International News

Swiss Re topples Munich Re as the largest global reinsurer in 2018:AM Best

Reinsurance       Aug 30, 2019

  London: Even as India’s state owned reinsurer GIC Re has retained its 11th ranking, Swiss Re, the second largest global reinsurer has toppled Munich Re from its position as the world’s largest reinsurer in 2018, said AM Best.   AM Best has taken gross premiums written...

More favorable pricing permeates global reinsurance industry, but is it sustainable

Non-Life, Reinsurance       Aug 29, 2019

  OLDWICK, N.J: The global reinsurance market as a whole has exhibited more underwriting control as evidenced by a holding back of capacity at the midyear 2019 renewals; however, questions remain over the sustainability of this newfound discipline, according to a new AM Best report.   The...

Tesla rolls out insurance in California

Non-Life, Technology       Aug 29, 2019

Tesla Inc  said on Wednesday it was launching an insurance service designed to give drivers in California, its biggest market, lower rates because of safety features on its electric vehicles.   Chief Executive Elon Musk has been one of the strongest proponents of the idea that...

Dennis B. Funa chairman, Asian Re

Philippines Insurance Commissioner Dennis B. Funa elected as Asian Re chairman

Non-Life, Reinsurance       Aug 28, 2019

  Bangkok: The Asian Reinsurance Corp. (Asian Re), a professional insurer operating in 10 member-countries, has elected Philippines Insurance Commissioner Dennis B. Funa as chairman.   He was elected last June 28 as Asian Re’s chairman, replacing Abdolnaser Hemmati, who had been appointed governor of the Central...

Silent-cyber claims expectations decline across insurance lines and industry groups:Willis Re

Non-Life, Regulation, Reinsurance, Risk Management       Aug 29, 2019

  ASIA PACIFIC:  The global insurance sector is considerably less concerned about silent cyber exposures than it was in 2018. The finding applies to all commercial lines of business and industry groups, according to 2019 Silent Cyber Risk Outlook, the annual global survey by Willis Re,...

Allianz Australian unit to refund customers for insurance mis-selling

Non-Life       Aug 27, 2019

The Australian unit of Germany’s Allianz SE will refund more than A$8 million ($5.40 million) to customers who were mis-sold consumer credit insurance (CCI) premiums, Australia’s investment regulator said on Tuesday.   The Australian Securities and Investments Commission’s (ASIC) said Allianz Australia Insurance Ltd will refund...

Amazon sued by publishers claiming audible text service violates copyright

Eco/Invest/Demography, Risk Management       Aug 26, 2019

  Amazon.com Inc.’s Audible was sued by some of the top U.S. publishers for copyright infringement on Friday, aiming to block a planned rollout of a feature called ‘Audible Captions’ that shows the text on screen as a book is narrated.   The lawsuit was filed by...

World's largest wealth manager turns bearish on stocks as trade war deepens

Eco/Invest/Demography, Wealth Management       Aug 26, 2019

  World's largest wealth manager turns bearish on stocks as trade war deepensUBS Global Wealth Management, which oversees more than $2.48 trillion in invested assets, has gone underweight on equities for the first time since the Eurozone crisis.   The Swiss asset manager cut its stock positioning...

Germany's Allianz grows in Brazil with $734 million deal

Non-Life       Aug 23, 2019

  BRASILIA/SAO PAULO: Germany’s insurer Allianz SE (ALVG.DE) will acquire Brazil’s Sul America SA (SULA11.SA) auto and property insurance portfolio for 3 billion reais ($734 million) in its largest push into Latin America’s biggest economy, it said in a statement on Friday.   The deal represents Allianz’...