Latest news with #InsuranceCompany
Khaleej Times
02-06-2025
- Automotive
- Khaleej Times
AFNIC's FloodGuard: Why motorists should opt for FloodGuard
In recent years, extreme weather conditions have become increasingly common. Flash floods, storms, and tempests have caused significant damage to vehicles, often catching car owners off guard — especially those without comprehensive motor insurance. To bridge this critical protection gap, Al Fujairah National Insurance Company (AFNIC) has presented an innovative, standalone solution: Motor Flood & Storm Relief Insurance, branded as FloodGuard. What is FloodGuard? This exclusive product offers protection against accidental loss or damage to your car solely due to specific weather-related perils: Flood, Inundation, Storm, and Tempest (FIST). It is designed for vehicles not insured under comprehensive insurance, including those insured only under a Motor TPL Policy. Who can avail FloodGuard? Eligible vehicles include privately-owned or company-owned cars used strictly for private and pleasure purposes. Commercial vehicles, pickups, buses, motorcycles, and cars used for hire or reward are excluded. Key features at a glance Standalone Protection: Independent of your existing TPL insurance, even if it's with another insurer. Annual Policy Term: Covers a full 12 months (not 13 months). Loss Limit-Based Coverage: Claims are capped by a chosen Loss Limit, not the market value or sum insured. Currently available at Dh25,000 and Dh50,000 Loss Limits. Reinstatement Option: Replenish the Loss Limit post-claim with additional premium. Total Loss Payouts: Up to 90% of Depreciated Market Value (DMV) or Loss Limit — whichever is lesser. Weather Data Authentication: Claim eligibility based on UAE's National Centre of Meteorology reports. Repair Coverage: Non-agency repairs only; agency repairs excluded. Cash Loss Option: Choose to receive cash instead of repairing the vehicle. Some of the major exclusions to note: No cover during the first 15 days (unless it's a continuous renewal). Damage while desert driving, dune bashing, or traversing wadis, rivers, lakes, or beaches — even if dry. No replacement car, rent-a-car, or loss of use benefits. Gradual damage or pre-existing damage is not covered. Policy ends upon sale/transfer of vehicle or total loss claim. Quick and easy purchase options: Policies can be easily obtained by accessing AFNIC's website or dedicated portal via QR Code or direct Link. The entire process can be completed in just a few steps — in less than five minutes. Prefer a personal touch? Visit any AFNIC branch Office or one of over 40 AFNIC outlets across the UAE for on-the-spot issuance. Peace of mind in every forecast: This pioneering product ensures your vehicle is not left vulnerable during unpredictable climatic events, giving peace of mind to vehicle owners across the UAE. For car owners not opting for a comprehensive plan, FloodGuard offers affordable, essential, and timely protection tailored for today's unpredictable weather challenges.
Yahoo
22-05-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Royal Bank of Canada Insurance Company Ltd.
OLDWICK, N.J., May 22, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of Royal Bank of Canada Insurance Company Ltd. (RBCICL) (Cayman Islands). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect RBCICL's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. RBCICL is a profitable subsidiary of Royal Bank of Canada (RBC), which is the largest bank in Canada as measured by market capitalization. RBCICL has high brand recognition as it executes its strategy of reinsuring and managing Canadian Creditor Life, Longevity and other international insurance products that aligns with the parent company's strategy. RBCICL transitioned to IFRS 17 reporting on Nov. 1, 2023. The company holds a contractual service margin liability for its profitable reinsurance contracts, which contributed to a decline in reported capital on transition to IFRS 17 but is expected to be released into earnings over time. The company has had reduced new business growth in recent years due to increased competition and market conditions, but continues to quote on profitable new growth opportunities. The parent bank is a strong organization with approximately CAD 127 billion of IFRS equity at financial year-end 2024 and over CAD 2 trillion in assets. RBC group earned approximately CAD 16 billion in net income on CAD 57 billion in revenue in fiscal-year 2024. AM Best notes that RBC does not guarantee support, but may provide additional capital at its discretion should RBCICL need to maintain its risk-adjusted capitalization levels. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Stratos Laskarides Senior Financial Analyst +1 908 882 1995 Ed Kohlberg Director +1 908 882 1916 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
21-05-2025
- Business
- Time of India
NHPC Q4 profit rises 52% in Q4 to ₹919 crore; FY25 profit slips 15%
New Delhi: State-owned hydropower developer NHPC has reported a 52 per cent growth in its consolidated net profit to ₹919.63 crore for the March quarter, driven by increased income. It posted a net profit of ₹605 crore in the January-March period of the preceding 2023-24 fiscal year, the company said in an exchange filing on Tuesday. NHPC increased its income to ₹2,672.11 crore, from ₹2,320.18 crore in the same quarter a year ago. However, for the entire FY25, the net profit declined by around 15 per cent to ₹3,411.73 crore, from ₹3,999.54 crore in FY24. The company's board has recommended a final dividend of Re 0.51 per equity share of face value ₹10 for the financial year 2024-25, subject to shareholders' approval at the upcoming Annual General Meeting. This is in addition to the interim dividend of ₹1.40 per equity share for the FY 2024-25 paid in March 2025. In April, the company commissioned the 800 MW Parbati-11 HE Project (hydroelectric) and 107.14 MW (out of a total of 300 MW) Karnisar Solar Power Plant. NHPC said that in October 2023, there were certain losses to the assets and consequential generation loss in Teesla-V, Teesta Low Dam - Ill & Teesta Low Dam - IV Power Stations owing to a flash flood in river Teesta. Subsequently, in August 2024, another incident of landslide with certain consequential losses occurred at Teesta-V Power Station. These losses are covered under Mega Insurance Policy and claims in this regard have been filed with the Insurance Company. Accordingly, 'Other Income' for the quarter and financial year ended March 31, 2025 amounting to ₹44.34 crore and ₹108.59 crore, respectively, and 'Other Expenses' amounting to ₹28.66 crore and ₹99.73 crore for the quarter and financial year ended March 3 1, 2025, respectively, have been recognised in respect of 'Material Damage'. Further, income on account of realisation of loss due to Business Interruption amounting to ₹111 .52 crore and ₹409.02 crore has been recognised in 'Other Income' during the quarter and financial year ended March 31, 2025, respectively, on the basis of confirmation received from Insurance Company. NHPC, under the Ministry of Power, is the largest hydropower development organisation in India, with capabilities to undertake all the activities from conceptualisation to commissioning of hydro projects.
