Beijing&nbsp;will include more than a dozen&nbsp;fertility&nbsp;services&nbsp;in a government-backed medical&nbsp;insurance&nbsp;scheme for the&nbsp;Chinese&nbsp;capital, state media reported on Monday,&nbsp;supporting those seeking to have babies with China's birth rate at a record low.

A total of 16 medical&nbsp;services&nbsp;using assisted reproductive technologies (ART) will be covered by the city's state&nbsp;insurance&nbsp;effective from March 26, in a move to "take proactive&nbsp;fertility&nbsp;support&nbsp;measures", according to the&nbsp;Beijing&nbsp;Daily.

Also read |&nbsp;<a href="https://www.wionews.com/world/now-chinese-students-to-be-taught-xi-jinpings-thoughts-454530">Now, Chinese students to be taught Xi Jinping's 'thoughts'</a>

The new reproductive&nbsp;coverage&nbsp;could help lower out-of-pocket costs and benefit couples in lower-income brackets seeking to have babies and those with little or no access to private medical&nbsp;insurance.

Official data showed China's birth rate dropped to a record low in 2021, extending a downward trend that led the national government last year to begin allowing couples to have up to three children.

China will work towards achieving an "appropriate" birth rate, Premier Li Keqiang said at the start of the annual parliamentary meeting in March last year.

Also read |&nbsp;<a href="https://www.wionews.com/world/un-human-rights-chief-can-visit-xinjiang-but-beijing-doesnt-welcome-any-probe-says-chinas-foreign-minister-454717">UN human rights chief can visit Xinjiang but Beijing doesn't welcome any probe, says China's foreign minister</a>

China faces what experts call a "demographic time-bomb" as its elderly population increases while its workforce gets smaller due to decreasing&nbsp;births, partly due to a one-child policy in place for about four decades before being scrapped in 2016.

China will raise the statutory retirement age "in a phased manner", Li said last year.

The eastern province of Jiangsu said last month that starting from March, employees eligible for state pensions will be able to apply for delayed retirement for no less than one year from the statutory retirement age.

Beijing will include more than a dozen fertility services in a government-backed medical insurance scheme for the Chinese capital, state media reported on Monday, supporting those seeking to have babies with China's birth rate at a record low.

Beijing will include more than a dozen fertility services in a government-backed medical insurance scheme for the Chinese capital, state media reported on Monday, supporting those seeking to have babies with China's birth rate at a record low. A total of 16 medical services using assisted reproductive technologies (ART) will be covered by the city's state insurance effective from March 26, in a move to "take proactive fertility support measures", according to the Beijing Daily. Also read | Now, Chinese students to be taught Xi Jinping's 'thoughts' The new reproductive coverage could help lower out-of-pocket costs and benefit couples in lower-income brackets seeking to have babies and those with little or no access to private medical insurance. Official data showed China's birth rate dropped to a record low in 2021, extending a downward trend that led the national government last year to begin allowing couples to have up to three children. China will work towards achieving an "appropriate" birth rate, Premier Li Keqiang said at the start of the annual parliamentary meeting in March last year. Also read | UN human rights chief can visit Xinjiang but Beijing doesn't welcome any probe, says China's foreign minister China faces what experts call a "demographic time-bomb" as its elderly population increases while its workforce gets smaller due to decreasing births, partly due to a one-child policy in place for about four decades before being scrapped in 2016. China will raise the statutory retirement age "in a phased manner", Li said last year. The eastern province of Jiangsu said last month that starting from March, employees eligible for state pensions will be able to apply for delayed retirement for no less than one year from the statutory retirement age.

To support births, Chinese capital Beijing adds fertility services to insurance coverage

As a money management professional, Eric Diton helps his clients manage complex personal finance issues. But he’s finding that more of them are frustrated by a surprisingly mundane budget item: homeowners’ insurance.

“I can definitely say that for my Florida clients, it’s a topic of conversation and it’s on their radar,” said Diton, president of the Wealth Alliance, an investment advisory firm. “They’re seeing that their cost of insurance is rising.”

Diton, who splits his time between Boca Raton, Florida, and Long Island, said he found himself in the same boat. “Personally, my insurance company increased my premiums quite a bit,” he said of his home in Florida. “It was pretty challenging to find a lot of choice, and that has resonated with a lot of people in this state.”

While Florida residents are not the only ones wrestling with this issue, the state’s popularity with retirees means that it is a problem a growing number will confront, experts say. When drawing up a budget for living on a fixed income, most would-be retirees think about services and goods, such as doctor visits or prescription drugs, that are likely to cost more in the future. Almost no one thinks of home insurance — an omission insurance professionals warn will be an increasingly costly mistake.

Many Americans’ plans to retire in a coastal Sun Belt state or a scenic mountain hamlet are on a collision course with extreme weather — and the property damage that follows.

“In some regions, we already see changing weather patterns, most likely driven by climate change, already having an impact,” said Ernst Rauch, chief climate and geoscientist at the reinsurance company Munich Re.

After absorbing punishing losses from floods, hurricanes and wildfires in recent years, many insurers are reevaluating their risk modeling practices. The upshot for many homeowners is higher property insurance bills. Others can find themselves struggling to get a policy at any price.

“In certain parts of the country, the insurance situation has really been difficult — in particular, Florida and that area, including Louisiana and the Gulf states,” said Nancy Albanese, vice president of personal insurance at BMT Insurance Advisors. “The other market which is very difficult is California, and some of the Western states that are exposed to wildfire.”

She added: “When we encounter a client who needs coverage in Florida, we know that’s going to be a huge challenge.”

Karen Collins, assistant vice president of personal lines for the trade group American Property Casualty Insurance Association, said she and her colleagues were seeing “a very significant increase in losses recently.”

“Natural disasters in particular have been very, very elevated the past couple of years,” she said.

This trend is driving up premiums. According to AM Best, an insurance industry ratings and analytics firm, the total amount of homeowners’ insurance premiums Americans paid rose by 8.4% between the third quarter of 2020 and the third quarter of last year. (An AM Best spokesperson noted that this aggregate snapshot did not reflect what any individual policyholder paid.)

Albanese said that recently an insurer dropped one of her clients, who was already paying $22,000 a year to insure a coastal Florida property. After some scrambling, Albanese was able to find the client coverage through a “surplus lines” provider — an insurer of last resort for the highest-risk policies — but at double the cost.

“It’s been back-to-back years of these rate increases, and I can think of at least one client who says they’re planning to sell their Florida property just because it’s just getting to be outrageous to insure,” Albanese said. “I’ve also had clients purchase properties in Florida recently, unaware of what the insurance market was like down there and really having them be just shocked — they just did not realize how high their premiums would be.”

Diton said that rising property insurance costs — particularly when combined with higher property taxes in areas where home values have risen significantly — were especially relevant for clients considering buying investment real estate for passive income generation. This strategy is popular among retirees and even some younger investors.

When a client is interested in a property, Diton said that he will lay out a spreadsheet and analyze the expenses. In some cases, prospective buyers decide against the purchase. “The homeowners’ insurance increase is definitely contributing to the issue for those people,” he said.

Insurance experts who work farther up the East Coast report similar market conditions. “What we are seeing is the companies that specialized in writing homeowners’ insurance along the coasts are shutting down, so we don’t have as many options,” said Robin Jaekel, vice president of personal lines at Glenn Insurance, a New Jersey insurance agency that does significant business along the Jersey Shore. “The homeowner costs along the coasts are definitely impacted.”

Hurricanes and nor’easters are the primary reasons insurers are fleeing the market, Jaekel said. The recent overhaul of the federally subsidized National Flood Insurance Program compounds the headache — and expenses — for property owners who are required by their mortgage holder to carry flood as well as homeowners’ insurance.

In many cases, the only policy a homeowner can get is one that limits the amount of compensation someone can expect after the most severe storms. “We now have the ‘named hurricane deductible’ on all policies around here,” Jaekel said. “If it’s a named hurricane, they have a separate deductible just for that.”

