India’s regulator cracks down on misleading insurance ads

spike

The Insurance Regulatory and Development Authority of India (IRDAI) has turned its attention to misleading insurance advertising, and has issued new rules governing insurers and intermediaries’ marketing activities.

The new regulations aim to ensure that insurance firms adopt “fair, honest and transparent practices”, according to a report by the Financial Express.

An advertisement is considered unfair or misleading if it makes claims beyond the policy’s ability to deliver, lists benefits that are different from the policy’s wording, and makes efforts to hide or downplay the risks inherent in the policy, the report said.

IRDAI will require each insurer and intermediary

Read More

Carbon reducing technology creates new opportunities for insurers

spike

In addition to that, Swiss Re has become the first multinational company to introduce a triple-digit real internal carbon levy on direct and indirect operational emissions. The Carbon Steering Levy, which the firm says provides “a strong incentive to further reduce its operational emissions,” has been set as US$100 per ton CO2 as of 2021 and will gradually increase to US$200 per ton by 2030.

Swiss Re is leading by example as the world moves towards a low carbon footprint. By keeping global warming to well below 2˚C from pre-industrial levels, the target is to reduce greenhouse gas (GHG) emissions

Read More

Sompo to offer cover for employees on “workations”

spike

Sompo Japan Insurance has introduced a product that provides coverage for people on “workations”, or the practice of combining remote work with leisure trips.

According to a report by Kyodo, the product comes in two variants – one that can be purchased by small and medium businesses and another for individuals. The policies cover medical expenses for accidents and injuries, as well as cover property from damage and theft when the employee is away from home.

The business version covers repair and data loss costs for any company-owned devices such as computers that have been loaned to their employees.

Read More

Swiss Re gives rare honour to departing board chair

spike

Swiss Re shareholders elected a new board chairman at the company’s annual general meeting in Zurich last week. Sergio Ermotti was named chairman of the board, succeeding Walter B. Kielholz, who is retiring after 12 years in the position. The board also awarded the title of honourary chairman to Kielholz to recognise his service to the company. It was only the third time the title has been awarded in Swiss Re’s more than 150-year history.

“Since I first joined Swiss Re in 1989, our world, our society and our company have faced challenges and undergone changes. On each such occasion,

Read More