Insurance Industry

Order of the National Green Tribunal regarding an illegal cracker unit in Thanjavur district, Tamil Nadu, 29/05/2025

Order of the National Green Tribunal in the matter of News Item titled "2 killed in blast at illegal cracker unit in Thanjavur appearing in The Hindu dated 19.05.2025". The application is registered suo-motu on the basis of the news item titled 2 killed in blast at illegal cracker unit …

CNG vehicle drivers in Delhi to get insurance cover

Within the next three to four months, all the 2.5 lakh CNG vehicle drivers in the Capital will be covered by insurance policies with provisions for relief in case of accident, partial disability and permanent disability. Delhi Chief Minister Sheila Dikshit and Union Petroleum and Natural Gas Minister M. Veerappa …

Europe floods to cost insurers up to $4.5 billion: Swiss Re

Floods in central Europe last month may cost insurance companies $3.5-4.5 billion, only half of one previous estimate but more than was paid out for the last major washout in 2002, the world's second biggest reinsurer said on Monday. The forecast from Swiss Re compares to an earlier warning from …

Health covers may cost 20% more

Mumbai: The insurance regulator has cleared a hike in health insurance rates for policies issued by New India Assurance, the country’s largest non-life insurer. The new rates are on an average 20% higher than the old ones which were in force from 2007 and will come into effect from next …

The challenge of institutional investment in renewable energy

Institutional investors, which together manage assets of over $70 trillion, often have investment objectives that are aligned with the investment profile of infrastructure. At first glance, access to this large pool of capital and the alignment of objectives should help lower the costs of financing renewable energy. In this study, …

Disasters cost $140b in 2012: Report

Natural and man-made disasters around the world this year, including Superstorm Sandy, will cost at least $140 billion (106 billion euros), according to a study published by Swiss insurance group Swiss Re yesterday. The insurance industry will cover about $65 billion of all losses from such catastrophes, the study showed, …

Climate and cost concerns mount in wake of "superstorm"

Monday's mammoth storm that caused severe flooding, damage and fatalities to the eastern U.S. will raise pressure on Congress and the next president to address the impacts of climate change as the price tag for extreme weather disasters escalates. Hurricane Sandy devastated the east coast of the United States, claiming …

Free generic drug policy to redefine health insurance

Insurers may be burning their fingers in urban health portfolios for some time now, but the government’s rural healthcare initiatives, including its decision to provide free generic drugs to public hospitals, are set to offer fresh avenues of growth for them. The recent government decision to provide free generic drugs …

Health insurance scheme for the poor a total failure, says DMA

Not possible to honour smart cards under present circumstances: Hospitals The Delhi Medical Association has expressed concern over what it called the “total failure” of the Rashtriya Swasthya Bima Yojana (RSBY) initiated through the Delhi Government to provide free health care to persons belonging to the below poverty line by …

Managing Risks of Climate Disasters

Developing countries should take simple steps to deal with extreme climate events, but the world should not lose sight of cutting carbon emissions to protect life on Earth. Much has been written and discussed recently on the subject of climate change in response to growing scientific evidence that has been …

2011 Disaster Losses Cost Insurers $116 Billion: Swiss Re

Natural disasters, such as Japan's earthquake and floods in Australia and Thailand, cost the global economy a record $370 billion in 2011, with losses for the insurance industry the second largest ever, Swiss Re (SRENH.VX) said on Wednesday. Insured catastrophe losses more than doubled in 2011 to $116 billion, Swiss …

Three States to Require Insurers to Disclose Climate-Change Response Plans

Insurance commissioners in California, New York and Washington State will require that companies disclose how they intend to respond to the risks their businesses and customers face from increasingly severe storms and wildfires, rising sea levels and other consequences of climate change, California’s commissioner said Wednesday. Up until this point, …

Govt may bring multiple covers under one policy

Single-premium plan likely to be only for women initially; Centre, states to share premium for economically weaker sections. Customers may soon get health, insurance and pension covers, as well as a scholarship for their daughter’s school education under one policy. The single-premium policy, which the finance ministry is considering, is …

General Insurers to Take 100-cr Hit from Cyclone Thane

The cyclone Thane in Tamil Nadu and Puduchery would have caused an economic loss of Rs 1,500 crore to Rs 2,000 crore, but the insurable loss is hardly Rs 100 crore. Though insurance companies are yet to assess the actual loss, initial estimates suggest that losses would be little over …

GIC Re mobilises $78m for nuclear pool

Mumbai The state-owned General Insurance Corporation of India (GIC Re) — the sole official reinsurer— has mobilised support of almost $78 million from local general insurers for the proposed nuclear pool, which will provide cover to the existing as well as new nuclear plants in the country. Considering that the …

Panel for ‘flexible’ health funds to states

Unlike the present system of allocation of funds to states on health care by the Centre, the high-level experts group (HLEG) on Universal Health Coverage (UHC) in its report to the Planning Commission have recommended “flexible” and “differential norms” for allocating finances to the states. The report which is to …

Is UN giving in to industry?

THE UN General Assembly has adopted a watered-down political declaration to reduce the burden of chronic lifestyle diseases. The event signals the beginning of a larger fight between industry and health policy makers. The resolution was passed at a summit ahead of the General Assembly in New York on September …

LIC invested crores in tobacco cos: NGO

Should government-run companies invest in tobacco companies? This is the question that Voices of Tobacco Victims (VoTV), an NGO working for cancer patients, has raised after its recent query under the RTI Act revealed that the Life Corporation of India has invested up to Rs 3,500 crore in various tobacco …

New norms make it easier to change health insurer

Hyderabad With the Insurance Regulatory and Development Authority (IRDA) issuing final guidelines on health insurance portability, clarity has emerged on various contentious issues. According to the guidelines, a policyholder will have to approach an insurer 45 days before his policy with the old insurer expires, to enable the new company …

Unique crop insurance for farmers

ICICI Lombard General Insurance Company has been given the mandate to provide weather-based crop insurance for the ensuing Kharif season in Bilaspur district.It will provide cover for the tomato crop for the period starting from June 15, 2011, to December 15 in the Sadar block of the district for farmers. …

Insurance cover for land acquisition still a far cry

The biggest struggles in the recent past might have been surrounding land and land acquisition, but risk mitigation through an insurance cover is still a far cry. Thus, in case Tata Motors bids adieu to Singur, where the government passed a Bill to take back the land it had earlier …

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