could create USD200 billion commercial insurance opportunity amid rising accumulation risks, says Swiss Re
Gianfranco Lot, Swiss Re's Chief Underwriting Officer P&C Re, says: "We are seeing the digital economy become a real economy. AI needs data centres, power grids and increasingly complex infrastructure – and all of it needs insurance. That creates growth...
Nepal floods could cost insurers over $130 million even before death, injury claims
Eleven Nepali hydropower projects lie in the affected region, some covered by standard commercial insurance policies that are still being assessed, said Toton Chakraborty, CEO of Oriental Insurance Company Nepal. MUMBAI:The devastating flood in Nepal last week could...
Delhi tribunal awards Rs 86.45 lakh to family of woman killed in 2017 accident
The income of a homemaker needs to be calculated based on the minimum wages of a skilled worker. NEW DELHI: A Motor Accident Claims Tribunal (MACT) here has awarded Rs 86.45 lakh compensation to the family of a 31-year-old woman, who lost her life in a 2017 accident,...
Insurer can’t reject claim if alcohol habit disclosed before policy purchase: Consumer commission
The commission, however, pointed out that the medical examination form submitted on May 20, 2021, before the policy issuance, clearly stated the insured consumed "whisky of 90 ml twice in a month since 15 years". Further, relying on Supreme Court orders that termed...
40 high-hazard glacial lakes identified in Sikkim, 16 at highest risk of outburst
The state is working towards what could be the country’s first dedicated GLOF Risk Mitigation Protocol, aimed at creating a standardised scientific framework for assessing, preparing for and mitigating glacial flood risks. GANGTOK: The eastern Himalayan state of...
AI Phuket flight incident: AAIB preliminary report reveals hydraulic failure, Pilot’s positive drug screening
"In view of a non-negative result for psychoactive substances for one of the flight crew, it is recommended that DGCA may take appropriate actions as deemed fit to prevent abuse of psychoactive substances," AAIB said in its interim safety recommendation. New Delhi:...
Laurent Rousseau appointed as Head of International, Marsh Re
Laurent Rousseau as Head of International, Marsh Re said,“Today’s risk environment demands both deep local expertise and a truly global perspective. I look forward to working with our international teams to build on our strong foundation and bring the tailored...
ChatGPT, Gemini, Claude face widespread outages; AWS also hit
According to data from Downdetector, reports of outages began surging in the evening (IST), with users flagging issues ranging from total website inaccessibility to internal server errors when attempting to generate AI responses. New Delhi:Major artificial...
Fitch maintains ‘deteriorating’ outlook on the global reinsurance sector for 2027
``Our expectations of further price declines – although less pronounced than in 2026 – amid abundant capacity drive the outlook. This, alongside rising claims costs, will lead to margin and revenue erosion, although not enough to materially affect the sector’s very...
Home secy Govind Mohan reviews preparedness of Himalayan states/UT for GLOF and snow avalanches
Govind Mohan,Union Home Secretary The meeting concluded with directions for continued inter-agency coordination, regular sharing of risk information and strengthening of early warning and response mechanisms to minimise loss of life and property in vulnerable...