The insurance industry is struggling to adapt to a new normal in which losses fueled by climate change are now regularly exceeding $100 billion a year. Insured losses from natural disasters hit about $120 billion in 2022, most of which was weather related.

WION Climate Tracker: Insurance companies face $120 billion loss due to climate change

The insurance regulatory body of India has decided to include mental illness under the coverage offered by various insurance companies. According to the latest advisory from the Insurance Regulatory and Development Authority of India (IRDAI), all insurance providers in the country will have to include provision for mental illnesses in all policies by October 31 this year.

The Financial Times reported that the decision was taken in accordance with the provisions provided under the Mental Healthcare Act, 2017 in India. While some illnesses were already included under the policies, the new advisory makes it compulsory to add special provisions for mental health.

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“Insurers are requested to confirm compliance before October 31, 2022,” IRDAI said.

With the economy facing threats of recession and the Indian rupee going through its worst phase against the US dollar, the insurance premiums are expected to go up in India. While the IRDAI did not directly say anything, they recommended a revision of premium rates in the future.

The other major announcement by IRDAI concerned the policies regarding newborns with internal congenital birth defects. In 2021, the insurance regulations stated that all companies had to include genetic and congenital diseases in their policies, and they cannot be used as “exceptions”.

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“These instructions shall come into force with immediate effect,” the advisory read, according to PTI.

The IRDAI made it clear that any deviation from the advisory will mean not following the policies “according to their true spirit” and this move is intended to benefit the existing policyholders.

The insurance regulatory body of India has decided to include mental illness under the coverage offered by various insurance companies. According to the latest advisory from the Insurance Regulatory and Development Authority of India (IRDAI), all insurance providers in the country will have to include provision for mental illnesses in all policies by October 31 this year.

The insurance regulatory body of India has decided to include mental illness under the coverage offered by various insurance companies. According to the latest advisory from the Insurance Regulatory and Development Authority of India (IRDAI), all insurance providers in the country will have to include provision for mental illnesses in all policies by October 31 this year. The Financial Times reported that the decision was taken in accordance with the provisions provided under the Mental Healthcare Act, 2017 in India. While some illnesses were already included under the policies, the new advisory makes it compulsory to add special provisions for mental health. Also read | In an apparent jibe at Twitter, Musk says investors are 'overpaying' for the deal “Insurers are requested to confirm compliance before October 31, 2022,” IRDAI said. With the economy facing threats of recession and the Indian rupee going through its worst phase against the US dollar, the insurance premiums are expected to go up in India. While the IRDAI did not directly say anything, they recommended a revision of premium rates in the future. The other major announcement by IRDAI concerned the policies regarding newborns with internal congenital birth defects. In 2021, the insurance regulations stated that all companies had to include genetic and congenital diseases in their policies, and they cannot be used as “exceptions”. Also read | YouTube and Facebook 'letting disinformation spread' during Brazil election “These instructions shall come into force with immediate effect,” the advisory read, according to PTI. The IRDAI made it clear that any deviation from the advisory will mean not following the policies “according to their true spirit” and this move is intended to benefit the existing policyholders.

Insurance providers in India instructed to cover mental illnesses in policies

An American woman might be awarded up to $5.2 million in damages after contracting a sexually transmitted disease while having sex in her Geico-insured automobile with a former romantic partner.

In February 2021, the lady, named as M.O. in court filings, told Geico that she planned to sue for $1 million in monetary damages over a 2017 sexual encounter with her then-significant other, identified as M.B., during which she allegedly caught human papillomavirus (HPV).

The Jackson County woman stated the man who allegedly infected her was aware of his disease as well as the dangers of having unprotected sex, according to court documents.

Due to Geico's refusal to accept the initial settlement, the case was referred to arbitration.

The M.O. and M.B. having sex inside of their automobile "directly caused, or directly helped to cause" the STD, according to the arbitrator in May 2021.

M.B. was found guilty of failing to inform his former partner of his infection status, and M.O. was granted $5.2 million in damages, which will be paid by Geico.

The insurance company had previously asked for the multi-million dollar award to be thrown out, saying that it violated Geico's due process rights. Geico filed an appeal after the request was denied.

The verdict reached against Geico through the earlier arbitration was judged to be valid in an opinion written by a three-judge panel on Tuesday.

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An American woman might be awarded up to $5.2 million in damages after contracting a sexually transmitted disease while having sex in her Geico-insured automobile with a former romantic partner.