Experts in extreme weather say that stories like these are likely to become much more common in a rapidly warming future. “Hurricanes along the East Coast of the U.S. are also moving north,” Rauch said. “The probability has increased in northern U.S. regions as the water has warmed up.”

“This is a huge, long-term issue for every developed area of the United States,” said Jim Blackburn, professor of environmental law and co-director of the Severe Storm Prediction, Education and Evacuation From Disasters Center at Rice University, via email.

He added that while coastal regions would probably face some of the greatest challenges because of more intense storms, increasing rainfall means that even homes situated near — rather than within — floodplains could become more vulnerable, too. “We have not begun to understand the impacts of climate change on settlement patterns,” he said.

The rising cost of damage from extreme weather comes on top of a confluence of other factors that are driving the cost of homeowners’ insurance higher. Supply-chain bottlenecks and a labor shortage make it more expensive to repair or rebuild homes after a disaster, while home construction and design trends are to blame as well, insurance professionals say. In neighborhoods with older housing stock, rebuilding after a natural disaster might be more expensive because of measures to bring the property up to current building code standards.

“Building materials themselves are lending them to more catastrophic losses,” said Jared Carillo, director of foundation accounts at SmithBrothers, an insurance brokerage in Connecticut. Materials used in construction today include more synthetics that burn faster and hotter, such as particleboard, spray foam and wire insulation, he said.

Open floor plans are another culprit, Carillo said: “A fire that starts in the kitchen is going to generate more loss across the first floor.”

Some of the weather changes being monitored by the insurance industry, such as the northerly drift of “Hurricane Alley,” are gradual shifts. Others — like the droughts that have exacerbated enormous wildfires in the Western United States — have hit an inflection point much more rapidly. Rauch said that in the 1980s, the average annual insured losses in the United States from wildfires ranged from $1 billion to $3 billion.

“This was the expectation going forward,” he said.

That changed in a heartbeat. “In 2017, for the first time, insured losses were somewhere in the $16 billion region,” Rauch said. “It was a massive jump, and 2018 was basically the same.” After a moderate Western fire season in 2019, 2020 brought another round of eye-watering losses, roughly in the neighborhood of $11 billion.

It is evidence that even the nimblest of companies can be caught by surprise at how fast conditions can change. In just the last four to five years, Rauch said, wildfires have brought significant changes. “The loss situation was totally different from the decades before,” he said.

Insurance and real estate professionals say this is especially problematic for people who put roots down decades ago with the expectation of growing old in those homes and neighborhoods, only to find that the ground beneath their feet has shifted.

“I do have people that retired here,” said Patrick Brownfield, personal risk adviser for the insurance broker Hub International in Jackson, Wyoming. “They’ve had astronomical increases in their insurance in the last two years,” he said, adding that this leaves those homeowners with few options. “It’s going to cost them $20,000 a year on their fixed income, and now they can’t pay the insurance because all their equity is in their home,” Brownfield said.

Deciding to sell, though, can present even more difficult decisions.

“Real estate contracts are now contingent on the ability to get that insurance,” said Ed Liebzeit, a real estate broker with Sotheby’s International Realty in Jackson.

“People at retirement age are facing two things,” he said. “If they’re on a fixed income, their insurance is going up, but so are their property taxes.” This is a drawback of the area’s rapidly appreciating housing market, he said. The result for retirees, increasingly, is displacement.

“The problem is, they have to leave town because there’s not another opportunity to buy low and stay here unless they go to a very small condo,” Liebzeit said. “So most of them are leaving.”

As a money management professional, Eric Diton helps his clients manage complex personal finance issues. But he’s finding that more of them are frustrated by a surprisingly mundane budget item: homeowners’ insurance.

As a money management professional, Eric Diton helps his clients manage complex personal finance issues. But he’s finding that more of them are frustrated by a surprisingly mundane budget item: homeowners’ insurance. “I can definitely say that for my Florida clients, it’s a topic of conversation and it’s on their radar,” said Diton, president of the Wealth Alliance, an investment advisory firm. “They’re seeing that their cost of insurance is rising.” Diton, who splits his time between Boca Raton, Florida, and Long Island, said he found himself in the same boat. “Personally, my insurance company increased my premiums quite a bit,” he said of his home in Florida. “It was pretty challenging to find a lot of choice, and that has resonated with a lot of people in this state.” While Florida residents are not the only ones wrestling with this issue, the state’s popularity with retirees means that it is a problem a growing number will confront, experts say. When drawing up a budget for living on a fixed income, most would-be retirees think about services and goods, such as doctor visits or prescription drugs, that are likely to cost more in the future. Almost no one thinks of home insurance — an omission insurance professionals warn will be an increasingly costly mistake. Many Americans’ plans to retire in a coastal Sun Belt state or a scenic mountain hamlet are on a collision course with extreme weather — and the property damage that follows. “In some regions, we already see changing weather patterns, most likely driven by climate change, already having an impact,” said Ernst Rauch, chief climate and geoscientist at the reinsurance company Munich Re. After absorbing punishing losses from floods, hurricanes and wildfires in recent years, many insurers are reevaluating their risk modeling practices. The upshot for many homeowners is higher property insurance bills. Others can find themselves struggling to get a policy at any price. “In certain parts of the country, the insurance situation has really been difficult — in particular, Florida and that area, including Louisiana and the Gulf states,” said Nancy Albanese, vice president of personal insurance at BMT Insurance Advisors. “The other market which is very difficult is California, and some of the Western states that are exposed to wildfire.” She added: “When we encounter a client who needs coverage in Florida, we know that’s going to be a huge challenge.” Karen Collins, assistant vice president of personal lines for the trade group American Property Casualty Insurance Association, said she and her colleagues were seeing “a very significant increase in losses recently.” “Natural disasters in particular have been very, very elevated the past couple of years,” she said. This trend is driving up premiums. According to AM Best, an insurance industry ratings and analytics firm, the total amount of homeowners’ insurance premiums Americans paid rose by 8.4% between the third quarter of 2020 and the third quarter of last year. (An AM Best spokesperson noted that this aggregate snapshot did not reflect what any individual policyholder paid.) Albanese said that recently an insurer dropped one of her clients, who was already paying $22,000 a year to insure a coastal Florida property. After some scrambling, Albanese was able to find the client coverage through a “surplus lines” provider — an insurer of last resort for the highest-risk policies — but at double the cost. “It’s been back-to-back years of these rate increases, and I can think of at least one client who says they’re planning to sell their Florida property just because it’s just getting to be outrageous to insure,” Albanese said. “I’ve also had clients purchase properties in Florida recently, unaware of what the insurance market was like down there and really having them be just shocked — they just did not realize how high their premiums would be.” Diton said that rising property insurance costs — particularly when combined with higher property taxes in areas where home values have risen significantly — were especially relevant for clients considering buying investment real estate for passive income generation. This strategy is popular among retirees and even some younger investors. When a client is interested in a property, Diton said that he will lay out a spreadsheet and analyze the expenses. In some cases, prospective buyers decide against the purchase. “The homeowners’ insurance increase is definitely contributing to the issue for those people,” he said. Insurance experts who work farther up the East Coast report similar market conditions. “What we are seeing is the companies that specialized in writing homeowners’ insurance along the coasts are shutting down, so we don’t have as many options,” said Robin Jaekel, vice president of personal lines at Glenn Insurance, a New Jersey insurance agency that does significant business along the Jersey Shore. “The homeowner costs along the coasts are definitely impacted.” Hurricanes and nor’easters are the primary reasons insurers are fleeing the market, Jaekel said. The recent overhaul of the federally subsidized National Flood Insurance Program compounds the headache — and expenses — for property owners who are required by their mortgage holder to carry flood as well as homeowners’ insurance. In many cases, the only policy a homeowner can get is one that limits the amount of compensation someone can expect after the most severe storms. “We now have the ‘named hurricane deductible’ on all policies around here,” Jaekel said. “If it’s a named hurricane, they have a separate deductible just for that.” Experts in extreme weather say that stories like these are likely to become much more common in a rapidly warming future. “Hurricanes along the East Coast of the U.S. are also moving north,” Rauch said. “The probability has increased in northern U.S. regions as the water has warmed up.” “This is a huge, long-term issue for every developed area of the United States,” said Jim Blackburn, professor of environmental law and co-director of the Severe Storm Prediction, Education and Evacuation From Disasters Center at Rice University, via email. He added that while coastal regions would probably face some of the greatest challenges because of more intense storms, increasing rainfall means that even homes situated near — rather than within — floodplains could become more vulnerable, too. “We have not begun to understand the impacts of climate change on settlement patterns,” he said. The rising cost of damage from extreme weather comes on top of a confluence of other factors that are driving the cost of homeowners’ insurance higher. Supply-chain bottlenecks and a labor shortage make it more expensive to repair or rebuild homes after a disaster, while home construction and design trends are to blame as well, insurance professionals say. In neighborhoods with older housing stock, rebuilding after a natural disaster might be more expensive because of measures to bring the property up to current building code standards. “Building materials themselves are lending them to more catastrophic losses,” said Jared Carillo, director of foundation accounts at SmithBrothers, an insurance brokerage in Connecticut. Materials used in construction today include more synthetics that burn faster and hotter, such as particleboard, spray foam and wire insulation, he said. Open floor plans are another culprit, Carillo said: “A fire that starts in the kitchen is going to generate more loss across the first floor.” Some of the weather changes being monitored by the insurance industry, such as the northerly drift of “Hurricane Alley,” are gradual shifts. Others — like the droughts that have exacerbated enormous wildfires in the Western United States — have hit an inflection point much more rapidly. Rauch said that in the 1980s, the average annual insured losses in the United States from wildfires ranged from $1 billion to $3 billion. “This was the expectation going forward,” he said. That changed in a heartbeat. “In 2017, for the first time, insured losses were somewhere in the $16 billion region,” Rauch said. “It was a massive jump, and 2018 was basically the same.” After a moderate Western fire season in 2019, 2020 brought another round of eye-watering losses, roughly in the neighborhood of $11 billion. It is evidence that even the nimblest of companies can be caught by surprise at how fast conditions can change. In just the last four to five years, Rauch said, wildfires have brought significant changes. “The loss situation was totally different from the decades before,” he said. Insurance and real estate professionals say this is especially problematic for people who put roots down decades ago with the expectation of growing old in those homes and neighborhoods, only to find that the ground beneath their feet has shifted. “I do have people that retired here,” said Patrick Brownfield, personal risk adviser for the insurance broker Hub International in Jackson, Wyoming. “They’ve had astronomical increases in their insurance in the last two years,” he said, adding that this leaves those homeowners with few options. “It’s going to cost them $20,000 a year on their fixed income, and now they can’t pay the insurance because all their equity is in their home,” Brownfield said. Deciding to sell, though, can present even more difficult decisions. “Real estate contracts are now contingent on the ability to get that insurance,” said Ed Liebzeit, a real estate broker with Sotheby’s International Realty in Jackson. “People at retirement age are facing two things,” he said. “If they’re on a fixed income, their insurance is going up, but so are their property taxes.” This is a drawback of the area’s rapidly appreciating housing market, he said. The result for retirees, increasingly, is displacement. “The problem is, they have to leave town because there’s not another opportunity to buy low and stay here unless they go to a very small condo,” Liebzeit said. “So most of them are leaving.”

