Insurance cos paid Rs 262 cr as claims towards Mumbai attacks

New Delhi: Insurers have paid Rs 262 crore towards claims arising out of the 26/11 Mumbai terror attacks and the money came from a corpus set up by general insurers.

"In 2009-10, Rs 212 crore were (paid) towards further on-account payments made for the losses arising from the terrorist attack on November 26, 2008 at Mumbai," Insurance Regulatory and Development Authority (IRDA) said in its annual report 2009-10.

An amount of Rs 50 crore had already been settled in fiscal 2008-09.

Insurers expect the total claims to touch Rs 500 crore.

"The loss to the pool (corpus set up by insurers) from this incident is at present estimated at Rs 500 crore including the on-account payments made so far," the report said.

Luxury hotels Taj Mahal Palace and Oberoi Trident were among the places targeted by terrorists on November 26, 2008, in a co-ordinated attack across Mumbai that killed over 200 people and left the hotels damaged and burnt.

The Terror Pool was set up in 2002 and members contribute 100 per cent of terror risk insurance premium to the corpus, which is shared among pool members to settle claims.

During 2009-10, the total premium ceded to the terrorism pool was Rs 306 crore and claims paid were Rs 214 crore.

The pool's premium in the previous year was Rs 223 crore with claims paid at Rs 50.67 crore.

The pool is protected by an excess of loss reinsurance programme, and loss in excess of Rs 150 crore are recovered from the reinsurers.

GIC and New India insurance have maximum share of 19.61 per cent each in the corpus, followed by United India at 12.86 per cent.


HSBC Global Asset Management says EM assets cross USD 100- billion

HSBC Global Asset Management today said its emerging markets assets have crossed USD 100-billion.

HSBC Global Asset Management classifies emerging markets assets as those investments in countries within the MSCI Global Emerging Markets Index.

HSBC Global Asset Management's Chief Executive, John Flint, attributed this success to proven investment capabilities, along with the strength of the HSBC brand and its extensive footprint in emerging markets.

"The world's centre of gravity is moving toward the emerging markets and HSBC has for many years been at the forefront of providing quality investment solutions," Flint said in a statement here.

"We now have two distinct opportunities for growth within our emerging markets businesses. The first is to develop investment product for domestic clients in the high growth emerging economies. The second is to develop product to facilitate portfolio flows from the developed world to the emerging markets," Flint said, adding, "during 2011 we plan to launch a range innovative capabilities and products that will capitalise on both of these opportunities."

HSBC Global Asset Management has more than 200 dedicated emerging market investment professionals located across 18 key locations.

"The achievement reinforces the HSBC Group focus on emerging markets globally. The Group is committed to its India business as it is one of the key emerging markets and India is a significant contributor to our global emerging markets assets," HSBC Asset Management(India)'s Chief Executive Officer, Vikramaaditya, said.


10 days after Pak hacking attack, CBI website not accessible

New Delhi:  Computer experts have so far failed to untangle the web cast by a group of hackers from Pakistan on India's premier investigating agency CBI's internet space resulting in a 'dead' website which is not working even after 10 days of the cyber attack.

The website of the agency which collapsed after being attacked by hackers identifying themselves as "Pakistani Cyber Army" on the night of December two is still not operational, causing major embarrassment to the Central Bureau of Investigation.

The experts of the CBI and National Informatics Centre who are trying to bring back the website to normal are finding the job too complicated because of software programmes used by the hackers, official sources said.

The experts are also looking at any possible worms or programmes that might have infested the systems of the agency and which may make them vulnerable to being tracked by hackers again, they said.

The sources said efforts are on to incorporate more security features to prevents any such attacks in future.

When contacted, officials of the agency refused to react on the developments.

The home page of the CBI website had a message from the 'Pakistani Cyber Army' warning the Indian Cyber Army not to attack their websites.

The hackers have made a mockery of the country's cyber security by infiltrating into the CBI website, supposed to be one of the most secured sites. The CBI is connected to the command centre of world police organisation -- Interpol -- 24x7.

The message from the hackers also spoke about the filtering controls provided by the National Informatics Centre (NIC), a body which mans computer servers across the country.

Intelligence agencies have been often warning the government that proper cyber security was not being ensured in government offices and that no security audit was being carried out.

The Pakistani Cyber Army has also warned that it would carry out "mass defacement" of other websites..


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