Introduction
Extracting the #insurance industry out of its comfort zone the business as usual (BAU) mode and its silos - but for much of Europe remains a major challenge. The inertia percolates from top down. The International Association of Insurance Supervisors (IAIS) has 'outsourced' the climate challenge to the UNEP FI. As the climate jargon swells on a daily basis; #CO2 levels, #pollution and #biodiversity losses compound the only assured outcome is tipping point for #planetaryboundaries.
With global temperatures rising, more and more of what can be insured becomes uninsurable. As risk carriers - insurers are also investors in physical assets (predominantly but not exclusively fossil fuels) face transition risk thereby likely to become stranded assets. Dreaming of profitable growth and delighting the customer - with this backdrop - will be a mirage.
I am thankful to the General Insurance Council of India for inviting me to pen a 'short piece' on the subject, for its maiden newsletter. Sincerely hoping that the messaging howsoever simplistic - will not fall on deaf ears. That India's economy must pursue a decarbonised trajectory is a foregone conclusion. The urgency is compelling if we must attain resilience to face existential climate threats - unleashed by our actions.
Here is a stark reminder from my friend - renowned conservationist Bittu Sahgal: "My generation has left you a world with fewer choices and greater risks. But it's still a beautiful planet…".
Denne historien er fra March 2023-utgaven av THE INSURANCE TIMES.
Start din 7-dagers gratis prÞveperiode pÄ Magzter GOLD for Ä fÄ tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ?  Logg pÄ
Denne historien er fra March 2023-utgaven av THE INSURANCE TIMES.
Start din 7-dagers gratis prÞveperiode pÄ Magzter GOLD for Ä fÄ tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg pÄ
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.