Extreme weather and rising insurance rates squeeze retirees

UK police was in for a shock recently when it pulled over a man, who has been driving without a licence or insurance for over 70 years. &nbsp;

According to the Bulwell, Rise Park and Highbury Vale Police, the driver seems to have claimed to be driving without any documentation since the age of 12. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/downing-street-parties-boris-johnson-fails-to-commit-to-publishing-sue-grays-report-in-full-447908" hreflang="en">Downing Street parties: Boris Johnson fails to commit to publishing Sue Gray's report in full</a>

The man was driving a MINI One when he was pulled over by officers on patrol on Wednesday near a Tesco Extra in Bulwell, Nottinghamshire. &nbsp;

The driver, who was was born in 1938, seems to have been never been stopped by police before, the force added. &nbsp;

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In a Facebook post, the police said, "We can't quite believe what happened... as the driver, who was born in 1938, coughed that he had been driving with no licence and no insurance since he was 12 (yes TWELVE) years old... and somehow had managed to never be stopped by the police.” &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/us-auto-safety-regulators-seek-more-information-from-tesla-in-drive-game-probe-447613" hreflang="en">US auto safety regulators seek more information from Tesla in drive game probe</a>

"Thankfully he had never had an accident, caused anyone an injury, and never made anyone lose out financially, by hitting them whilst uninsured,” the post added. &nbsp;

"Due to the increased number of ANPR cameras in Nottingham, even on the small trips, you are likely to hit a camera, so make sure your documents are in order... because it will catch up with you... one day," it further said. &nbsp;

(With inputs from agencies)&nbsp;

UK police was in for a shock recently when it pulled over a man, who has been driving without a licence or insurance for over 70 years. According to the Bulwell, Rise Park and Highbury Vale Police, the driver seems to have claimed to be driving without any documentation since the age of 12.

UK police was in for a shock recently when it pulled over a man, who has been driving without a licence or insurance for over 70 years. According to the Bulwell, Rise Park and Highbury Vale Police, the driver seems to have claimed to be driving without any documentation since the age of 12. Also Read: Downing Street parties: Boris Johnson fails to commit to publishing Sue Gray's report in full The man was driving a MINI One when he was pulled over by officers on patrol on Wednesday near a Tesco Extra in Bulwell, Nottinghamshire. The driver, who was was born in 1938, seems to have been never been stopped by police before, the force added. × In a Facebook post, the police said, "We can't quite believe what happened... as the driver, who was born in 1938, coughed that he had been driving with no licence and no insurance since he was 12 (yes TWELVE) years old... and somehow had managed to never be stopped by the police.” Also Read: US auto safety regulators seek more information from Tesla in drive game probe "Thankfully he had never had an accident, caused anyone an injury, and never made anyone lose out financially, by hitting them whilst uninsured,” the post added. "Due to the increased number of ANPR cameras in Nottingham, even on the small trips, you are likely to hit a camera, so make sure your documents are in order... because it will catch up with you... one day," it further said. (With inputs from agencies)

Police pull over a driver in UK, make a breathtaking revelation. Find out what is it

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

State-owned LIC is considered a strategic asset, commanding more than 60% of India`s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country`s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said.

Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border and since then, India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny.

"With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed)," said one of the government officials, adding that Chinese investment in companies like LIC could pose risks.

The sources declined to be identified as discussions on how Chinese investment might be blocked are ongoing and as no final decisions have been made.

India`s finance ministry and LIC did not respond to Reuters emailed requests for comment. China`s foreign ministry and commerce ministry did not immediately respond to requests for comment.

Aiming to solve budget constraints, Prime Minister Narendra Modi`s administration is hoping to raise 900 billion rupees through selling 5% to 10% of LIC this financial year which ends in March.

The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said.

Under current law, no overseas investors can invest in LIC but the government is considering allowing foreign institutional investors to buy up to 20% of LIC`s offering.

Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause that relates to LIC or creating a new law specific to LIC, two of the government officials said.

They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India`s security but not deter overseas investors.

A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market.

Ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market have been chosen to handle the offering.

