India’s insurance regulator mulls Indian pandemic risk pool

India’s insurance regulator mulls Indian pandemic risk pool

India’s insurance regulator mulls Indian pandemic risk pool

The Insurance Regulatory and Development Authority of India (IRDAI) is looking at the introduction of an Indian pandemic risk pool. A working group has produced a report for the IRDAI, which recommends the formation of an Indian pandemic risk pool “to address losses and unsettlement caused to the informal and low-income sectors of society, and serve as a medium of…

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Changing tariffs affect Indian global property programme local policies, says Willis Towers Watson

Global property programme local policies in India will require increased attention as a result of changing tariffs in the Indian insurance market, according to a whitepaper from Willis Towers Watson. The paper notes that while some tariffs were reduced, most have increased as a result of property tariffs issued by the General Insurance Council. The paper, authored by Disha Sahni,…

China and India to account for bulk of 2020 global recession

China and India to account for bulk of 2020 global recession

China and India to account for bulk of 2020 global recession

China and India will account for almost all of the very poor economic outlook in 2020, according to the latest analysis from the Institute of International Finance (IIF). The institute now predicts that the Covid-19 shock will create a global recession of -3.8% in 2020, which is substantially worse than the -0.4% contraction caused by the 2009 global financial crisis.…

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

Covid-19 increases corporate exposure to modern slavery, finds Maplecroft index

The economic fallout from Covid-19 will increase the risk of modern slavery seeping into supply chains, warned Verisk Maplecroft in the 2020 edition of its Modern Slavery Index. The index specifically flags a “surge” in modern slavery within Asian manufacturing hubs as the pandemic bites. Verisk Maplecroft said workers who have lost their jobs in the pandemic could turn to…

AXA to sell Indian joint venture to ICICI Lombard

AXA to sell Indian joint venture to ICICI Lombard

AXA to sell Indian joint venture to ICICI Lombard

ICICI Lombard General Insurance has agreed to buy Bharti AXA General Insurance Company in a deal worth €521m. Bharti AXA General Insurance Company was formed in 2008 between AXA and Indian business group Bharti Enterprise, with AXA owning 49% of the company and Bharti Enterprise the remaining 51%. The company will now merge with ICICI Lombard to make it the…

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Financial institutions’ AML and KYC fines down 30% but up in APAC

Global financial institutions have been fined $5.6bn for non-compliance with anti-money laundering (AML), know your customer (KYC) and sanctions regulations in the first seven months of 2020, according to regulatory technology firm Fenergo. This is down 30% on the same period last year, but the company expects full-year fines to equal or exceed 2019’s $8.4bn total. Fenergo said financial institutions…

Risk management key as Asian economies struggle with pandemic

Risk management key as Asian economies struggle with pandemic

Risk management key as Asian economies struggle with pandemic

Asian businesses need to focus on and invest in risk management now more than ever as the region battles to recover from the dramatic negative impact of the Covid-19 pandemic, says trade credit insurance group Atradius in a new report on five key Asian economies. Business insolvencies are expected to increase by 75% year on year in India in 2020…

Insolvencies will rise across key Asian markets: Atradius

Insolvencies will rise across key Asian markets: Atradius

Insolvencies will rise across key Asian markets: Atradius

Global trade credit insurer Atradius has published four new reports, on the markets of China, India, Indonesia and South Korea, and expects rising insolvencies across the region as the impact of the Covid-19 pandemic continues to bite. Atradius points out that the coronavirus outbreak severely hit the Chinese economy in the first quarter of this year, immediately impacting retail and…

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