PARAMETRIC
Calcutta HC sets aside fire dept order to vacate 2 floors of building housing Abhishek Banerjee's office
The Calcutta High Court has set aside a fire department order to vacate two floors. These floors house the office of TMC leader Abhishek Banerjee on Camac Street. The court directed the department to reconsider the TMC's reply and inspect the premises again. If further fire safety shortcomings are found, the TMC will be informed to take corrective action.
In 2019, scientists shook living earthworms at high frequencies to study their changing shapes, uncovering an unusual physics phenomenon that earned one of science’s strangest prizes
A captivating study explored the movements of earthworms placed on a vibrating surface, revealing surprising wave-like behaviors reminiscent of liquids. Researchers Ivan Maksymov and Andrey Pototsky unlocked these subharmonic responses, contributing significantly to our understanding of physical phenomena. Their remarkable research earned them an Ig Nobel Prize, indicating a possibility of nonlinear wave patterns in other living organisms as well.
Europe's heatwaves expose insurance gap as business losses mount
European businesses face significant losses from extreme heatwaves. Traditional insurance often fails to cover these indirect operational disruptions. Many companies report substantial turnover declines during prolonged hot weather. Parametric insurance offers a potential solution for automatic payouts. Businesses must also adapt operations to withstand increasing heat impacts.
Climate tech startup InRisk raises $27 million from Bessemer, others
Climate tech startup InRisk Labs has raised $27 million in a round co-led by Bessemer Venture Partners and Sameer Brij Verma’s Northpoint Capital, while its subsidiary EarthRe Insurance IFSC has received a final reinsurance licence from the International Financial Services Centres Authority (IFSCA). The transaction values the group at around $70 million, cofounder Siddesh Ramasubramanian told ET.
Catch 'em before they fall: India's new climate safety net
Indian cities face a dual threat of extreme heat and torrential monsoons, severely impacting informal workers. Traditional insurance and government aid are insufficient, leaving millions unprotected. Parametric insurance, triggered by verifiable weather data, offers a swift solution. Pioneered by SEWA and now adopted by initiatives covering construction and other workers, it provides immediate financial relief, bolstering operational resilience for businesses and safeguarding livelihoods.
Go Digit paid India’s first insurance claim using parametric product for agriculture, it said
Go Digit General Insurance has disbursed payouts to around 500 farmers in Rajasthan. This marks a significant step in climate-linked insurance for agriculture. The policy covered soil moisture imbalance during the rabi season. This parametric solution offers immediate liquidity using objective data. It helps bridge the gap between climate shock and recovery for farmers.
Why Union Budget 2026 could be crucial for expanding insurance coverage in India
An industry perspective on the reforms and incentives Budget 2026 could introduce to strengthen insurance adoption, manage emerging risks and support inclusive growth.
India considers introducing nationwide climate-linked insurance scheme
India's government is in early talks with local insurers to design a nationwide climate-linked insurance program. This parametric model would provide quick, pre-determined payouts for extreme weather events like heatwaves and floods, helping the government manage disaster costs. India, highly vulnerable to climate change, aims to be a pioneer in this approach, building on successful state-level pilots.
How migrant labourers in Noida can get insurance payout of Rs 3000 if temperature rises
Digit Insurance is settling claims for Noida's migrant labourers due to extreme heat. This heat-index based cover offers quick financial relief. Workers in Delhi-NCR and Lucknow are also covered. Payouts reach Rs 3,000 if temperatures exceed thresholds for consecutive days. Jan Sahas Foundation covers the premium for these workers.
Is parametric insurance the next big thing in insurance?
As climate, technology, and disaster risks intensify, parametric insurance offers a fast, data-driven alternative to traditional models. From agriculture to travel, SMEs to energy, its predefined triggers ensure swift pay-outs and financial stability. This evolving model enhances resilience, making risk management smarter, faster, and more future-ready.
Digit Insurance partners with KMD to offer AQI-based Parametric Insurance to construction workers
Digit Insurance, in partnership with KM Dastur Reinsurance Brokers, introduces an AQI-based parametric insurance policy to financially support 6,200 migrant workers in Delhi NCR affected by construction bans due to high pollution levels. The policy triggers compensation of up to Rs 6,000 if AQI exceeds 400 beyond two strikes.
High premium costs for parametric insurance flagged at NDMA meet amid GST concerns
The National Disaster Management Authority (NDMA) discussed the high cost of parametric insurance premiums and the imposition of 18 percent GST on insurance premiums. The meeting focused on expanding parametric insurance, particularly for extreme heat, and finding ways to finance premiums for disadvantaged groups. The NDMA also plans a workshop on disaster risk insurance in September 2024.
Extreme heat cover, the right coolant
In response to increasing heat-related challenges, especially impacting informal sector workers, efforts are being made to mitigate financial losses through parametric insurance. This innovative approach focuses on predefined weather events rather than actual losses incurred. Last year, SEWA provided heat insurance to 21,000 members, which has now expanded to cover 50,000 individuals this year.
Government initiates parametric & hydroelectric insurance pools for enhanced disaster protection
The government, led by GIC chairman Ramaswamy Narayanan, is developing parametric and hydroelectric insurance pools to enhance disaster protection. Parametric coverage will pay claims based on predefined triggers like earthquakes, while the hydroelectric pool will insure losses to power projects due to natural disasters. These schemes draw inspiration from the successful post-2004 terrorism insurance pool. The government plans to prioritize these initiatives after the elections. Details like whether the coverage will be at the state or district level are still being finalized.
Insurers may get aid to deal with nature's fury
The standing committee on finance-headed by former minister of state for finance Jayant Sinha has considered issues around reinsurance following complications in insurance claims related to the Teesta Stage III Hydropower project in Sikkim that was washed away by a glacial lake outburst. The power project, which was completely washed down by a glacial lake outburst flood, was insured for ₹ 11,400 crore by a consortium of insurers, including a public sector entity, but reinsurers capped the payout at ₹500 crore.
Auto Expo 2023: Hyundai Motor India launches all electric model Ioniq 5, price starting at Rs 44.95 lakh
"Ioniq 5 represents our shift towards future mobility with tenets that encapsulate intelligent technology, innovation and sustainability," PTI quoted Hyundai Motor India MD and CEO Unsoo Kim as saying while launching the model at Auto Expo 2023. Kim added that the model will pave the way for faster adoption of electric mobility.
Hyundai teases new Elantra, will launch it on March 17
The sedan will have a ‘Immersive Cocoon" designed interior, which as per the car maker, creates a driver-focused user experience. Low and wide structures go from the door and connect all the way to the center console, while the large interface consisting of two harmoniously integrated displays elevates the racing-inspired feel of the car".
Harsh Vardhan opens Multi-Parametric Geophysical Observatory
Union Minister of Science and Technology Harsh Vardhan inaugurated the Multi- Parametric Geophysical Observatory set up by the Indian Institute of Geomagnetism.
5 Delhi hospitals not strictly adhering to biomedical waste management rules: Jayanthi Natarajan
Five Delhi-based hospitals have been found to be not strictly adhering to the parametres prescribed under the bio-medical waste management rules.
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