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations. State-owned LIC is considered a strategic asset, commanding more than 60% of India`s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country`s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said. Political tensions between the countries rocketed last year after their soldiers clashed on the disputed Himalayan border and since then, India has sought to limit Chinese investment in sensitive companies and sectors, banned a raft of Chinese mobile apps and subjected imports of Chinese goods to extra scrutiny. "With China after the border clashes it cannot be business as usual. The trust deficit has significantly widen(ed)," said one of the government officials, adding that Chinese investment in companies like LIC could pose risks. The sources declined to be identified as discussions on how Chinese investment might be blocked are ongoing and as no final decisions have been made. India`s finance ministry and LIC did not respond to Reuters emailed requests for comment. China`s foreign ministry and commerce ministry did not immediately respond to requests for comment. Aiming to solve budget constraints, Prime Minister Narendra Modi`s administration is hoping to raise 900 billion rupees through selling 5% to 10% of LIC this financial year which ends in March. The government has yet to decide on whether it will sell one tranche of shares seeking to raise the full amount or choose to seek the funds in two tranches, sources have said. Under current law, no overseas investors can invest in LIC but the government is considering allowing foreign institutional investors to buy up to 20% of LIC`s offering. Options to prevent Chinese investment in LIC include amending the current law on foreign direct investment with a clause that relates to LIC or creating a new law specific to LIC, two of the government officials said. They added that the government was conscious of the difficulty in checking on Chinese investments that could come indirectly and would attempt to craft a policy that would protect India`s security but not deter overseas investors. A third option being explored is barring Chinese investors from becoming cornerstone investors in the IPO, said one government official and the banker, although that would not prevent Chinese investors from buying shares in the secondary market. Ten investment banks including Goldman Sachs, Citigroup and SBI Capital Market have been chosen to handle the offering.

India likely to block Chinese investment in insurance giant LIC's IPO

As gun violence becomes a little too common in the United States, there has been a massive demand for ‘active shooter’ insurance policies.

The rise in demand came as the US started returning to normalcy after a year of repeated lockdowns. However, unfortunately, ‘normal’ also means mass shootings in the country now.

While last year saw a decline in mass shootings, as per a Reuters’s tally, this year has once again reported an alarming increase in these deadly situations.

Also read |&nbsp;<a href="https://www.wionews.com/world/what-recent-mass-shootings-in-us-tell-us-about-the-second-amendment-384169">What recent mass shootings in US tell us about the Second Amendment</a>

In light of this, the demand for an 'active shooter' insurance policy has increased by nearly 50 per cent, explained Tarique Nageer, Terrorism Placement Advisory Leader at Marsh, the world's biggest insurance broker.

This demand has come majorly from US hospitals as the healthcare system fears a return of hospital mass shootings. Experts believe he covid pandemic and the volatile situation around it can lead to an outburst of frustration and can also act as a trigger for violent behaviour, said Tim Davies, head of crisis management at Canopius, a Lloyd's of London global specialty insurer.

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Hospitals, alone, have led to an increase of 25 to 50 per cent in active shooter prices, in comparison to last year’s data.

"Those are places where you could see people who are disgruntled that members of their family might have died and didn't get a vaccine or weren't treated properly," Davies said.

In addition to the healthcare sectors, educational establishments, restaurants, places of worship and retail establishments have also emerged as interested clients seeking this insurance policy.

"The environment that was created by the pandemic, with the social distancing, the lockdown, and so forth and the compounding stressors is really what's driving much of the violence that we're seeing right now," Hart Brown, senior vice president of R3 Continuum, a crisis management consultancy said.

As gun violence becomes a little too common in the United States, there has been a massive demand for ‘active shooter’ insurance policies. The rise in demand came as the US started returning to normalcy after a year of repeated lockdowns.

As gun violence becomes a little too common in the United States, there has been a massive demand for ‘active shooter’ insurance policies. The rise in demand came as the US started returning to normalcy after a year of repeated lockdowns. However, unfortunately, ‘normal’ also means mass shootings in the country now. While last year saw a decline in mass shootings, as per a Reuters’s tally, this year has once again reported an alarming increase in these deadly situations. Also read | What recent mass shootings in US tell us about the Second Amendment In light of this, the demand for an 'active shooter' insurance policy has increased by nearly 50 per cent, explained Tarique Nageer, Terrorism Placement Advisory Leader at Marsh, the world's biggest insurance broker. This demand has come majorly from US hospitals as the healthcare system fears a return of hospital mass shootings. Experts believe he covid pandemic and the volatile situation around it can lead to an outburst of frustration and can also act as a trigger for violent behaviour, said Tim Davies, head of crisis management at Canopius, a Lloyd's of London global specialty insurer. Also read | Death penalty, hate crime charges sought in Georgia spa shootings Hospitals, alone, have led to an increase of 25 to 50 per cent in active shooter prices, in comparison to last year’s data. "Those are places where you could see people who are disgruntled that members of their family might have died and didn't get a vaccine or weren't treated properly," Davies said. In addition to the healthcare sectors, educational establishments, restaurants, places of worship and retail establishments have also emerged as interested clients seeking this insurance policy. "The environment that was created by the pandemic, with the social distancing, the lockdown, and so forth and the compounding stressors is really what's driving much of the violence that we're seeing right now," Hart Brown, senior vice president of R3 Continuum, a crisis management consultancy said.

Americans demand 'active shooter' insurance as mass shootings increase

The wife and the mistress of a man who died in a road accident have both been awarded life insurance payouts, Italian news reports said Thursday.&nbsp;

The 39-year-old man from Turin, in Italy's north-east, was married with a young son, but also had a stable relationship with another woman.

Her lawyer, Gino Arnone, told the La Stampa newspaper that he managed to convince the insurance company that the mistress also deserved compensation for her loss.&nbsp;

The daily said that when the man died a year ago in a motorway accident, police called upon her to identify the body, as the victim's wife was out of town on a work trip.&nbsp;

La Stampa quoted the mistress as saying that the man used to spend three days a week with her and four days with his regular family.&nbsp;

The newspaper did not disclose the amount of the insurance payouts, agreed in out-of-court settlements, but spoke of "considerable sums".

(With inputs from agencies)

The wife and the mistress of a man who died in a road accident have both been awarded life insurance payouts, Italian news reports said Thursday. The 39-year-old man from Turin, in Italy's north-east, was married with a young son, but also had a stable relationship with another woman.

The wife and the mistress of a man who died in a road accident have both been awarded life insurance payouts, Italian news reports said Thursday. The 39-year-old man from Turin, in Italy's north-east, was married with a young son, but also had a stable relationship with another woman. Her lawyer, Gino Arnone, told the La Stampa newspaper that he managed to convince the insurance company that the mistress also deserved compensation for her loss. The daily said that when the man died a year ago in a motorway accident, police called upon her to identify the body, as the victim's wife was out of town on a work trip. La Stampa quoted the mistress as saying that the man used to spend three days a week with her and four days with his regular family. The newspaper did not disclose the amount of the insurance payouts, agreed in out-of-court settlements, but spoke of "considerable sums". (With inputs from agencies)

Bad luck? Mistress and wife win insurance payout after man's death

As COVID-19 second wave has ravaged India, the insurance industry is seeing a marked rise in the number of health insurance premiums. WION brings you the answers of all questions rising in the your mind regarding health insurance policy.

World Business Watch: Health insurance policy sale on rise amid COVID-19 pandemic

The coronavirus pandemic has highlighted the importance of health and life insurance. How should you choose a policy? Are you in a dilemma? Listen to what some of the best minds in the industry have to say on Hard Reset.

Hard Reset: E-Conclave | Rebooting the insurance sector

Who is gaining from the coronavirus pandemic which has now infected over 40 million people worldwide?

Insurance companies

Insurance companies are making windfall gains. In the US alone, insurance companies doubled their profits in August. America's largest health insurer - The United Health Group reported a profit of 6.7 billion dollars in the second quarter of 2020. Other companies - like Anthem and Humana doubled their profits too.

Also read:&nbsp;<a href="http://13.235.153.162/world/abnormalities-spotted-in-lungs-of-60-coronavirus-patients-months-later-oxford-university-study-336676" hreflang="en">Abnormalities spotted in lungs of 60% coronavirus patients months later: Oxford University study</a>

The United States has a for-profit healthcare system.&nbsp;The system operates to earn profits, not for public service. Patients are at the mercy of insurers. And if you don't have a health cover, you'll have medical debt.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-coronavirus-and-health-insurance-the-business-of-pandemic-336765/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

What about India?

