• Global insured losses from natural catastrophes at USD 50 billion (H1 2022: 48), second highest since 2011 • US thunderstorms main driver of global insured losses from natural catastrophes, well above ten-year average • February earthquake in Turkey and Syria single costliest disaster both in terms of economic and insured losses Zurich, 9 August 2023 – A series of widespread thunderstorms (severe convective storms) hit the US and account for 68% of global insured natural catastrophe losses in the first half of 2023, highlighting the increasing loss impacts of secondary perils.

The government will soon notify a new accounting standard for insurance contracts, which would align Indian norms with international practices and help global investors better gauge the risk exposure of domestic insurers

The devastating floods in the Northern parts of India have led to a surge in claims over vehicles and immovable property damages. If industry leaders are to be believed, the insurance companies are now facing higher payouts, causing increased financial liabilities and a re-evaluation of risk assessment in flood prone areas.Talking about the situation of the claims filed due to recent floods, Animesh Das, Chief Underwriting Officer

The Insurance Regulatory and Development Authority of India (IRDAI) has asked general insurance companies and standalone health insurers to expedite processing of claims related to floods in Himachal Pradesh, Punjab, Haryana and Delhi.

The government has started looking for suitable candidates to fill the two posts of Members — Finance and Investment and Actuary — for Hyderabad-based Insurance Regulatory and Development Authority(IRDAI) nearly six months in advance. It is for the first time the government has started looking for the top posts in IRDAI much in advance. The regulator usually gets a replacement several months after the retirement of an official. The current IRDAI Chairman Debasish Panda was appointed nearly nine months after his predecessor retired.