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Search results for reinsurance

Group of Ministers to review tax rates on health, life insurance
3 months, 1 week ago

Group of Ministers to review tax rates on health, life insurance

The Hindu  

The GST Council constituted a 13-member Group of Ministers on Sunday to suggest GST rates on premiums of various health and life insurance products. It will also suggest tax rates on life insurance, including term insurance, and life insurance with investment plans, whether individual or group, and re-insurance. Some opposition-ruled states, including West Bengal, had demanded complete exemption for health …

Health Insurance Life Tax Life Insurance Gst Premiums
GST Council to deliberate on taxation of insurance premium, report on online gaming
3 months, 2 weeks ago

GST Council to deliberate on taxation of insurance premium, report on online gaming

New Indian Express  

NEW DELHI: The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and …

Insurance Tax State Online Gaming Minister Centre Gst
GST receipts on health cover surged to nearly ₹10,000 crore in 2023-24
4 months, 2 weeks ago

GST receipts on health cover surged to nearly ₹10,000 crore in 2023-24

The Hindu  

Goods and Services Tax collections on health insurance premium payments by consumers have risen by more than 54% between 2021-22 and 2023-24, yielding ₹8,262 crore last year, with health reinsurance levies delivering nearly another ₹1,500 crore, according to data shared by the Finance Ministry in Lok Sabha on August 5. Over the last three financial years, GST levies on health …

Insurance Gst
L.A. consumer group calls FAIR Plan insurance reforms an industry ‘bailout’
4 months, 3 weeks ago

L.A. consumer group calls FAIR Plan insurance reforms an industry ‘bailout’

LA Times  

A new law that could force homeowners across California to cover billions of dollars of insurer losses caused by a catastrophic wildfire is generating pushback from a leading consumer group, which has called it an industry “bailout.” State Insurance Commissioner Ricardo Lara announced Friday he had reached an agreement with the California FAIR Plan that would allow losses suffered by …

Insurance Consumer Commercial Claims California Agreement Plan
Texas power outages hinder Hurricane Beryl recovery, delay oil infrastructure restarts
5 months, 1 week ago

Texas power outages hinder Hurricane Beryl recovery, delay oil infrastructure restarts

Hindustan Times  

By Arathy Somasekhar, Marianna Parraga and Curtis Williams Texas power outages hinder Hurricane Beryl recovery, delay oil infrastructure restarts HOUSTON, - About 1.65 million customers remained without power in the U.S. state of Texas on Wednesday, two days after Hurricane Beryl made landfall, as progress to restore electricity was slow the night before, hampering efforts to quickly restart critical oil …

Power Texas Port Operations Houston Lng Power Outages
Challenges in making Indian finance climate-resilient
5 months, 3 weeks ago

Challenges in making Indian finance climate-resilient

New Indian Express  

All parts of the economy, including the financial sector, are vulnerable to climate risks. Munich RE, a German reinsurance agency that compiles global disaster statistics, estimated global losses due to disasters in 2023 at around $250 billion, of which only 38 percent was insured. Recognising the vulnerability of the global financial system to the risks posed by climate change, the …

India Climate Change Climate Financial Bank Risks
IRDAI for reducing compliance burden of insurers with master circular on returns
6 months, 1 week ago

IRDAI for reducing compliance burden of insurers with master circular on returns

The Hindu  

Insurance regulator IRDAI has issued a master circular on submission of returns for insurers, including foreign reinsurance branches, on the 202 regulatory returns to be filed. Superseding 10 circulars issued since 2014, the master circular lists the operational guidelines on the regulations issued post a comprehensive review of regulatory framework for the insurance sector. While the review was aimed at …

Returns Circular Irdai
India insured by 2047: Insurance companies must be profitable to achieve this
7 months ago

India insured by 2047: Insurance companies must be profitable to achieve this

Live Mint  

In synchrony with the broader national intent of India becoming a developed nation, the Insurance Regulatory and Development Authority of India has embraced the laudable goal of “India Insured by 2047." The objective is to ensure that “every citizen has appropriate life, health and property cover and every enterprise is supported by an appropriate solution" and to make India’s insurance …

India Insurance Life Industry Indian Companies Nifty
French reinsurer to boost investment in China
7 months, 1 week ago

French reinsurer to boost investment in China

China Daily  

SCOR will "massively" boost investments in the Chinese market to capture the country's long-term growth prospects, said Thierry Leger, chief executive officer of SCOR SE, a global reinsurer based in Paris, France, adding that he "disagrees strongly" with the arguments that China's economic development has peaked because there remains potential in terms of consumer spending and digital transformation. China is …