Last year, a report claimed that 55 million Indians were pushed into poverty due to patient care costs. Between 2011 and 2012, more than 80 per cent Indians were paying for healthcare out of their pocket. As of three years back - 56 per cent of Indians didn't have any health cover.

Consider the treatment costs for COVID-19 in private hospitals in India. In the month of May, a report scrutinised the bills of six patients in India's top private hospital chains. The cost of treatment is between three lakhs to 16 lakhs in cities like Delhi, Kolkata and Mumbai. This means that you end up shelling out more than 20 thousand dollars for treatment, for one person. The per capita income of India is 1837 dollars, a little over 1.35 lakhs.

How can someone who barely earns more than one lakh a year afford to pay a hospital bill that runs beyond 20 lakh rupees?

Why so much attention on private care?

As of 2015, more than 72 per cent of the rural population, and 79 per cent of the urban masses relied on private hospitals for treatment.

India's public health care system is in dire straits. The quality of healthcare remains poor, with only one allopathic government doctor for every 10,929 people in India.

Also read:&nbsp;<a href="http://13.235.153.162/world/coronavirus-worldwide-cases-surpass-40-million-more-than-50-cases-from-us-india-and-brazil-336386" hreflang="en">Coronavirus: Worldwide cases surpass 40 million; more than 50% cases from US, India and Brazil</a>

Many are compelled to choose private healthcare, and forced to pay through their nose. This is where insurance companies come in. The idea of insurance is to pay a little to mitigate the risk of major financial loss in the event of a serious illness.

Insurance companies are supposed to bridge the gap in affordability. Unfortunately, companies in America are profiting during the pandemic. Meanwhile, companies in India are being accused of denying claims.

Since the outbreak of COVID-19 in India, several reports have accused different companies of denying payments.

Also read:&nbsp;<a href="http://13.235.153.162/world/as-the-coronavirus-surges-a-new-culprit-emerges-pandemic-fatigue-336261" hreflang="en">As the coronavirus surges, a new culprit emerges - pandemic fatigue</a>

In August, the matter reached the Supreme Court. A bench led by Chief Justice of India SA Bobde asked the centre to examine why insurers are not reimbursing the entire amount of treatment. Back then, the bench had said: “At a time of pandemic, the insurance companies cannot adopt a hands-off approach, especially when people are facing hardship."

Indian insurance companies are earning significantly more from premiums. According to one claim in October, the annual premium on health covers has risen by 40 to 70 per cent. By August, standalone health insurance companies collected Rs 6,268 crore worth of premiums. During the same period last year, the same companies earned Rs 4,981 crore in premiums.

The growth in premiums is of close to nine per cent. By September, insurers had received a little more than two lakh claims, amounting to more than Rs 3,000 crores.

The pandemic has led to the birth of new business models. Insurance companies are now offering new products - policies that specifically cover COVID-19, turning&nbsp;the pandemic into a business opportunity.

Who is gaining from the coronavirus pandemic which has now infected over 40 million people worldwide? Insurance companies Insurance companies are making windfall gains.

Who is gaining from the coronavirus pandemic which has now infected over 40 million people worldwide? Insurance companies Insurance companies are making windfall gains. In the US alone, insurance companies doubled their profits in August. America's largest health insurer - The United Health Group reported a profit of 6.7 billion dollars in the second quarter of 2020. Other companies - like Anthem and Humana doubled their profits too. Also read: Abnormalities spotted in lungs of 60% coronavirus patients months later: Oxford University study The United States has a for-profit healthcare system. The system operates to earn profits, not for public service. Patients are at the mercy of insurers. And if you don't have a health cover, you'll have medical debt. What about India? Last year, a report claimed that 55 million Indians were pushed into poverty due to patient care costs. Between 2011 and 2012, more than 80 per cent Indians were paying for healthcare out of their pocket. As of three years back - 56 per cent of Indians didn't have any health cover. Consider the treatment costs for COVID-19 in private hospitals in India. In the month of May, a report scrutinised the bills of six patients in India's top private hospital chains. The cost of treatment is between three lakhs to 16 lakhs in cities like Delhi, Kolkata and Mumbai. This means that you end up shelling out more than 20 thousand dollars for treatment, for one person. The per capita income of India is 1837 dollars, a little over 1.35 lakhs. How can someone who barely earns more than one lakh a year afford to pay a hospital bill that runs beyond 20 lakh rupees? Why so much attention on private care? As of 2015, more than 72 per cent of the rural population, and 79 per cent of the urban masses relied on private hospitals for treatment. India's public health care system is in dire straits. The quality of healthcare remains poor, with only one allopathic government doctor for every 10,929 people in India. Also read: Coronavirus: Worldwide cases surpass 40 million; more than 50% cases from US, India and Brazil Many are compelled to choose private healthcare, and forced to pay through their nose. This is where insurance companies come in. The idea of insurance is to pay a little to mitigate the risk of major financial loss in the event of a serious illness. Insurance companies are supposed to bridge the gap in affordability. Unfortunately, companies in America are profiting during the pandemic. Meanwhile, companies in India are being accused of denying claims. Since the outbreak of COVID-19 in India, several reports have accused different companies of denying payments. Also read: As the coronavirus surges, a new culprit emerges - pandemic fatigue In August, the matter reached the Supreme Court. A bench led by Chief Justice of India SA Bobde asked the centre to examine why insurers are not reimbursing the entire amount of treatment. Back then, the bench had said: “At a time of pandemic, the insurance companies cannot adopt a hands-off approach, especially when people are facing hardship." Indian insurance companies are earning significantly more from premiums. According to one claim in October, the annual premium on health covers has risen by 40 to 70 per cent. By August, standalone health insurance companies collected Rs 6,268 crore worth of premiums. During the same period last year, the same companies earned Rs 4,981 crore in premiums. The growth in premiums is of close to nine per cent. By September, insurers had received a little more than two lakh claims, amounting to more than Rs 3,000 crores. The pandemic has led to the birth of new business models. Insurance companies are now offering new products - policies that specifically cover COVID-19, turning the pandemic into a business opportunity.

How insurance companies are profiting off the coronavirus pandemic

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

Pollution crisis, health risks & insurance.

Gravitas: Thanks to pollution, your health insurance premium may be hiked!

Chief Minister YS Jagan Mohan Reddy on Friday launched the YSR Vahana Mitra scheme which provides Rs 10,000 allowance to self-employed drivers of autos, taxis and maxi cabs.

Addressing a gathering at the indoor stadium here on Friday, Reddy&nbsp;said that the amount of Rs 10,000 is for the recurring expenses like insurance and maintenance of the vehicle to procure fitness certificate and said that those who could not make it on time can apply till month-end and their applications would be considered.

The allowance of Rs 10,000 would be given every year and the amount will be credited into the bank accounts directly while the processing will be done in a transparent manner.

The latest scheme is the fulfilment of an election promise made by Reddy during his 3,648 km padayatra.

A clipping of his earlier speech and promise made in May 2018 was shown to the gathering which drew a huge round of applause. The allowance was given to 1,73,531 drivers with the click of a button and the amount was directly credited into their respective bank accounts.

"I have seen with my own eyes the difficulties of auto drivers. With a daily earning of Rs 200 to Rs 500, you people have told me that it was becoming difficult to run the family and pay the insurance and other expenses required for getting a fitness certificate. Thus we have evolved YSR Vahana Mitra scheme which will provide Rs 50,000 to the self-employed drivers in five years. Such a scheme is available only in our state and nowhere in the country," he said.

Reddy had earlier posed with auto drivers and worn the khaki shirt, the uniform of auto drivers, which he retained throughout the function. The auto drivers thanked him for keeping up his word and for showing the recognition.

Those who attended the meeting included Deputy Chief Minister Pilli Subhash Chandra Bose, Alla Nani, Ministers Perni Nani T Vanita, Sriranganadha Raju and other officials.

Chief Minister YS Jagan Mohan Reddy on Friday launched the YSR Vahana Mitra scheme which provides Rs 10,000 allowance to self-employed drivers of autos, taxis and maxi cabs.

