The Insurance Regulatory and Development Authority of India (Irdai) has penalised agents and brokers for their involvement in a Rs 300-crore fraudulent crop reinsurance deal as they cheated Tata AIG General Insurance.
The Insurance Regulatory and Development Authority of India (Irdai) has penalised Unison Insurance Broking Services, Confiance, a Malaysia-based broker and Global Master Consultant (GMC) for their involvement in a Rs 300-crore fraudulent crop reinsurance deal as they cheated Tata AIG General Insurance, The Indian Express reported. Citing an order issued last week, the report also said that a member at IRDAI, Sujay Banarji has barred Confiance MD, Steven Chetty from doing any kind of insurance business in India due to his primary role played in the fraudulent deal. Further, Sachin Agarwal and Mukesh Ranwan, Directors of GMC representing Confiance in India have also been forbidden from doing business in insurance/ reinsurance, not just in India but from their overseas office also. According to the report, the primary broker for Tata AIG General Insurance, Unison Brokers has been fined Rs 1 crore for their participation in the fraud. Tata AIG had made a complaint to IRDAI against Unison Insurance Broking Services earlier in December 2019 alleging fraud in reinsurance placement pertaining to crop insurance. The company has written an email to the insurance regulator stating that the Baroda-based broker has made “facultative reinsurance arrangements to support the company’s crop reinsurance risk cover in 2018-19.” “Confiance had provided the terms for placement with two reinsurers, Tokio Marine Kiln Syndicate (TMK) and Best Meridian Insurance (BMI) and the insurance placement was confirmed with copies of signed slips of the participating reinsurers. The broker remitted the reinsurance premium of Rs 1.13 crore and Rs 6.17 crore, respectively, to Confiance,” the report added. After the company deducted its brokerage in November 2018, officials at Tata AIG realised that TMK is not participating in the facultative placement of its crop business. Upon contact, it was confirmed that TMK has not supported the reinsurance and while the slips appeared by to signed by TMK, they were issued by it. BMI too accepted that they have not signed, quoted or executed any reinsurance involving Tata AIG. As a result, fraudulent slips were exposed. IRDAI said that the actions of Confiance were ‘deliberate and harmful’ further mentioning that actions like these cannot be tolerated under any circumstances as they put general insurance companies in distress. Meanwhile, “Confiance made no efforts to clarify its stance and simply returned the premium, which, in turn, proves that it intentionally committed this act by not placing the risk with the foreign reinsurers and issued forged reinsurance slips to the Indian reinsurance broker,” the report said. Source - https://www.financialexpress.com2024 AgroInsurance International Conference: New Partners and Agenda updates
26.02.20242024 AgroInsurance International Conference will take place on June 3-5, 2024 in Belgrade, Serbia, at the Hyatt Regency Hotel. Planet Labs (USA) and GAF AG (Germany) are sponsors of our conference. Agremo (Serbia) has been confirmed as the Organization Partner. More partners and sponsors to be announced in March 2024.
Spain - 30% of La Palma's banana production has already been lost due to the advance of the lava
14.10.2021More than three weeks after the Cumbre Vieja volcano erupted, the lava that continues to flow from its interior continues to devastate everything in its path, destroying houses, infrastructure, and banana plantations. The production of Platanos de Canarias is the economic engine of the island, accounting for 50% of its GDP and 30% of the jobs on the island.
USA - Widespread root rot crop loss in 2022-23
Root rot has been established in some pea and lentil fields across North Dakota and Montana, with widespread crop loss observed in 2022-23. To help, North Dakota State University (NDSU) research is focusing on what farmers can do to reduce their root rot risk as they begin seeding their pulse crops this spring.
UAE - Unprecedented floods destroy greenhouses
The United Arab Emirates experienced a "historic climatic event", according to the National Meteorological Center, which stated, "The UAE experienced the heaviest rainfall in 75 years, and the "Khatm Al-Shakla" area in Al Ain received 254.8 mm of rain in less than 24 hours." That's the equivalent of two years' rainfall by the country's standards.
Philippines - P184-million crop loss to El Niño reported
Agricultural crops worth approximately P184.63 million suffered damage, while 3,427 farmers grappled with the effects of the El Niño phenomenon. Sylvia Dela Cruz, the provincial agriculturist of Capiz, reported that data from 13 municipalities showed 3,115.11 hectares of rice land impacted, with 852.41 hectares totally damaged and 2,272.70 hectares partially damaged.
Canada - The B.C. agriculture sector continues to face relentless challenges, one after another
Facing increasing drought, alarming climate change, high levels of food insecurity and a myriad of distinct microclimates in all parts of the province, farmers are continually searching for ways to mitigate their obstacles.
Cocoa prices hit records as West African yields decline
Cocoa prices broke $10,000 per ton for the first time in March, amid disease outbreaks and destructive weather patterns in West Africa. Cocoa futures were as high as $10,080 in New York at the close of the first quarter, having more than doubled this year – due to expectations of a shortage of cocoa beans, the raw material used to make chocolate.
Bangladesh - Climate change in the north-west
The north-west — Rajshahi and Rangpur divisions — of Bangladesh produces more than one-third of the country’s staple food, especially boro rice. The region has 40 per cent of the country’s total irrigated area and 30 per cent of the net cultivable area, with the highest average rice yield.
Canada - Blossoms arrive early, farmers fearful of April frost
All eyes are on the short-term weather forecast for local stone fruit farmers thanks to Mother Nature’s unpredictable ways. In a strange twist that saw this year’s mild winter help create an early explosion of healthy blooms over the past week, forecasted low overnight temperatures over the next two weeks could create a disastrous situation.
USA - USDA reminds agricultural producers to report damage or losses following inclement weather
During the spring time of the year we do see inclement weather conditions, something that has occurred quite a bit over the past few weeks across the country. Due to this, the USDA Farm Service Agency (FSA) wants to remind agricultural producers to report damage or losses following inclement weather.