China Chinese Leger Scor
French reinsurer to boost investment in China
7 months, 2 weeks ago

French reinsurer to boost investment in China

China Daily  

SCOR will "massively" boost investments in the Chinese market to capture the country's long-term growth prospects, said Thierry Leger, chief executive officer of SCOR SE, a global reinsurer based in Paris, France, adding that he "disagrees strongly" with the arguments that China's economic development has peaked because there remains potential in terms of consumer spending and digital transformation. China is …

China Chinese Leger Scor
French reinsurer to boost investment in China
7 months, 2 weeks ago

French reinsurer to boost investment in China

China Daily  

SCOR will "massively" boost investments in the Chinese market to capture the country's long-term growth prospects, said Thierry Leger, chief executive officer of SCOR SE, a global reinsurer based in Paris, France, adding that he "disagrees strongly" with the arguments that China's economic development has peaked because there remains potential in terms of consumer spending and digital transformation. China is …

China Leger Growth Potential Chinese Market Scor Global Reinsurer
Swiss Re bullish about insurance market's prospects in nation
7 months, 4 weeks ago

Swiss Re bullish about insurance market's prospects in nation

China Daily  

A view of the booth of Swiss Re during an expo in Shanghai. China's insurance sector is expected to double in size in the coming decade amid robust economic growth, making the country a more significant market for Swiss Re, the top executive of the global reinsurance company said. China's insurance market is growing faster than its economic growth rate, …

Insurance China Market Green Green Transition Swiss Reinsurance
Amid homeowner insurance crisis, consumer advocates and industry clash at hearing
8 months ago

Amid homeowner insurance crisis, consumer advocates and industry clash at hearing

LA Times  

Firefighters work to contain the Saddleridge fire from spreading as a home burns on Oct. 11, 2019, in the Porter Ranch neighborhood of Los Angeles. The fault lines running through California’s spiraling homeowners insurance crisis were on display Tuesday at a state hearing, where consumer advocates clashed with industry firms over a plan to allow insurers to use complex computer …

Insurance Consumer Regulations California State Allow Models
Need regulatory framework for financial risk coverage of Indian space industry: Report
8 months ago

Need regulatory framework for financial risk coverage of Indian space industry: Report

The Hindu  

India urgently needs a comprehensive insurance strategy, combining regulatory clarity, financial market development and alignment with industries to ensure the success of India’s space sector, said Eshaan Bansal, Young Graduate Research Fellow at Spaceport SARABHAI. Mr. Bansal is the author of the report, Financial Risk Coverage of India’s Commercial Space Launch Industry: Need for Developing Insurance and Reinsurance Capabilities, which …

India Insurance Space Report Need Approach Financial Risk Coverage Of
New 'red flags' raised over Trump's bond money after link to Grand Caymans revealed
8 months, 1 week ago

New 'red flags' raised over Trump's bond money after link to Grand Caymans revealed

Raw Story  

“This just stinks to high heaven." That is the opinion of one former insurance expert when shown documentation showing that the company that is backing Donald Trump's $175 million appeal bond has backed their own bet with funds supposedly held in the secretive tax haven of the Grand Caymans. According to a report from the Daily Beast's Jose Pagliery, the …

Insurance Trump Bond Cayman Islands Grand Caymans Knight Specialty
US home insurance bills to hit $2,500-a-year in 2024 due to climate change but as much as $12,000 in worst-hit areas - how much will it be in YOUR state?
8 months, 3 weeks ago

US home insurance bills to hit $2,500-a-year in 2024 due to climate change but as much as $12,000 in worst-hit areas - how much will it be in YOUR state?

Daily Mail  

US home insurance rates will hit a record high this year, according to grim new forecasts. The typical annual premium will rise to $2,522 by the end of 2024, according to insurance comparison platform Insurify - up 6 percent on a year before. Jewell Baggett, 51, sits on a bathtub amid the wreckage of her home in Horseshoe Beach, Florida …

Climate Change Insurance Florida Natural Disasters Disasters Coverage State
California’s home insurance crisis: What went wrong, how it can be fixed and what owners can do
8 months, 3 weeks ago

California’s home insurance crisis: What went wrong, how it can be fixed and what owners can do

