What is the meaning of STFI in insurance? Unveiling its significance, role and impact on comprehensive coverage.

In the world of insurance, STFI, which stands for Storm, Tempest, Flood, and Inundation, plays a crucial role in providing thorough coverage. These four natural disasters—storms, tempests, floods, and inundations—can cause significant damage to homes and belongings. Understanding what STFI covers is essential for those looking to protect themselves from the unpredictable forces of nature….

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Sum Insured in Insurance: Meaning, Calculation, and Why Getting It Right Matters

Sum Insured in insurance explained simply. Learn how to calculate the right Sum Insured for buildings, machinery, FFF and stock. Includes free calculator—don’t forget to use it. What is Sum Insured in Insurance? The Sum Insured represents the maximum amount an insurance company will pay if a covered loss occurs. In business insurance policies such…

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Waleed Jabsheh Named CEO of International General Insurance Holdings (IGI) in Succession Plan.

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…

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Judicial Emphasis on Trust in Insurance Contracts: Supreme Court Affirms NCDRC’s Decision to Compensate Fire Insurance Claim.

Explore the Supreme Court’s landmark decision emphasizing trust in insurance contracts, particularly in the context of a significant ‘fire insurance’ claim. Delve into the nuanced judgment that rectified an unjust repudiation, setting a precedent for the industry and reaffirming the pivotal role of trust in safeguarding policyholders’ interests. In a judicial pronouncement, a bench comprising…

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LIC’s Premium Collection for Fiscal Year 2023 Surges 17%, Maintains Market Dominance in India’s Insurance Sector

Life Insurance Corporation of India (LIC) has recorded a growth of 16.67% in total premium collected for fiscal year 2022-23, reaching a total of ₹2.32 trillion from ₹1.99 trillion in the previous fiscal year. This makes LIC the largest insurance company in India, with a market share of over 62%. The private insurance sector has…

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