Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Cargo theft loss prevention must focus on insider threat: report

Theft from trucks continues to account for the highest proportion of cargo thefts worldwide and the threat from insiders – employees, contractors and even business partners – continues to rise, according to analysis carried out by transport insurer TT Club and supply chain intelligence firm BSI. The Global Cargo Theft Intelligence Report for 2018 found that thefts from trucks accounted for 84%…

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

Chamber of Commerce advises Indian government to raise insurance foreign ownership cap

The Federation of Indian Chambers of Commerce and Industry (FICCI) has advised the Indian government to raise the ceiling on foreign direct investments (FDI) in the insurance sector, to attract overseas investments. The Insurance Laws (Amendment Bill) 2015 raised the cap on total foreign investment in the insurance sector from 26% to 49%. This cap includes all forms of foreign…

Best maintains negative outlook on India’s non-life insurance market

Best maintains negative outlook on India’s non-life insurance market

Best maintains negative outlook on India’s non-life insurance market

India’s non-life insurance market is characterised by continued reliance on realised and unrealised investments gains to offset technical losses, potential short-term disruption from regulatory enhancements, and persistently competitive and underperforming core business lines of motor and agriculture, according to AM Best. As a result, the ratings agency is maintaining a negative segment outlook on the market. According to Best, India’s…

Payment delays cloud Asia-Pacific outlook

Payment delays cloud Asia-Pacific outlook

Payment delays cloud Asia-Pacific outlook

Slowing trade growth in many Asia-Pacific countries is prompting businesses in the region to increase their use of trade credit in B2B transactions, according to credit insurer Atradius. Although the region is still the main growth engine for the global economy, and domestic demand remains robust, a number of negative risks are clouding the outlook, Atradius warns. An Atradius survey…

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains failing to make progress on child labour risk, finds Verisk Maplecroft

Global manufacturing supply chains that operate through the world’s major hubs are making little or no progress in stamping out child labour, finds new research from Verisk Maplecroft. In its Child Labour Index, the risk analytics firm said manufacturing hubs most entwined in global supply chains – including China, India, Bangladesh, Vietnam and Cambodia – have “not recorded any improvement”…

Modi’s Indian election win welcomed by economists and investors

Modi’s Indian election win welcomed by economists and investors

Modi’s Indian election win welcomed by economists and investors

Financial markets and international investors have hailed a potentially positive economic impact from the re-election of Narendra Modi as prime minister of India, although the positive forecast does come with some conditions, namely that it must be accompanied by promised reforms in the banking sector, increased infrastructure spending and a period of fiscal stability. Mr Modi’s Bharatiya Janata Party (BJP)…

Record insurtech investment levels belie lack of obvious value: WTW

Record insurtech investment levels belie lack of obvious value: WTW

Record insurtech investment levels belie lack of obvious value: WTW

Investment in the insurtech sector reached record highs in Q1 2019 yet there is a lack of obvious value in the many of the newest insurtech offerings, according to a recent report. The latest Quarterly Insurtech Briefing from insurance broker Willis Towers Watson (WTW) shows that the highest number of transactions yet (85 with a total value of $1.42bn) were…

RIMS strikes educational partnership in India

RIMS strikes educational partnership in India

RIMS strikes educational partnership in India

US risk management association RIMS has signed a memorandum of understanding (MoU) with the National Insurance Academy (NIA) in India, to develop a risk management education course. The agreement was signed in Pune, India by RIMS vice-president of global development Steven Chou, RIMS board director Jennifer Santiago and NIA director Shri G Srinivasan. The MoU is designed to formalise the…

India’s insurance regulator keeps GIC Re cession at 5%

India’s insurance regulator keeps GIC Re cession at 5%

India’s insurance regulator keeps GIC Re cession at 5%

The Insurance Regulatory and Development Authority of India (IRDAI) has announced that the obligatory cession to the General Insurance Corporation of India (GIC Re) will remain at 5% for the financial year 2019-2020. In a notification, the IRDAI says: “The percentage cession of the sum insured on each general insurance policy to be reinsured with the Indian reinsurer(s) shall be…

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