General insurance

Artificial Intelligence: 3 benefits for the insurance industry, Directors Club® News

As the insurance sector competes to win market share, Henry Jinman at discusses three ways companies can benefit from the power of Artificial Intelligence… The UK general insurance market continues to be fiercely competitive. While the battle for repeat business keeps downward pressure on pricing, a constantly changing regulatory agenda increases costs. Whatever the industry, successful companies know that building a business based on price alone is not sustainable. Customer service is what matters most. It’s a sentiment that is reflected in the latest findings of multinational professional services company Ernst & Young (EY). It claims that non-life insurance companies in...

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ICICI Lombard General Insurance Q1 net profit up 28% - The Hindu BusinessLine

Private sector ICICI Lombard General Insurance posted a robust 28.5 per cent growth in net profit in the first quarter of the fiscal despite sales of life insurance products being impacted across the industry due to the national lockdown. For the quarter ended June 30, 2020, it registered a net profit of ₹398.1 crore against ₹309.81 crore a year ago. The net premium earned was also higher by 3.5 per cent at ₹2,323.84 crore in the April to June quarter versus ₹2,244.89 crore a year ago. However, gross written premium was down 4.67 per cent in the first quarter of the fiscal at ₹3,394.21 crore when compared to ₹3,560.66 crore in the same period a year ago. Gross Direct Premium Income (GDPI)...

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Chubb Appoints Tim Stapleton to Lead Financial Lines for Company's International General Insurance Business

"Tim is a highly experienced financial lines executive with excellent technical underwriting and leadership skills," said Mr. O'Donnell. "I'm looking forward to working with him as we grow Chubb's international financial lines presence and capability." "Chubb has earned a reputation as a leader in financial lines underwriting globally with a deep pool of talented executives across the world," said Juan Luis Ortega, Executive Vice President, Chubb Group and President, Overseas General Insurance. "That is evident today as Tim assumes this leadership role. I am confident his deep understanding of our clients' needs will help ensure the future profitable growth of this practice." Mr. Stapleton...

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COVID-19 indicative rate chart for treatment in hospitals: General Insurance Council - The Financial Express

The General Insurance Council has prepared a reference rate chart for COVID 19 treatment, taking into account rates published by various state governments. The cost of hospitalisation due to COVID-19 may run into a few lakhs as the hospital stay is generally around 14 days. The treatment for dealing with Coronavirus appears to be different from treatments done in other medical conditions as it entails the use of PPE Kits and specific procedure for medications. It is important that the hospitals across the country follow a standardised rate chart and the insurance companies keep the claim settlement process smooth and simple for the policyholders. The General Insurance Council (GI Council)...

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auto and general car insurance quote South Africa - low premiums at A G

Auto and General Insurance Company Auto and General car insurance company was established in 1985. The company focused on short-term insurance. Auto and general insurance are among the member of the group named, Telesure investment holding company comprising of some companies namely; A.A insurance, budget insurance, unity insurance, dial-direct insurance, ibuy eco insurance, first for a woman, virseker insurance, 1life insurance, virgin money insurance, and prosper insurance. The CEO of auto & general insurance is L. Vermaak managed by T.J. Creamer. In addition to the provision of short-term insurance, A&G also engaged in helping the less privileged and being aware of social...

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Premji Invest and SBI General Insurance explore joint bid to acquire Future Generali: Report - The Hindu BusinessLine

Last year, Premji Invest had acquired a 16.01 per cent stake in SBI General Insurance Company from Insurance Australia Group Premji Invest and SBI General Insurance are exploring a potential joint bid to acquire Future Group and Generali Group’s joint venture, Future Generali according to reports. Premji Invest, Wipro founder Azim Premji’s investment firm and SBI General Insurance are likely to place a joint bid to acquire a stake in the Kishore Biyani-led Future Group JV, Times of India reported. Future Group has been looking to offload its stake in the JV for a while now while Italy’s Generali Group is also said to be considering an exit from the Indian market, the report said....

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UK General returns to Primary Group - Insurance Age

The organisation sold UK General to JC Flowers back in 2017 and the fresh deal sees management changes. Primary Group has confirmed that it is to take a majority stake in UK General Insurance. The deal, which has received regulatory approval, will return the Leeds-based MGA to Primary after it was sold to J C Flowers in 2017. Michael Warren, CFO at Primary Group, who will join the UK General board, said: “We are delighted to become the majority shareholder in UK General and believe the business is well-positioned to build its presence in the UK insurance market at a time of major change for the MGA sector. “On a personal level, I am excited to be back at UK General where I spent five years...

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Coronavirus: What to know about getting a reduced car insurance rate - National,

Coronavirus: What to know about getting a reduced car insurance rate Manitoba Public Insurance says it will cover the extra cost of cleaning and sanitizing vehicles before and after repairs during COVID-19. If you’re driving less as the novel coronavirus pandemic drags on, you may be able to secure a reduced car insurance rate. As Canadians were ordered to stay home to curb the spread of the virus, the Insurance Bureau of Canada announced in early April that its member companies would offer discounted car insurance premiums. “Insurers understand that many drivers are no longer commuting or using their vehicle as regularly, which could result in savings,” Don Forgeron, the...

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General Insurance, Symbo Insurance

General insurance covers various types of risks. Most of the general insurance plans work on the principle of indemnity wherein insurance contract compensates only to the extent of loss suffered, as economic value of the insured can be determined. Basically, general insurance covers anything other than the life risk of an individual. Frequently Asked Questions (FAQs) What is General Insurance? Insurance contracts that do not come under the purview of life insurance are categorised as general insurance policies. Some common forms of general insurance are property insurance, fire insurance, motor insurance, health insurance, travel insurance and other miscellaneous non-life insurance...

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About General Insurance, Institute and Faculty of Actuaries

General insurance actuaries provide expertise in three main areas: Reserving - actuaries apply statistical techniques to assess the likely outcome of general insurance liabilities and the provisions that are needed for reporting purposes Pricing - actuaries assesses the frequency and average amount of claims to estimate premiums Capital modelling - actuaries projects both the liability and assets of insurers to assess solvency and future capital needs. General insurance, such as motor and household insurance policies, provide payments to cover losses arising from a particular financial event. General insurance typically includes any insurance that is not determined to be life insurance....

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