Mint
21-05-2025
- Business
- Mint
NHPC Q4 profit rises 52 pc in Q4 to ₹919 crore; FY25 profit slips 15 pc
New Delhi, May 21 (PTI) State-owned hydropower developer NHPC has reported a 52 per cent growth in its consolidated net profit to ₹ 919.63 crore for the March quarter, driven by increased income. It posted a net profit of ₹ 605 crore in the January-March period of the preceding 2023-24 fiscal year, the company said in an exchange filing on Tuesday. NHPC increased its income to ₹ 2,672.11 crore, from ₹ 2,320.18 crore in the same quarter a year ago. However, for the entire FY25, the net profit declined by around 15 per cent to ₹ 3,411.73 crore, from ₹ 3,999.54 crore in FY24. The company's board has recommended a final dividend of Re 0.51 per equity share of face value ₹ 10 for the financial year 2024–25, subject to shareholders' approval at the upcoming Annual General Meeting. This is in addition to the interim dividend of ₹ 1.40 per equity share for the FY 2024-25 paid in March 2025. In April, the company commissioned the 800 MW Parbati-11 HE Project (hydroelectric) and 107.14 MW (out of a total of 300 MW) Karnisar Solar Power Plant. NHPC said that in October 2023, there were certain losses to the assets and consequential generation loss in Teesla-V, Teesta Low Dam - Ill & Teesta Low Dam - IV Power Stations owing to a flash flood in river Teesta. Subsequently, in August 2024, another incident of landslide with certain consequential losses occurred at Teesta-V Power Station. These losses are covered under Mega Insurance Policy and claims in this regard have been filed with the Insurance Company. Accordingly, 'Other Income' for the quarter and financial year ended March 31, 2025 amounting to ₹ 44.34 crore and ₹ 108.59 crore, respectively, and 'Other Expenses' amounting to ₹ 28.66 crore and ₹ 99.73 crore for the quarter and financial year ended March 3 1, 2025, respectively, have been recognised in respect of 'Material Damage'. Further, income on account of realisation of loss due to Business Interruption amounting to ₹ 111 .52 crore and ₹ 409.02 crore has been recognised in 'Other Income' during the quarter and financial year ended March 31, 2025, respectively, on the basis of confirmation received from Insurance Company.
Mint
21-05-2025
- Business
- Mint
NHPC Q4 profit rises 52 pc in Q4 to ₹919 crore; FY25 profit slips 15 pc
New Delhi, May 21 (PTI) State-owned hydropower developer NHPC has reported a 52 per cent growth in its consolidated net profit to ₹ 919.63 crore for the March quarter, driven by increased income. It posted a net profit of ₹ 605 crore in the January-March period of the preceding 2023-24 fiscal year, the company said in an exchange filing on Tuesday. NHPC increased its income to ₹ 2,672.11 crore, from ₹ 2,320.18 crore in the same quarter a year ago. However, for the entire FY25, the net profit declined by around 15 per cent to ₹ 3,411.73 crore, from ₹ 3,999.54 crore in FY24. The company's board has recommended a final dividend of Re 0.51 per equity share of face value ₹ 10 for the financial year 2024–25, subject to shareholders' approval at the upcoming Annual General Meeting. This is in addition to the interim dividend of ₹ 1.40 per equity share for the FY 2024-25 paid in March 2025. In April, the company commissioned the 800 MW Parbati-11 HE Project (hydroelectric) and 107.14 MW (out of a total of 300 MW) Karnisar Solar Power Plant. NHPC said that in October 2023, there were certain losses to the assets and consequential generation loss in Teesla-V, Teesta Low Dam - Ill & Teesta Low Dam - IV Power Stations owing to a flash flood in river Teesta. Subsequently, in August 2024, another incident of landslide with certain consequential losses occurred at Teesta-V Power Station. These losses are covered under Mega Insurance Policy and claims in this regard have been filed with the Insurance Company. Accordingly, 'Other Income' for the quarter and financial year ended March 31, 2025 amounting to ₹ 44.34 crore and ₹ 108.59 crore, respectively, and 'Other Expenses' amounting to ₹ 28.66 crore and ₹ 99.73 crore for the quarter and financial year ended March 3 1, 2025, respectively, have been recognised in respect of 'Material Damage'. Further, income on account of realisation of loss due to Business Interruption amounting to ₹ 111 .52 crore and ₹ 409.02 crore has been recognised in 'Other Income' during the quarter and financial year ended March 31, 2025, respectively, on the basis of confirmation received from Insurance Company. NHPC, under the Ministry of Power, is the largest hydropower development organisation in India, with capabilities to undertake all the activities from conceptualisation to commissioning of hydro projects.
