Insurance scams growing in Mumbai region

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A rising incidence of online insurance scams has been recorded in Mumbai and nearby areas, according to Indian police, who have conservatively estimated the scams’ value at over INR500 million (SG$9.12 million).

In October, operatives from the D B Marg Police Station in Mumbai arrested four people for operating a fake insurance call centre from a rented mall space in Thane City, The Times of India reported. One of the victims of the fake call centre, a 54-year-old homemaker, said the suspects called her and told her that she could avail of a loan worth INR500,000 from her insurance policy.

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Swiss Re: How nature can impact mental and physical wellbeing

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“We have been observing or realising for a while now that within the scientific community, including medical research, natural research, and environmental economic research, the way one looks at diseases and nature has become more and more combined,” said Schelske, who said that triggered his interest because it’s his role to integrate biodiversity into reinsurance and look at the role of natural assets for the risks that are covered.

“In my research, I found more and more papers that were looking at the role of nature in prevention for mental health risk, but also for things like heat wave-related risk

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Global insurance premiums to hit major milestone by 2030

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Global insurance premiums could reach US$10 trillion by 2030, as the industry transitions into a new societal role, according to a report by Bain & Company.

The insurance industry is undergoing a transformation in its role, moving from seeking reimbursements for damages to incentivizing behaviours to reduce overall risk, according to the report, titled Insurance 2030: As Risks Mount, Insurers Aim to Augment Protection with Prevention.

Insurers’ risk landscapes are evolving, with risks declining or plateauing in mature areas, such as personal auto and mortality, while expanding in new areas, such as cybercrime and digital assets. Some risks, however, are

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Berkshire Hathaway shares Q3 2021 performance

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Source

Q3 2021 net earnings/(loss) attributable to shareholders

Q3 2020 net earnings/(loss) attributable to shareholders

Insurance – underwriting

US$(784 million)

US$(213 million)

Insurance – investment income

US$1.16 billion

US$1.02 billion

Railroad

US$1.54 billion  

US$1.35 billion

Utilities and energy

US$1.5 billion

US$1.4 billion

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