An American woman might be awarded up to $5.2 million in damages after contracting a sexually transmitted disease while having sex in her Geico-insured automobile with a former romantic partner. In February 2021, the lady, named as M.O. in court filings, told Geico that she planned to sue for $1 million in monetary damages over a 2017 sexual encounter with her then-significant other, identified as M.B., during which she allegedly caught human papillomavirus (HPV). The Jackson County woman stated the man who allegedly infected her was aware of his disease as well as the dangers of having unprotected sex, according to court documents. Due to Geico's refusal to accept the initial settlement, the case was referred to arbitration. The M.O. and M.B. having sex inside of their automobile "directly caused, or directly helped to cause" the STD, according to the arbitrator in May 2021. M.B. was found guilty of failing to inform his former partner of his infection status, and M.O. was granted $5.2 million in damages, which will be paid by Geico. The insurance company had previously asked for the multi-million dollar award to be thrown out, saying that it violated Geico's due process rights. Geico filed an appeal after the request was denied. The verdict reached against Geico through the earlier arbitration was judged to be valid in an opinion written by a three-judge panel on Tuesday. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Woman in US had sex in car, got STD. Now, court tells insurance co to pay her $5.2 million

In China, Banking & insurance companies announce measures to support Chinese manufacturers which are hardly hit by Coronavirus outbreak.

China: Banking, insurance companies announce measures to support manufacturers facing worst

Probity watchdog <a href="http://www.wionews.com/india-news/respond-to-cvc-report-as-soon-as-possible-wont-adjourn-next-hearing-supreme-court-to-cbi-director-alok-verma-178143">Central Vigilance Commission (CVC)</a> has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. &nbsp; &nbsp;

The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said.&nbsp;

Vigilance Commissioner T M Bhasin told PTI <a href="http://www.wionews.com/india-news/cbi-chief-verma-meets-central-vigilance-commissioner-denies-corruption-charges-against-him-176281">the CVC</a> is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies.&nbsp;

"The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said.

Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization.&nbsp;

According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18.

A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently.

The Reserve Bank of India (RBI) monitors frauds reported by banks.&nbsp;

For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said.

The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said.&nbsp;

In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others.

The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures.

The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter.&nbsp;

Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday.

Probity watchdog Central Vigilance Commission (CVC) has started examining audit reports of state-run banks and insurance companies to check incidents of fraud and suggest corrective measures, officials said Wednesday. The move assumes significance with banks reporting large-scale fraud cases and the high number of bad loans or non-performing assets, they said. Vigilance Commissioner T M Bhasin told PTI the CVC is getting a review done of central statutory reports, concurrent auditors' reports and other auditor reports through chief vigilance officers of all public sector banks and insurance companies. "The same (audit reports) are analyzed in the Commission and a corrective action plan is advised for time-bound implementation," he said. Chief vigilance officers act as a distant arm of the CVC to check corruption and other fraudulent activities in an organization. According to government data, various banks have reported an increase in cases of fraud during 2015-16 and 2017-18. A total of 8,802 frauds have been reported by scheduled commercial banks and public sector banks in 2017-18 as against 7,794 in 2016-17 and 7,482 in 2015-16, according to a written reply given by the Finance Ministry in the Lok Sabha recently. The Reserve Bank of India (RBI) monitors frauds reported by banks. For management of fraud risk and to direct the focus of banks to early detection of loan frauds, prompt reporting to RBI and investigative agencies and timely initiation of staff accountability proceedings, RBI has issued a framework for dealing with loan frauds and Red Flagged Accounts (RFA). Timelines have been given for action incumbent on banks in dealing with loan frauds of Rs 50 crore and above, the ministry said. The red flagging is done on an information technology platform where all banks report large exposure to entities/individuals so other banks can be forewarned about fraud risk, it said. In October, the CVC completed a first-of-its-kind analysis of top 100 banking frauds, including those in the jewellery and aviation sectors, and shared its findings with the RBI, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) among others. The analysis focussed on the modus operandi, the amount involved, type of lending (viz. Consortium or individual), anomalies observed, loopholes that facilitated the perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures. The frauds were classified and analysed for 13 sectors — gems and jewellery, manufacturing and industry, agro, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort. The modus operandi of these top 100 loans has been thoroughly analysed and various loopholes or lapses have been identified, Bhasin had said after releasing a report on the matter. Based on the findings, various industry-specific suggestions for systemic improvement have been given in the final report. The suggestions have also been sent to the Department of Financial Services and the RBI in order to plug the loopholes observed by the Commission, he said.

CVC examining audit reports of state-run banks, insurance companies to check fraud

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