Insurance News
During the upcoming monsoon session in Parliament, the government intends to introduce significant reforms in the insurance sector through two new pieces of legislation, the Insurance Laws (Amendment) Bill, 2023, and the Insurance Bill, 2023. The reforms aim to streamline regulations, facilitate easier market entry for companies, and simplify investment rules. These proposed changes, set … Read more
As the prevalence of lifestyle diseases such as diabetes continues to rise, it is crucial for individuals to prioritize their health and financial security. Diabetes, a metabolic disease characterized by elevated blood glucose levels, is a significant cause of complications like blindness, kidney failure, heart attacks, and strokes. In India, the World Health Organization (WHO) … Read more
International General Insurance Holdings (IGI), a leading specialty risks commercial insurer and reinsurer, has announced a leadership transition. The company’s founder and current CEO, Wasef Jabsheh, will step down, and Waleed Jabsheh, the current president, will succeed him as the new Chief Executive Officer, effective July 1. IGI, registered in Bermuda, operates in various locations … Read more
In a surprising development, V. Jagannathan, the founder of Star Health and Allied Insurance Company Ltd, has stepped down from the company’s Board. Earlier this year, he had already resigned from his position as Chairman. The resignation, effective immediately from June 10, 2023, was confirmed by Star Health in a filing with the Bombay Stock … Read more
Washington, DC, experienced an unusual phenomenon on Thursday as a thick blanket of smoke, originating from Canadian wildfires, descended upon the city. The hazy air quality forced residents of the nation’s capital to take precautionary measures, choosing to stay indoors to avoid the unhealthy conditions. As a result, the typically bustling city saw reduced traffic … Read more
In a heart-wrenching case, the Calcutta High Court has delivered a verdict stating that death caused by a mosquito bite is not covered under an accident insurance policy. The court reasoned that illness does not fall within the scope of accidental death, and a mosquito bite lacks the suddenness and shock required to be classified … Read more
US weather agencies have recently announced the formation of an El Nino weather condition, which is expected to intensify until the winter months this year. This news coincides with the arrival of the monsoon in the Indian mainland, starting with Kerala. El Nino is characterized by abnormal warming of surface waters in the eastern and … Read more
In a significant move aimed at safeguarding the interests of thousands of policyholders of Sahara India Life Insurance Co. Ltd., the Insurance Regulatory and Development Authority of India (Irdai) has directed the takeover of the company’s live insurance policies by SBI Life Insurance Co. Ltd., the country’s largest privately held life insurer. Irdai’s decision comes … Read more
In the wake of the devastating triple train crash in Odisha, the Finance Ministry has taken swift action, calling upon insurance companies to expedite the claim settlement process for the victims. With a heartfelt plea for swift justice, the ministry has reached out to insurers, urging them to provide updates on measures taken to identify … Read more
Date: May 30, 2023 In a commendable display of emergency response, the fire and safety department personnel at Numaligarh Refinery Limited (NRL) swiftly brought a widespread fire under control on Monday evening. The incident occurred at the Hydrocracker unit of NRL, located in Assam’s Golaghat district. Upon receiving the alarm, fire tenders and NRL’s dedicated … Read more