LA Times  

Sheri Marchetti-Perrault and James Benton embrace as they sift through the remains of their home, which was destroyed by the McKinley fire near Yreka, Calif. The crisis reached new heights last week when leading insurer State Farm General announced that it wouldn’t renew 72,000 property owner policies statewide, joining Farmers, Allstate and other companies in either not writing or limiting …

Insurance Market Homeowners California Owners Rate Insurer
State Farm won’t renew 72,000 insurance policies in California, worsening the state’s insurance crisis
9 months ago

State Farm won’t renew 72,000 insurance policies in California, worsening the state’s insurance crisis

LA Times  

The California homeowners’ insurance crisis reached another critical stage this week when State Farm General Insurance announced that it would not renew policies for 72,000 property owners across the state. “State Farm General’s decision today raises serious questions about its financial situation — questions the company must answer to regulators.” State Farm’s decision not to renew policies comes as thousands …

Insurance California State Plan Billion Fair Farm
State Farm is NOT there: California's largest insurer will discontinue coverage of 72,000 homes in the state over inflation and risk of CATASTROPHES like wildfires and floods
9 months ago

State Farm is NOT there: California's largest insurer will discontinue coverage of 72,000 homes in the state over inflation and risk of CATASTROPHES like wildfires and floods

Daily Mail  

California's largest insurance company will stop offering insurance to 72,000 homes across the state due to the increased risk of natural disasters and the effects of inflation. State Farm General cited soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won´t renew the policies. State Farm will discontinue coverage for 72,000 houses and apartments …

Insurance California State Farm State Farm General State Farm
India’s insurance sector to be fastest among G20 between 2024-28
11 months, 1 week ago

India’s insurance sector to be fastest among G20 between 2024-28

Deccan Chronicle  

Mumbai: India’s insurance sector is likely to be fastest growing among G20 countries from 2024-2028 with an inflation adjusted growth rate of 7.1 per cent according to reinsurance giant Swiss Re. Life business premiums growth is expected to rise to 6.7 per cent in 2024‒28 from 4.1 per cent in 2023 supported by rising demand for term life cover by …

India Insurance G20 Cent Premiums Growth
Australian towns that are becoming uninsurable amid fears a warmer and drier summer will lead to bushfires
1 year, 2 months ago

Australian towns that are becoming uninsurable amid fears a warmer and drier summer will lead to bushfires

Daily Mail  

Towns on Australia's east coast are now regarded as most at risk of being uninsurable by 2030 because of bushfires - with a particularly hot spring and summer expected. Towns on Australia's east coast are now regarded as most at risk of being uninsurable by 2030 because of bushfires with a particularly hot spring and summer expected This would be …

Insurance Summer Risk Council Cent Page Nsw
Youngkin signs bipartisan budget that boosts tax relief and school funding in Virginia
1 year, 3 months ago

Youngkin signs bipartisan budget that boosts tax relief and school funding in Virginia

Associated Press  

RICHMOND, Va. — Virginia Gov. Glenn Youngkin signed a bipartisan state budget Thursday that provides $1 billion in tax relief and boosts spending on public education and mental health by hundreds of millions of dollars. The budget also boosts K-12 education spending by about $650 million and funds behavioral health initiatives sought by Youngkin, including new crisis receiving centers and …

Budget Virginia Spending Tax Relief State Billion Youngkin
The scramble to fix California’s home insurance mess failed. Here’s what will happen next
1 year, 3 months ago

The scramble to fix California’s home insurance mess failed. Here’s what will happen next

LA Times  

The remains of a home smolders during the Caldor fire in Twin Bridges, Calif., on Sept. 1, 2021. Since the beginning of the year, companies representing more than half of California’s $12-billion home insurance market have stopped or limited new policies, citing ballooning costs and risks. Since the beginning of the year, companies representing more than half of California’s $12-billion …

Market Companies California Process Senate State Rates
IRDAI Relaxes Norms Relating to Foreign Reinsurance Branches
1 year, 3 months ago

IRDAI Relaxes Norms Relating to Foreign Reinsurance Branches

Deccan Chronicle  

Mumbai: In a move aimed at attracting more reinsurers to establish operations in India, the Insurance Regulatory and Development Authority of India has halved the minimum capital requirement for setting up foreign reinsurance branches from Rs 100 crore to Rs 50 crore with the provision to repatriate any excess assigned capital. The amendments aligned the regulatory framework for International Financial …

India Insurance Reinsurance Irdai Foreign Reinsurance Branches International Financial Services Centre Insurance Offices