Chief Minister YS Jagan Mohan Reddy on Friday launched the YSR Vahana Mitra scheme which provides Rs 10,000 allowance to self-employed drivers of autos, taxis and maxi cabs. Addressing a gathering at the indoor stadium here on Friday, Reddy said that the amount of Rs 10,000 is for the recurring expenses like insurance and maintenance of the vehicle to procure fitness certificate and said that those who could not make it on time can apply till month-end and their applications would be considered. The allowance of Rs 10,000 would be given every year and the amount will be credited into the bank accounts directly while the processing will be done in a transparent manner. The latest scheme is the fulfilment of an election promise made by Reddy during his 3,648 km padayatra. A clipping of his earlier speech and promise made in May 2018 was shown to the gathering which drew a huge round of applause. The allowance was given to 1,73,531 drivers with the click of a button and the amount was directly credited into their respective bank accounts. "I have seen with my own eyes the difficulties of auto drivers. With a daily earning of Rs 200 to Rs 500, you people have told me that it was becoming difficult to run the family and pay the insurance and other expenses required for getting a fitness certificate. Thus we have evolved YSR Vahana Mitra scheme which will provide Rs 50,000 to the self-employed drivers in five years. Such a scheme is available only in our state and nowhere in the country," he said. Reddy had earlier posed with auto drivers and worn the khaki shirt, the uniform of auto drivers, which he retained throughout the function. The auto drivers thanked him for keeping up his word and for showing the recognition. Those who attended the meeting included Deputy Chief Minister Pilli Subhash Chandra Bose, Alla Nani, Ministers Perni Nani T Vanita, Sriranganadha Raju and other officials.

Andhra Pradesh Chief Minister Jagan Mohan Reddy launches YSR Vahana Mitra scheme

Nearly&nbsp;one&nbsp;in&nbsp;12&nbsp;employees working in the&nbsp;Lloyd's&nbsp;of London&nbsp;insurance&nbsp;market&nbsp;has&nbsp;witnessed&nbsp;sexual&nbsp;harassment&nbsp;there in the past year and a quarter has seen excessive drinking, according to a culture&nbsp;survey&nbsp;published by&nbsp;Lloyd's&nbsp;on Tuesday.

The&nbsp;market, which employees around 45,000 people in&nbsp;insurance&nbsp;and broking firms, is trying to improve standards of behaviour after reports earlier this year of&nbsp;sexual&nbsp;harassment&nbsp;and daytime drinking.

According to the&nbsp;survey&nbsp;of 6,000, 8 per cent&nbsp;of respondents had seen&nbsp;sexual&nbsp;harassment&nbsp;at&nbsp;Lloyd's&nbsp;in the last&nbsp;12&nbsp;months and 24 per cent had seen "excessive consumption of alcohol", while 22 per cent had seen people at their firms ignore inappropriate behaviour.

"I don't think anyone&nbsp;can deny there is a problem to address here,"&nbsp;Lloyd's&nbsp;Chief Executive John Neal told Reuters by telephone, adding that publishing the&nbsp;survey&nbsp;in its "ugly raw fashion" should help bring about change.

Lloyd's&nbsp;has already introduced sanctions for poor behaviour, including potential life bans on entering its City tower.

It said on Tuesday it was taking further action in response to the&nbsp;survey, including introducing a gender balance plan, business conduct requirements and setting up an advisory group chaired by&nbsp;Lloyd's&nbsp;board member Fiona Luck.

Sixty per cent of the&nbsp;survey&nbsp;respondents were men and 90 per cent&nbsp;of respondents based in London.

Trade body the&nbsp;Lloyd's&nbsp;Market&nbsp;Association (LMA) said it would launch a new CEO network aimed at improving the reporting of&nbsp;sexual&nbsp;misconduct in the&nbsp;marketplace after the&nbsp;survey&nbsp;revealed many respondents did not know who to raise concerns with.

The LMA Board, which includes 16 chief executives and other senior&nbsp;market&nbsp;leaders from&nbsp;Lloyd's&nbsp;managing agents, have committed to receive reports of inappropriate behaviour which will then be dealt with in "absolute confidence."

"With this constructive resolution we make it very clear that LMA Members will take action at the very highest levels," Sheila Cameron, CEO of the LMA said.

Nearly one in 12 employees working in the Lloyd's of London insurance market has witnessed sexual harassment there in the past year and a quarter has seen excessive drinking, according to a culture survey published by Lloyd's on Tuesday.

Nearly one in 12 employees working in the Lloyd's of London insurance market has witnessed sexual harassment there in the past year and a quarter has seen excessive drinking, according to a culture survey published by Lloyd's on Tuesday. The market, which employees around 45,000 people in insurance and broking firms, is trying to improve standards of behaviour after reports earlier this year of sexual harassment and daytime drinking. According to the survey of 6,000, 8 per cent of respondents had seen sexual harassment at Lloyd's in the last 12 months and 24 per cent had seen "excessive consumption of alcohol", while 22 per cent had seen people at their firms ignore inappropriate behaviour. "I don't think anyone can deny there is a problem to address here," Lloyd's Chief Executive John Neal told Reuters by telephone, adding that publishing the survey in its "ugly raw fashion" should help bring about change. Lloyd's has already introduced sanctions for poor behaviour, including potential life bans on entering its City tower. It said on Tuesday it was taking further action in response to the survey, including introducing a gender balance plan, business conduct requirements and setting up an advisory group chaired by Lloyd's board member Fiona Luck. Sixty per cent of the survey respondents were men and 90 per cent of respondents based in London. Trade body the Lloyd's Market Association (LMA) said it would launch a new CEO network aimed at improving the reporting of sexual misconduct in the marketplace after the survey revealed many respondents did not know who to raise concerns with. The LMA Board, which includes 16 chief executives and other senior market leaders from Lloyd's managing agents, have committed to receive reports of inappropriate behaviour which will then be dealt with in "absolute confidence." "With this constructive resolution we make it very clear that LMA Members will take action at the very highest levels," Sheila Cameron, CEO of the LMA said.

One in 12 witnessed sexual harassment in Lloyd's insurance market: Survey

Gone are the days, when you imagined a pestering &#39;insurance sales agent&#39; who would rigorously follow up for the renewal of the policy. Things are fast changing and Artificial Intelligence (AI) is playing a large role. The disruptive technology has the potential to transform the entire industry and greatly improve the insurance customer experience.

Many insurance companies are already using Artificial Intelligence, and the number of companies following the trend is sure to increase in the near future. Artificial Intelligence is also more easily accessible and affordable, making it imperative for organisations to adopt.

Artificial Intelligence (AI) powered insurance agents, today, are bringing about an image transformation. These agents are discreet enough not to interrupt a prospective buyers&#39; exploration journey, but prominent enough to help out when needed.&nbsp;

Meet the new-aged insurance agent&nbsp;

Mr. Patel wanted to buy a medical insurance from a top insurance company. Rajesh, an insurance agent, used AI inside CRM to combine the data from Mr. Patel&rsquo;s demographics, public social media information, location weather, telematics and wearable data to conjure up a complete user profile that spoke about Mr. Patel&rsquo;s probable health risks. This empowered Rajesh, to offer a discounted premium plan which delighted Mr. Patel.

Some insurers love tradition. They make humans slog to push generic policies. Others are inspired by trends and make use of AI, machine learning to sell new products. Visionary insurers, though, take the best of artificial and human intelligence, add a hefty dose of machine learning and empower their customers to buy relevant and customised policies. As per the latest survey, 74% of consumers say they would be happy to get a computer generated insurance advice.

Artificial Intelligence for Automated Insurance

The use of AI in insurance empowers insurers to deploy personalised sales tactics. It can analyse big data and create a holistic customer profile that can be used to sell tailored policies and remember customer preferences. But that&#39;s not all. AI brings in many advantages to insurers.

