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Claims tag returned 56 results

  • Australia: Insurance costs to rise due to climate change

    The annual average risk costs of extreme weather and climate change to properties is projected to rise to A$91bn ($63.48bn) per year in 2050 and A$117bn per year in 2100, revealed findings from the Climate Council of Australia's report on the domestic costs of climate change. These costs will be reflected through higher insurance premiums and will primarily impact the same households that will experience the steepest losses in property values due to events caused by climate change.

    Asia | 14 May 2019
  • India: IRDAI directs speedy settlement of cyclone claims as losses could rise to $500m

    Insurance Regulatory and Development Authority of India (IRDAI) has directed general and standalone health insurance companies to ensure that all claims of the affected insured population in the cyclone Fani ravaged Odisha and neighbouring states are surveyed immediately and the payments disbursed at the earliest.

    Asia | 10 May 2019
  • China: Insuring gig economy workers on the radar

    China is deliberating over extending its work injury insurance coverage to gig economy workers, reported local publication China Daily. The Ministry of Human Resources and Social Security announced earlier that it plans to revise work injury insurance regulations given the burgeoning number of casual workers. No further details are provided regarding the plans to date.

    Asia | 09 May 2019
  • US claims administrator's leadership appointments in Asia

    As part of its expansion plans in Asia, Sedgwick has hired senior executives to grow the business in the region. It has appointed Mr James Ong as CEO of Asia, Mr Terry Dunning as head of business development in Asia, Mr Darren Livengood as regional manager for Sedgwick's operations in Japan and Korea and catastrophe manager for Asia as well as Mr Stephen Hope as executive director and head of major and complex losses in Asia.

    Latest News | 08 May 2019
  • Saudi Arabia: New center for motor insurance dispute resolution launched

    The General Secretariat of the Committees for Resolution of Insurance Disputes and Violations has launched the Center for Settlement of Lawsuits at the General Secretariat for resolution of lawsuits filed by individuals against Saudi insurers.

    Middle East | 08 May 2019
  • NITF brings succour to a wounded nation

    National Insurance Trust Fund (NITF), Sri Lanka's state-run reinsurer, released LKR25m ($0.14m) in advance insurance claims to the Kingsbury and Cinnamon Grand hotels that faced terror attacks on Easter Sunday.

    AIRPlus | 07 May 2019
  • India: Insurers prepare for claims from cyclone Fani

    Insurers are preparing to manage claims arising from an extremely powerful cyclone which battered the eastern Indian state of Odisha on 3 May causing extensive damage to property, vehicles, crops and the loss of at least 56 lives. According to risk modelling and data analytics firm AIR Worldwide, Fani is the equivalent of a strong Category 3 storm on the Saffir-Simpson Scale and is the strongest cyclone to make landfall in Odisha since Phailin in October 2013. Several news report have also labelled cyclone Fani as the worst storm in four decades affecting eastern India and neighbouring Bangladesh.

    Asia | 07 May 2019
  • Insurers face penal action for delay in settlement of agriculture insurance claims

    Under India's flagship subsidised farm insurance scheme Pradhan Mantri Fasal Bima Yojana (PMFBY) outstanding claims owed to farmers amounted to around INR5.3bn ($76m) to 31 March 2019.

    AIRPlus | 06 May 2019
  • South Korea regulators looking to simplify insurance claims processes

    According to a survey by the Korean Insurance Research Institute, of the 2440 Koreans surveyed, 14.8% of respondents said they did not submit an insurance claim after undergoing medical treatment in 2018 because they felt the claims procedure was too complicated compared to the fees they paid out-of-pocket.

    AIRPlus | 06 May 2019
  • Global: Reinsurance giant's profits get struck by major claims

    With large losses battering its property and casualty businesses, Swiss Re reported a net income of $429m for the first quarter of 2019 which signified a $28m decrease from its Q1 2018 net income and fell short of analysts' expectations. The reinsurer had been expected to earn around $657m during the period, according to analysts.

    Asia | 06 May 2019

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