The Export Credit Guarantee Corporation (ECGC) has reduced Bangladesh's country risk classification from "B1" (moderately low risk) to "B2" (moderate risk) due to the recent political unrest that resulted in a regime change. This downgrade will raise the insurance premiums exporters need to pay for coverage on goods and services bound for Bangladesh. Despite this, Bangladesh remains within the "open cover" category, which allows exporter-policyholders to obtain insurance on more favorable terms.
India's exports to Bangladesh amounted to $11.065 billion in FY24, representing 2.53% of the country's total exports of $437 billion. In a communication to banks and policyholders, ECGC stated, "It has been decided to modify the risk classification of Bangladesh under short-term and medium-to-long-term with effect from 08.08.2024."
According to ECGC's FY23 annual report, Bangladesh was one of the top five countries for business underwritten by ECGC, alongside Cameroon, Laos, Nepal, and Saudi Arabia. Bangladesh also accounts for approximately a quarter of the $32 billion concessional lines of credit extended by the Indian government.
Government Mulls Over 100% FDI in Insurance as Political Considerations Continue
The government is currently in discussions to raise the foreign direct investment (FDI) limit in the insurance sector from 74% to 100%. While the sector regulator is in favor of this change, the proposal requires political clearance due to the need for amendments to the Insurance Act. Other proposals to ease regulations, such as the requirement for Indian nationals to hold key management positions, are also under review.
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Denne historien er fra October 2024-utgaven av THE INSURANCE TIMES.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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"We concentrate on climate risk and adaptation, climate change mitigation and inclusive insurance which complements Munich Re's sustainability agenda. This has been the case from the beginning and has not changed."
Q1: The Munich Re Foundation was established in 2005 to mark the 125th anniversary of Munich Re. Could you elaborate on the mission of the Foundation and how it has evolved over the years?
IRDAI Corner
The Insurance Regulatory and Development Authority of India (IRDAI) as part of steps towards reinforcing empowerment of policyholders has issued Master Circular on Protection of Policyholdersi¦ Interests under the IRDAI (Protection of Policyholdersi¦ Interests, Operations, and Allied Matters of Insurers) Regulations, 2024 replacing 30 circulars.
Insurance Caselaws
The Supreme Court disagreed with the National Consumer Disputes Redressal Commission's (NCDRC) ruling in an appeal contesting an NCDRC ruling.
Legal Update
J&J told to pay Rs. 35L each as compensation to hip implant victims
New Product Launches
Star Health and Policybazaar Launch 'SUPER STAR': A Modular Long-term Health Insurance Plan
Pension to Elderly Women- A step towards dignified grey years
The problem of old age is more severely felt by the women because of their being financially dependent either on the spouse or on children. Ignoring the issues concerning elderly women poses a major social development challenge for the country.
The Why and How of Hyperpersonalization in Insurance
A case study by McKinsey predicted 5-15% increase in revenue and 10-30% increase in marketingspend efficiency through personalized product recommendations. Another study reported that 78% of insurance executives believe personalized service based on real-time data analytics will be a crucial differentiator in the industry.
Oxygen Mask for Suffocating Patients
The clouds of COVID menace have not yet vanished, Yet there is emergence of several associated diseases. The major loss was due to insufficiency of oxygen to the dying patients despite WHO giving several instructions for prevention of COVID like maintaining social distance and usage of mask.....
Inclusive Insurance Global Landscape: Summary of recent studies -
A report from the Microinsurance Network reveals that inclusive insurance is making strides, but challenges remain in terms of scale and reach. The report finds that 330 million individuals are covered globally by inclusive insurance products, including health, agriculture, and property insurance. However, despite these advancements, there is still an 88.5% protection gap-only 11.5% of the potential market is currently insured.
Inclusive Health Insurance: Ensuring Access to Affordable Healthcare for Low-Income Populations
Access to affordable healthcare remains a critical challenge for low-income and informal sector workers worldwide. With rising healthcare costs and the lack of financial safety nets, millions of people are forced into poverty each year due to medical expenses.