1. Labour cost reduction&nbsp;

Insurers no more need to deploy a team of surveyors to assess risks and audit applications. Availability of abundant data through social channels, medical records, apps, IoT devices makes it easy for insurance CRM platforms to apply machine learning to get the desired results without additional and expensive manpower.&nbsp; AI-powered chatbots can pre-screen inquiries and complete end to end buying journeys online without human intervention. This translates to lower premium for buyers and increases coverage.&nbsp;

2. Possibility to discover and create new products

Insurers can bring out new products by discovering emerging technologies, lifestyle and user trends. For instance, the emergence and prevalence of autonomous Tesla cars have encouraged a leading insurance start-up to offer premiums based on driving habits. Evidence suggests that the driving safety is directly proportional to the amount of time the car is driven in autonomous mode. So, users who drive car autonomously are offered lesser premiums than those who drive manually. This discovery and integration into insurance processes are made possible due to the multitude of information crunched by superior computing power.&nbsp;

3. Predictive Modelling

AI guides insurers in creating predictive models to assist in setting insurance premiums based on -

a. Emerging tastes

b. Historical sales

c. Economic bubbles

d. Man-made threats like burglaries

e. Natural threats and so on...

Digital Insurance CRM &ndash; A Maximiser

Taking advantages of the breakthroughs in computing power, Digital insurance CRMs do most of the legwork. Business processes are made faster with the help of robotic process automation. Visual designers enable agents to create smarter customer journeys. By efficient dragging and dropping of pre-defined objects, customers are captivated while they tend to slip between channels and products.

Insurance CRM integrates seamlessly with multiple data platforms including social media, to get up close and real-time customer intelligence.&nbsp;

Bringing in the AI and digital tools will not displace insurance agents and their selling prowess. Instead, it will act as a relationship innovator that changes the dynamics between technology, insurers and the insured.

&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;&nbsp;

&nbsp;

Artificial Intelligence has the potential to transform the entire industry and greatly improve the insurance-customer experience.

Gone are the days, when you imagined a pestering 'insurance sales agent' who would rigorously follow up for the renewal of the policy. Things are fast changing and Artificial Intelligence (AI) is playing a large role. The disruptive technology has the potential to transform the entire industry and greatly improve the insurance customer experience. Many insurance companies are already using Artificial Intelligence, and the number of companies following the trend is sure to increase in the near future. Artificial Intelligence is also more easily accessible and affordable, making it imperative for organisations to adopt. Artificial Intelligence (AI) powered insurance agents, today, are bringing about an image transformation. These agents are discreet enough not to interrupt a prospective buyers' exploration journey, but prominent enough to help out when needed. Meet the new-aged insurance agent Mr. Patel wanted to buy a medical insurance from a top insurance company. Rajesh, an insurance agent, used AI inside CRM to combine the data from Mr. Patel’s demographics, public social media information, location weather, telematics and wearable data to conjure up a complete user profile that spoke about Mr. Patel’s probable health risks. This empowered Rajesh, to offer a discounted premium plan which delighted Mr. Patel. Some insurers love tradition. They make humans slog to push generic policies. Others are inspired by trends and make use of AI, machine learning to sell new products. Visionary insurers, though, take the best of artificial and human intelligence, add a hefty dose of machine learning and empower their customers to buy relevant and customised policies. As per the latest survey, 74% of consumers say they would be happy to get a computer generated insurance advice. Artificial Intelligence for Automated Insurance The use of AI in insurance empowers insurers to deploy personalised sales tactics. It can analyse big data and create a holistic customer profile that can be used to sell tailored policies and remember customer preferences. But that's not all. AI brings in many advantages to insurers. 1. Labour cost reduction Insurers no more need to deploy a team of surveyors to assess risks and audit applications. Availability of abundant data through social channels, medical records, apps, IoT devices makes it easy for insurance CRM platforms to apply machine learning to get the desired results without additional and expensive manpower. AI-powered chatbots can pre-screen inquiries and complete end to end buying journeys online without human intervention. This translates to lower premium for buyers and increases coverage. 2. Possibility to discover and create new products Insurers can bring out new products by discovering emerging technologies, lifestyle and user trends. For instance, the emergence and prevalence of autonomous Tesla cars have encouraged a leading insurance start-up to offer premiums based on driving habits. Evidence suggests that the driving safety is directly proportional to the amount of time the car is driven in autonomous mode. So, users who drive car autonomously are offered lesser premiums than those who drive manually. This discovery and integration into insurance processes are made possible due to the multitude of information crunched by superior computing power. 3. Predictive Modelling AI guides insurers in creating predictive models to assist in setting insurance premiums based on - a. Emerging tastes b. Historical sales c. Economic bubbles d. Man-made threats like burglaries e. Natural threats and so on... Digital Insurance CRM – A Maximiser Taking advantages of the breakthroughs in computing power, Digital insurance CRMs do most of the legwork. Business processes are made faster with the help of robotic process automation. Visual designers enable agents to create smarter customer journeys. By efficient dragging and dropping of pre-defined objects, customers are captivated while they tend to slip between channels and products. Insurance CRM integrates seamlessly with multiple data platforms including social media, to get up close and real-time customer intelligence. Bringing in the AI and digital tools will not displace insurance agents and their selling prowess. Instead, it will act as a relationship innovator that changes the dynamics between technology, insurers and the insured. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Artificial Intelligence is revolutionising insurance-customer experience

Indian insurer&nbsp;ICICI&nbsp;Lombard&#39;s initial public offering of shares to raise as much as $888.40 million&nbsp;was&nbsp;fully&nbsp;subscribed&nbsp;early on the last day of the sale on&nbsp;Tuesday, stock exchange data showed.

As of 0515 GMT, the sale had received bids 1.03 times the number of shares on offer, according to data from the BSE and the National Stock Exchange.

The company&#39;s two main shareholders -&nbsp;ICICI&nbsp;Bank Ltd and Canada&#39;s Fairfax Financial Holdings Ltd - are selling a combined 86.2 million shares, or a 19 per cent stake, in what is the first Indian IPO&nbsp;by a non-life insurer.

Bidding&nbsp;for the sale closes&nbsp;later&nbsp;on&nbsp;Tuesday.

Exchange data showed qualified institutional buyers had bid for 2.37 times the shares on offer for that category, while retail investors had bid 0.62 times, shareholders bid for 0.58 times and non-institutional investors bid 0.10 times.

As of 0515 GMT, the sale had received bids 1.03 times the number of shares on offer, according to data from the BSE and the National Stock Exchange.

Indian insurer ICICI Lombard's initial public offering of shares to raise as much as $888.40 million was fully subscribed early on the last day of the sale on Tuesday, stock exchange data showed. As of 0515 GMT, the sale had received bids 1.03 times the number of shares on offer, according to data from the BSE and the National Stock Exchange. The company's two main shareholders - ICICI Bank Ltd and Canada's Fairfax Financial Holdings Ltd - are selling a combined 86.2 million shares, or a 19 per cent stake, in what is the first Indian IPO by a non-life insurer. Bidding for the sale closes later on Tuesday. Exchange data showed qualified institutional buyers had bid for 2.37 times the shares on offer for that category, while retail investors had bid 0.62 times, shareholders bid for 0.58 times and non-institutional investors bid 0.10 times.

ICICI Lombard IPO gets fully subscribed

Mitsui&nbsp;Sumitomo&nbsp;Insurance Company (MSI) is buying Singapore&#39;s First Capital Insurance for $1.6 billion from Canada&#39;s Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia.

Starved of growth in their aging home market, Japanese insurance firms have been aggressively expanding globally. In the last two years, the insurers have struck multibillion dollar deals, especially in the United States.

MSI, the core firm of MS&amp;AD Insurance Group Holdings, is paying 3.3 times book value for First Capital, the largest property and casualty insurer in Singapore. The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region.

With the acquisition, &quot;we can expect new business opportunities in the local corporate and retail market in Singapore as well as other Asian countries&quot;, MSI said in a statement on Thursday.

The purchase is a pricey one, though, with property and casualty insurance companies globally listed under the Thomson Reuters classification trading at an average 1.65 times book. MS&amp;AD Insurance Group&#39;s shares fell 1 percent to a three-month closing low, underperforming Japan&#39;s main index which was down 0.4 percent.

