NATURAL DISASTER INSURANCE
Only 3% of India’s 62 million business owners have SME insurance: ICICI Lombard’s Anand Singhi
Our focus on end-to-end risk management for MSMEs through various tailored digital solutions makes us different, says Anand Singhi, Chief of Retail and Government Business at ICICI Lombard.
Extreme heat cover, the right coolant
In response to increasing heat-related challenges, especially impacting informal sector workers, efforts are being made to mitigate financial losses through parametric insurance. This innovative approach focuses on predefined weather events rather than actual losses incurred. Last year, SEWA provided heat insurance to 21,000 members, which has now expanded to cover 50,000 individuals this year.
Travel Insurance: What you need to know before you plan your next international trip
Travel insurance provides coverage for travel risks, including medical support, flight cancellations, and emergency evacuation. It is not always mandatory but advisable for international travel. Policies include trip-wise insurance and group travel insurance.
Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
Traders are bracing for a record-smashing summer that will shake up commodities
Prices for some of the world’s most vital commodities — natural gas, power and staple crops like wheat and soy — are climbing.
IPL washout spurs potential insurance claims of Rs 50-60 crore
The rain-induced washout of the Gujarat Titans versus Kolkata Knight Riders match on Monday has sparked concerns about revenue losses, leading sponsors and franchise owners to contemplate submitting claims to insurance providers. For this year's Indian Premier League (IPL), insurance coverage totaling Rs. 10,000 crore was procured from insurers such as New India Assurance, National Insurance Company, and United Insurance.
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These car modification could void your insurance
Indian car owners are increasingly modifying their vehicles, but it's crucial to inform insurers about any changes to avoid potential issues with insurance coverage in India.
How technology is easing the life of insurance customers
As insurance industry overcomes trust issues with data-backed claims payment, technology aids awareness, accessibility, and faster claims settlement using AI, machine learning, and drones. Initiatives like Cashless Everywhere provide personalized insurance solutions, reshaping the sector.
Insurers could face losses of up to $4 billion after Baltimore bridge tragedy
With little clarity on when the Port of Baltimore would re-open, insurers and analysts are now assessing the likely losses borne by underwriters across several product lines including property, cargo, marine, liability, trade credit and contingent business interruption.
Understanding liability in vehicle insurance: What car and bike owners should know
Choosing the right vehicle insurance in India involves understanding liability coverage, comprehensive plans, and exclusions. ACKO provides tailored coverage, add-ons, and competitive pricing for comprehensive protection and peace of mind.
Navigating the general insurance landscape: A reflective review and forward outlook
The GI industry is entirely focused on achieving the glorious mission of 'Insurance for All' by 2047, set by the insurance regulator.
About 95 pc of country's population uninsured: Report
Panda said a compulsory natural calamity insurance in high-risk regions -- as recommended in the report -- is needed if the country wants to achieve insurance for all by the time the nation completes a hundred years as a republic.
Catastrophe bonds provide a financial safety net to insurers
A SBI report published in July said that India ranks third after the US and China in recording the highest number of natural disasters since 1900.
Chennai flood sweeps away cars: Here's how to insure your vehicle against flood damage
Flood-related damages can encompass engine, gearbox, electric and electronic, and upholstery damage. Repairing or replacing a water-damaged engine alone can cost between Rs 75,000 to Rs 15 lakh.
Home insurance is as cheap as it is necessary; find out why and how to buy it
Devastating earthquakes, cyclones and floods are not the only risks that your house is exposed to. The mushrooming of high-rise buildings and growing use of gadgets and appliances have increased the risk of fires. Here is all you need to know about home insurance.
Unlock the road to secure celebrations: A comprehensive guide to motor insurance this festive season
As the festive season approaches, whether you're welcoming a new vehicle into your life or your motor insurance renewal is due, don't delay this prudent decision.
For SMBs, insurance can play a crucial role in ensuring business continuity: Rakesh Kumar, Square Insurance
In the event of unexpected events such as natural disasters, accidents or legal liabilities, insurance can help cover the costs, preventing severe financial setbacks that could otherwise cripple an SMB.
Melting glacial, unbearable heat: World is dangerously close to irreversible tipping points, warns UN
The UN has cautioned that the world is dangerously close to six 'tipping points' that could lead to irreversible damage to the planet. Climate change and resource overuse have pushed the world to the brink of these interconnected tipping points. The report highlights the threats of accelerating rates of extinction, groundwater depletion, mountain glacial melt, unbearable heat, space debris, and an 'uninsurable' future.
Flood-hit Sikkim Urja looks to claim ₹11,400 cr cover
The total sum assured in the policy is ₹11,400 crore. However, there is a cap of ₹500 crore on payouts for certain natural calamities. Therefore, the extent of the claim settlement could be lower. While the estimated loss resulting from the recent incident is yet to be determined, the company is seeking claims for the entire loss under the insurance policy, said a person with knowledge of the matter.
Navigating on-the-road peace: The comprehensive car insurance solution by Bajaj Allianz General Insurance
Bajaj Allianz General Insurance Comprehensive Car Insurance stands out for its high claims settlement ratio and hassle-free renewals.
Why governments need a well-diversified financial system to deal effectively with natural disasters
Countries must adopt a comprehensive risk management strategy to access resources from funding mechanisms to invest in response, recovery, reconstruction and mitigation. This involves creating dedicated budgets for disaster risk-reduction efforts. A proactive approach to disaster-risk reduction minimises the economic cost of disasters, saves lives and ensures sustainable development.
Travel Insurance: What it covers and when to buy it
With travel gradually resuming, people are buying travel insurance to safeguard their investments against COVID-19-related cancellations, flight delays, and extreme weather events. Travel insurance provides coverage for unexpected events such as strikes, natural disasters, and terrorist attacks. Medical coverage is generally included in policies and is particularly useful when travelling abroad.
India needs insurance pool to cover natural disasters: SBI Research
India is a hugely under-insured country and the insurance sector and governments need to actively engage and discuss how best to address the potential contingent liabilities: SBI Research
How to create an emergency kit for natural calamities like flood, earthquake, storm
Having an emergency kit is essential to prepare for any unforeseen disaster. Customize your kit based on your individual needs, and make sure it's up to date and easily accessible. Regularly review and replace expired items to keep your emergency kit up-to-date. Remember, preparation is key to staying safe during an emergency.
At Paris summit, World Bank unveils debt payment pause for disaster-hit countries
French President Emmanuel Macron is hosting a summit on Thursday and Friday in Paris to pin down a roadmap for easing the debt burdens of low-income countries while freeing up more funds for climate financing. Nearly 40 heads of state and government are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, Reuters reported this week, citing a draft summit statement.
Are you financially prepared for a natural disaster? Here's how to put together an emergency kit
Here are the three essential steps you need to take at the following junctures to overcome a disaster and get back financially on your feet.
Natural disaster losses hit $72 bn in first half 2022: Swiss Re
Though the figure is lower than the $91 billion estimate for the first six months of 2021, it is close to the 10-year average of $74 billion, and the weight is shifting towards weather-induced catastrophes.
India needs national disaster pool to hedge natural disaster risks, states SBI report
Early intervention is needed to close the protection gap, which are in all lines of insurance and the only way out is a public-private solution by creating a national disaster pool to hedge natural disaster risks, Soumya Kanti Ghosh, the group chief economic adviser at SBI said in the note.
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