The new rates are based on claims data with the Insurance Information Bureau (IIB), an insurance data repository. Secondly, with GIC Re being a listed company, profit is now its motive. Around 60 per cent of corporate covers are renewed on April 1 annually while the remaining get renewed throughout the year.A top insurance broker told FC, "After the non-life insurance sector was detariffed in 2007, insurers competed with each other on rates to gain market share. The same was Rs 1. With huge claims from corporate clients, GIC Re had been suffering and so it identified eight sectors that have huge claims outgo and where the premiums are not sufficient to meet the claims and told the insurers that treaty is available only if they follow IIB rates, which are based on the burning cost (claims outgo) of each sector," added the broker."Said the CEO of an insurance company, "Reinsurers have suffered large catastrophic losses worldwide.As per the circular from GIC Re, all non-life insurance companies will have to add the cost of procurement/management costs to the IIB-identified rates and accordingly quote for their corporate clients.Thus, premium rates have gone up for companies manufacturing rubber goods, plastics, textiles, chemicals below 32 degrees centigrade flashpoint, besides transporters godowns, steel plants and thermal power plants.""Soon after detariffing, many insurers were charging 27 to 28 paise for a sum insured of Rs 1,000 for providing a natural catastrophic cover and 5 paise for FLEXA cover. They were offering 99 per cent discount to corporate clients on the erstwhile tariff rates for FLEXA covers (policy covering fire, lightning explosion/implosion and aircraft insurance) while charging some premium for providing cover for natural catastrophes.""Since GIC Re is the market leader, all China Edge banding Machine Factory insurers have treaty arrangement with GIC Re."Illustrating, the broker, said: "Earlier, the overall premium rate for chemical manufaturers (below 32 degrees centigrade flashpoint) was 27 to 28 paise for a sum insured of Rs 1,000, which is now 268 paise for FLEXA, natural catastrophic and earthquake cover, which translates to a nine-fold rise in insurance cost. This is because the country’s largest reinsurer, General Insurance Corporation of India (GIC Re), has passed an endorsement stating that insurers wanting to utilise its treaty—an arrangement where capital is pooled by various reinsurers to give reinsurance support to insurers—will have to quote higher premium rates for providing covers to certain manufacturing segments.Explaining the impact, another insurance broker said, "For power and pharma companies, the premium rates have gone up three times while for chemical manufactures, where the loss ratios were very high, the rates have gone up nearly nine-fold.Mumbai: After enjoying a decade of low rates, companies buying insurance covers for their plants, machinery and properties are seeing a three- to nine-fold rise in insurance cost from this month."A text message sent to Alice Vaidyan, Chairman and Managing Director of GIC Re did not elicit any response. Now with the new rates, some sanity will prevail in the market. The claims ratio in the eight identified sectors is steep. However, the bad thing is that corporate clients which have a favourable claims ratio too will have to pay a higher premium.25 during the tariff era.
A large share of e-waste (more automatic woodworking edge banding machine Factory than 95 per cent) gets channelised to the unorganised sector where small shops adopt rudimentary methods to recover base materials.2 million tonnes of e-waste per year by 2020, up from 2 million tonnes in 2016, according to a recent ASSOCHAM-EY joint study.India is among the top five e-waste generating countries besides China, the United States, Japan and Germany.7 million tonnes of e-waste was generated worldwide in 2016 which is expected to grow at a rate of 3.2 million tonnes per year. Tamil Nadus share is 13 per cent, Uttar Pradesh 10. By 2021, e-waste will rise to 52.New Delhi: India is likely to generate 5.Among the main factors leading to rapid growth of e-waste are digital transformation, social and economic growth, rapid technology advances and dumping of trash by developed countries.8 per cent and Madhya Pradesh 7.15 per cent (CAGR). A long-term exposure to these substances can damage human nervous system, kidneys, bones, reproductive and endocrine systems.E-waste is hazardous as it contains deadly chemicals and metals like lead, cadmium, chromium, mercury, polyvinyl chlorides, brominated flame retardants, beryllium, antimony and phthalates.8 per cent, Delhi 9.5 per cent, Karnataka 8.Electronic waste refers to all items of electrical and electronic equipment which includes general consumer electronics like televisions, computers, laptops, tablets, mobile phones, white goods and industrial grade electronics, such as telecommunication systems, instrumentation systems and electronic machinery.According to the report, 44.Among states, Maharashtra ranks on top with 19.1 per cent, West Bengal 9. Lack of consumer awareness is another reason for e-waste getting into the wrong hands..8 per cent of e-waste generated in the country.9 per cent, Gujarat 8.6 per cent
01.Chinese products on which the duty was imposed include chemicals and petrochemicals, fibres and yarn, machinery items, pharmaceutical, rubber and steel items, he said.87 billion as against USD 76.During April-December 20181-19, imports from China stood at USD woodworking Equipment 53.38 billion in 2017-18. The duty is aimed at ensuring fair trade practices and creating a level-playing field for domestic producers with regard to foreign producers and exporters..As a counter measure, they impose duties under the multilateral regime of the World Trade Organization.The minister also said that the government has been taking continuous and sustained steps to bridge trade deficit by lowering the trade barriers for Indian exports to China.Countries carry out anti-dumping probe to determine whether their domestic industries have been hurt because of a surge in cheap imports.New Delhi: To protect domestic players from cheap imports, India has imposed anti-dumping duty on as many as 99 Chinese products as on January 28 this year, Parliament was informed Monday."As on 28.Various meetings have been held with Chinese counterparts as a part of ongoing efforts to seek market access for various Indian agricultural products, animal feeds, oil seeds, milk and milk products, and pharmaceuticals.2019, anti-dumping duty is in force on 99 products imported from China," Minister of State for Commerce and Industry C R Chaudhary said in a written reply to the Lok Sabha