Japan&#39;s cashed-up insurers have been paying top dollar as they seek to spur growth and overcome negative interest rates, fewer lucrative investment options and a fast-maturing market at home.

First Capital, which too has a regional presence, writes both personal and commercial lines of insurance across various classes such as property, fire, marine hull, motor and personal accident. It has maintained high profitability with a five-year average combined ratio of 76 percent, according to MSI.

One source familiar with the matter said that MSI was quick to pounce on the deal and get into advanced discussions with Fairfax after the Canadian group began to sound out parties keen to buy First Capital.

&quot;Japanese insurers are very keen to expand further in Southeast Asia but it&#39;s becoming tough to get quality and large business in these markets,&quot; said the person who was not authorised to speak to the media

In 2015, MS&amp;AD announced a $5.3 billion acquisition of Britain&#39;s Amlin PLC, an underwriter in the Lloyd&#39;s of London specialist insurance market.

MSI and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, both companies said in separate statements on Thursday.

Fairfax said the all-cash purchase will result in a realized net investment&nbsp;gain of approximately $900 million after tax.

The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year.

Citigroup advised MSI on the deal while Bank of America Merrill Lynch was the financial adviser to Fairfax.

The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region

Mitsui Sumitomo Insurance Company (MSI) is buying Singapore's First Capital Insurance for $1.6 billion from Canada's Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia. Starved of growth in their aging home market, Japanese insurance firms have been aggressively expanding globally. In the last two years, the insurers have struck multibillion dollar deals, especially in the United States. MSI, the core firm of MS&AD Insurance Group Holdings, is paying 3.3 times book value for First Capital, the largest property and casualty insurer in Singapore. The deal will help MSI, which operates in all 10 markets of the Association of Southeast Asian Nations, cement its position as the No. 1 in the region. With the acquisition, "we can expect new business opportunities in the local corporate and retail market in Singapore as well as other Asian countries", MSI said in a statement on Thursday. The purchase is a pricey one, though, with property and casualty insurance companies globally listed under the Thomson Reuters classification trading at an average 1.65 times book. MS&AD Insurance Group's shares fell 1 percent to a three-month closing low, underperforming Japan's main index which was down 0.4 percent. Japan's cashed-up insurers have been paying top dollar as they seek to spur growth and overcome negative interest rates, fewer lucrative investment options and a fast-maturing market at home. First Capital, which too has a regional presence, writes both personal and commercial lines of insurance across various classes such as property, fire, marine hull, motor and personal accident. It has maintained high profitability with a five-year average combined ratio of 76 percent, according to MSI. One source familiar with the matter said that MSI was quick to pounce on the deal and get into advanced discussions with Fairfax after the Canadian group began to sound out parties keen to buy First Capital. "Japanese insurers are very keen to expand further in Southeast Asia but it's becoming tough to get quality and large business in these markets," said the person who was not authorised to speak to the media In 2015, MS&AD announced a $5.3 billion acquisition of Britain's Amlin PLC, an underwriter in the Lloyd's of London specialist insurance market. MSI and Fairfax will also explore a broad global partnership in various areas, including reinsurance relationships, both companies said in separate statements on Thursday. Fairfax said the all-cash purchase will result in a realized net investment gain of approximately $900 million after tax. The deal is subject to regulatory approvals and is expected to close in late 2017 or early next year. Citigroup advised MSI on the deal while Bank of America Merrill Lynch was the financial adviser to Fairfax.

Japense insurer MSI to buy Singapore based First Capital Insurance for $1.6 billion

Thousands of evacuees who fled a massive wildfire in the Canadian oil hub of Fort McMurray are set to return home today, though concerns ranging from contaminated drinking water to insurance claims linger as the city seeks to rebuild.

More than 80,000 residents were ordered to leave when the wildfire surged into the area four weeks ago, and officials expect the remote northern Alberta city to absorb roughly 14,000 to 15,000 residents as a re-entry plan spanning two weeks gets underway today.

The blaze was a devastating blow to a community already reeling from a two-year slump in global crude prices. It shuttered more than a million barrels per day of crude production, though some facilities had started to resume operations.

&quot;We are not going to stay, we&#39;ll go back and maybe remove some items,&quot; said Brenda Waterman, her face anxious over the unknown extent of fire damage to her home and chemical containments. &quot;I&#39;ve never experienced anything like this before, it&#39;s like a dream.&quot;

John Smith, 77, and his wife, Joyce, were bracing for heavy traffic on the main highway leading into the city, as well as what may lie ahead.

&quot;We didn&#39;t even have time to empty the garbage,&quot; he said. &quot;I&#39;m going in first with a flashlight and wearing a mask, and one of us will open the doors and windows and flush the house out.&quot;

Authorities have assembled extra police and emergency officials, and are urging travelers to remain patient and orderly as they grapple with traffic-snarled roads and hobbled infrastructure.

Grocery stores and pharmacies among other local businesses were poised to re-open with reduced stocks, and power and gas has been restored to a majority of structures in the areas awaiting returnees.

About 10 percent of the city&#39;s homes were destroyed by the blaze, which has blackened more than 580,000 hectares (2,239 square miles).

Even so, some 2,000 residents who had expected to return this week were ordered to hold off because of the risks posed by debris and contaminants including &quot;caustic&quot; ash.&nbsp;

Authorities have also issued a boil-water advisory and advised returnees to carry with them at least two weeks&#39; worth of food, water and prescription medication. Deteriorating air quality could force officials to suddenly change re-entry change plans.

Other challenges include limited medical services and labyrinthine insurance claims, as well as wildlife that has been scavenging the desolate neighborhoods for food.&nbsp;

&quot;It won&#39;t really hit you until you walk into it,&quot; said Adam Tucker, a 50-year-old oil sands worker, as he prepared to drive home.

Evacuees who fled the massive wildfire in the Canadian oil hub of Fort McMurray begin to return home, but worry about water contamination and insurance claims

Thousands of evacuees who fled a massive wildfire in the Canadian oil hub of Fort McMurray are set to return home today, though concerns ranging from contaminated drinking water to insurance claims linger as the city seeks to rebuild. More than 80,000 residents were ordered to leave when the wildfire surged into the area four weeks ago, and officials expect the remote northern Alberta city to absorb roughly 14,000 to 15,000 residents as a re-entry plan spanning two weeks gets underway today. The blaze was a devastating blow to a community already reeling from a two-year slump in global crude prices. It shuttered more than a million barrels per day of crude production, though some facilities had started to resume operations. "We are not going to stay, we'll go back and maybe remove some items," said Brenda Waterman, her face anxious over the unknown extent of fire damage to her home and chemical containments. "I've never experienced anything like this before, it's like a dream." John Smith, 77, and his wife, Joyce, were bracing for heavy traffic on the main highway leading into the city, as well as what may lie ahead. "We didn't even have time to empty the garbage," he said. "I'm going in first with a flashlight and wearing a mask, and one of us will open the doors and windows and flush the house out." Authorities have assembled extra police and emergency officials, and are urging travelers to remain patient and orderly as they grapple with traffic-snarled roads and hobbled infrastructure. Grocery stores and pharmacies among other local businesses were poised to re-open with reduced stocks, and power and gas has been restored to a majority of structures in the areas awaiting returnees. About 10 percent of the city's homes were destroyed by the blaze, which has blackened more than 580,000 hectares (2,239 square miles). Even so, some 2,000 residents who had expected to return this week were ordered to hold off because of the risks posed by debris and contaminants including "caustic" ash. Authorities have also issued a boil-water advisory and advised returnees to carry with them at least two weeks' worth of food, water and prescription medication. Deteriorating air quality could force officials to suddenly change re-entry change plans. Other challenges include limited medical services and labyrinthine insurance claims, as well as wildlife that has been scavenging the desolate neighborhoods for food. "It won't really hit you until you walk into it," said Adam Tucker, a 50-year-old oil sands worker, as he prepared to drive home.

Trepidation lingers as Canada wildfire evacuees begin to return home

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