Malaysian Prime Minister Anwar Ibrahim said separately on Tuesday...
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Sebi board allows investment advisers, research analysts to charge advance fees for up to a year
"In order to address those concerns, the board has decided that if...
Heathrow Airport fire has significant but manageable financial and operational implications
The cost of the impact could total around 20 million pounds ($26...
Amazon starts offering healthcare service to other employers
The move shows how the No. 2 U.S. private employer is diving further into healthcare, the latest industry it has aimed to disrupt after retail, enterprise technology and Hollywood.
Piloted in September 2019 for staff near its Seattle headquarters, “Amazon Care” lets employees video-chat with doctors for diagnoses and referrals. It also facilitates housecalls and drug delivery in greater Seattle, a non-virtual benefit that Amazon said would be available in greater Washington, D.C., and Baltimore in the coming months.
US and Canada transactional risk insurance market reaches record highs
From 2015 to 2019, rates for representations and warranties (R&W) insurance steadily declined. That trend, however, halted in 2020. 2020 marks the first year that primary rates are sitting above 3% since 2017, which we attribute principally to two factors: An increase in the frequency and severity of transactional risk claims.
“Surge pricing” during the flood of deal activity in the fourth quarter. Claims concerns continue to influence insurers’ approaches to pricing, and we expect rate increases to continue in the short-to-medium term.
Rajeswari joins IRDA as member, Distribution
Meanwhile, the government has advertised for the post of member, Finance & Accounts,IRDAI as the incubment Pravin Kutumbe will be retiring on 12th March after completing his three-year term.
Subhash Chandra Khuntia, chairman, IRDAI, will completing his three-year term in May.
Aon and Praedicat to address insurers’ emerging risks in casualty sector with specialist solutions
New collaboration to develop a range of specialist liability reinsurance solutions that address product liability risks including nanomaterials and 5G
Aon to collaborate with Nayms and Relm to launch cryptocurrency pilot
Dan Roberts, CEO at Nayms, said: “As the digital asset space soars to $1 trillion, the need for appropriate insurance protection to scale alongside that growth will be vital for the sustainability of this innovative market. By working with Aon and Relm, we are enabling the collaboration between technology, regulation and the existing insurance marketplace, bringing a robust solution for the cover of digital asset risk to the market.”
Aon’s $30 billion bid for insurance broker Willis hits EU antitrust hurdle:Reuters
The European Commission, which suspended its investigation into the deal last month while waiting for Aon to provide requested information, is concerned the takeover may drive up prices and hold back innovation.
Cinven and Singapore’s GIC complete acquisition of Miller
Greg Collins, CEO, Miller, commented,“Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business. This includes expanding our offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to add to the depth of our existing talent base.
Australian regulator raises antitrust doubts over Aon’s $30-billion Willis Towers bid
The regulator said the deal may lead to price increases or reduced service levels for large or high-value commercial insurance customers and may also limit the insurance coverage and pricing smaller brokers could get for their customers.
IRDAI rejects insurance brokers’ demand for life time licenses
`One of the demands of the brokers was to have their licenses in perpetuity. We can’t accept it. The current system, where each broker has to renew his license in every three years, is perfectly fine. Even,in some countries, the insurance brokers need to renew their licenses in every two years.’’said Subhash Chandra Khuntia, chairman,IRDA whiile addressing the 17th Annual Insurance Insurance Brokers’ Summit organized by Insurance Brokers Association of India (IBAI)
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Life and health insurance most likely products to see long-term benefits from COVID-19:GlobalData survey
Ben Carey-Evans, Analyst at GlobalData, comments: “Business interruption insurance is another product that could positively be impacted by COVID-19. Businesses around the world would have been scarred by forced closures throughout 2020 and into 2021 were they not able to operate. It is likely that the positive impact to this business line will be felt over time, as business owners would be very interested in policies that include pandemic cover. This product would likely have scored even higher had there not been disputes around whether insurers should pay out on COVID-19-related claims.”