Indian News

Sanjay Datta, chief, claims, underwriting and reinsurance, ICICI Lombard General Insurance

ICICI Lombard's new retail cyber cover to insure financial or reputation losses upto Rs1cr

   Mumbai: ICICI Lombard General Insurance, on Friday, launched its Retail Cyber Liability Insurance policy.   The  policy offers complete protection to individuals and their families against any cyber frauds or digital risks that could result in a financial or reputational loss.The retail cyber insurance product is...

India registers over 17,000 COVID-19 daily cases for first time; death toll crosses 15,000-mark

New Delhi: The highest single-day surge in COVID-19 cases went past 17,000 on Friday, pushing India's tally to?4,90,401, while the death toll climbed to 15,301 with 407 new fatalities, according to the Union Health Ministry data.   Updated at 8 am, the data showed the daily...

Thunderstorm, lightning kill 110 people in Bihar and UP 

Eco/Invest/Demography, Non-Life       Jun 25, 2020

  Patna/Lucknow: Thunderstorms and lightning have wrought havoc in Bihar and Uttar Pradesh over the past two days, claiming 110 lives, leaving at least 32 injured and causing widespread damage to property, officials in the two states said on Thursday.   The lightning strikes were more devastating...

Federal Bank to buy additional 4% stake in life insurance JV from IDBI Bank for over Rs 80 crore

Banking & Bancassurance, Life       Jun 25, 2020

  Mumbai: South-based lender Federal Bank will be paying over Rs 80 crore to buy additional four per cent stake in its life insurance joint venture IDBI Federal Life Insurance, a top official has said.   The stake buy from the state-run IDBI Bank will take Federal...

Railways cancels all regular train services till August 12

Eco/Invest/Demography, Pandemic       Jun 25, 2020

New Delhi: All regular mail, express and passenger services as well as suburban trains have been cancelled till August 12, the Railway Board said on June 25. Sources said that the decision was taken keeping in mind the increasing number of coronavirus cases in the...

IRDAI asks insurance industry to guard against large-scale phishing attack campaign against Indian individuals and businesses

Eco/Invest/Demography, Regulation       Jun 25, 2020

  Hyderabad: The insurance regulator IRDAI has said CERT-IN advisory has recently issued an advisory to guard against large-scale phishing attack campaign against Indian individuals and businesses (small, medium, and large enterprises).    All insurers and the regulated entities are advised to alert their staff and attached...

IRDAI forms panel to suggest ways to insure drone technology

  Hyderabad: The insurance regulator IRDAI, on Wednesday,  has formed a working group,headed by Anjan Dey, general manager, New India Assurance, for insurance of Remotely Piloted Aircraft System(RAPS)/ Drone Technology   Among other issues,the committee will make recommendations relating to design and development of product/s meeting the...

Apple,other U.S. goods from China held up at Indian ports: sources

Eco/Invest/Demography, Risk Management       Jun 24, 2020

NEW DELHI: Apple, Cisco and Dell products are among the goods from U.S. companies being caught up in India’s border tensions with China, as Indian ports hold up imports from China, two sources told Reuters on Wednesday.Though no government notice has been issued, customs officers...

Devesh Srivastava, CMD, GIC C Re

GIC Re's net profit almost doubles to Rs 1197 crore in Q4 FY 2019-20,Annual gross prm exceeds Rs 51k in 2019-20

Reinsurance       Jun 24, 2020

  Mumbai: State owned GIC Re at Rs 1,197 crore has seen its net profit almost doubling year on year in Q4 FY 2019-20.In Q4 FY 2018-19, the reinsurer ‘s net  profit stood at Rs 603 crore.   The listed reinsurer’s gross global premium has expanded by...