Live Insurance News

Nuclear insurance pool to be created by Indian government

April 23, 2014April 21, 2014 H. Cutner

The purpose will be to help to address the considerable liability issue as the industry continues its expansion. At the moment, there are 20 nuclear power plants in India, and as the industry continues to expand, so will the liability associated with it, causing the government of that country to take the added step to form a nuclear insurance pool that will help to address that increasing risk. The issue of liability has been a powerful one in India, to the point that it has been a barrier in international…

Oil insurance pool for Iranian crude expected for India in December

November 15, 2013November 12, 2013 G. Turner

oil insurance news Iran imports stopped from india

The Finance Ministry is hoping that the fund will be formalized by next month and is encouraging speed. The Finance Ministry in India is asking the Petroleum Ministry to work more quickly in their effort to complete the procedure for the creation of the oil insurance pool that would make it possible to provide coverage for tankers bringing Iranian crude to the country. This effort is designed to allow the country’s refineries to circumvent the Western sanctions against Iran. The oil insurance pool has been designed by the Indian government…

Insurance industry won’t hurt too much from Cyclone Phailin

October 18, 2013October 18, 2013 Julie Campbell

It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…

Insurance news from India shows ongoing consideration of Iranian oil coverage

August 14, 2013August 12, 2013 Julie Campbell

Insurers from Iran have offered to provide cover for tankers transporting that country’s crude. The latest in the insurance news saga regarding Iranian oil tanker coverage, particularly when it is headed to India, is that Iran is offering to provide the coverage for the ships so that Indian companies will be able to accept it. However, the Indian companies still hold some reluctance as they do not want to expose themselves to sanctions. India has been considering adding an additional state guarantee of $327 million to this insurance news, to…

Insurance news watchers wonder if new Iran President will promote improvements

June 19, 2013June 17, 2013 G. Turner

Many are hopeful about changes from President-elect Hassan Rowhani, but others caution against wishful thinking. Iran has made insurance news headlines for over a year, since the world started preparing for the oil sanctions that were implemented in July 2012 prohibiting the coverage of Iranian crude. These headlines continued to be made as some countries found alternatives and while others found new oil sources. The insurance news that was from some of the country’s largest importers, such as India, China and Japan. Though some governments were able to create their…

Insurance news looks good for the industry’s profitability

June 7, 2013June 5, 2013 H. Cutner

India’s insurers have fared quite well over the last quarter, even in the case of life products. The latest insurance news that has been released from India has shown that the industry has done better than expected in terms of its profitability, including the life sector, which had been experiencing a slowdown in its collection of new business premiums. The industry has been struggling under the widespread economic challenges and low penetration in the country. However, the most recent insurance news appears to be showing that the industry in the…

Liability insurance demand is increasing in India

June 6, 2013June 4, 2013 G. Turner

Companies are experiencing exponential increases in the number of lawsuits and need protection. In India, businesses are experiencing an increase in the number of lawsuits that are filed against them, at a rate of 30 to 40 percent per year, which has caused companies to flock to their insurers to purchase liability insurance. This has boosted demand in that sector at a staggering rate, with an estimated growth of 10 to 20 percent annually. Among the more popular forms of liability insurance that businesses are purchasing include credit, director and…