Under the scheme, MS Amlin has committed EUR 80 million in...
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Regulatory breaches emerge as top risk for Asian Boards, Willis & Clyde & Co survey
While the risk of data loss and cyber-attacks remains among the top...
Red Sea insurance rates to stay firm as US airstrikes raise fears for ships
War risk premiums briefly eased to around 0.5% of the value of a...
Aon and Willis Towers Watson establish ‘One Firm’ Vision, Name Executive Committee for proposed combination
The new Aon executive committee will lead teams working together across regions, solution lines and functions to accelerate innovation and bring the best of the combined firm to clients.
Irdai panel for separate payments of vehicle, insurance premium
The committee recommended that the customer should make payment to the insurance company directly which is facilitated by the MISP.
”MISP shall not collect the insurance premium amount in its own account and then transfer the same to the insurance company,” it added.
According to the report, the motor insurance business sourced by MISPs through brokers and insurers put together constitutes around 25 per cent of the total motor insurance business or around 11.25 per cent of the overall general insurance business.
Trump’s company suffers another defection, this time by Aon
Aon is the latest financial business to cut ties with the president. Earlier this week, Professional Bank said it won’t do more deals with the business and Signature Bank said it would close Trump accounts holding about $5.3 million.
Aon launches fuel price insurance product for shipping and aviation industries
Backed by AAA-rated credit insurance, the coverage will be activated if the cost of fuel rises and exceeds an agreed limit. The policy will cover the difference between the agreed price and the higher price, paid out monthly, to help companies manage their fuel cost exposure and avoid significant spikes in market price.
Natural disasters cause $210 billion in damage in 2020, insurer says
Losses that were insured rose to $82 billion from $57 billion in 2019, Munich Re said. They add to the burden of the coronavirus pandemic that has hit the insurance industry hard.
“Climate change will play an increasing role in all of these hazards,” said Munich Re board member Torsten Jeworrek, pointing to hurricanes, wildfires and other storms.
“It is time to act,” he said.
BMS launches ASIA operations
“We will look to expand out from M&A insurance into additional specialisms, extending our existing areas of expertise into other sectors, potentially including reinsurance, renewable energy, marine, and capital markets. We hope our ambition and entrepreneurial culture will continue to attract the very best talent in the market,”said Nick Cook, CEO of BMS Group
IRDAI unveils mandatory standard detariffed products for dwellings, micro and small enterprises
The new products can be sold by the general insurers from 1st April, 2021
IRDAI has now issued guidelines whereby the Standard Fire and Special Perils (SFSP) Policy provided for in the AIFT 2001 will be replaced by the standard products that will be mandatorily offered by all general insurers carrying on Fire and allied perils insurance business with effect from 1st April, 2021.
MS Amlin Underwriting launches Phoenix 1 Re Pte,first locally issued ILS to focus solely on APAC region
Phoenix 1 Re Pte. Ltd. is the landmark first locally issued ILS to provide capacity to a local cedant, solely focused on the Pan-Asia region.
Will Ho, CEO, MS AAP said: “ Through the creation of a remote risk facility, which caters to regional business, MS AAP will now be able to leverage larger capacity that we can deploy to our core clients on their reinsurance programmes as demand and growth increases in Asia. Phoenix 1 Re is an important long-term strategic initiative for MS AAP as we continue to seek ways to build capacity and relationships with capital market partners.”
IRDA asks general & health insurers to launch “standard travel product’’ from April 1, 2021
This standard travel product can be launched without prior approval of the IRDAI and will have common benefits and policy wordings across the industry.
Chief of Asia’s largest pharmaceutical company urges transparency in virus vaccine rollout
“Medicines or vaccines are never perfect… there are always some side effects,” said Weber, who joined Takeda in 2014 and took the top job a year later after nearly two decades at Britain’s GlaxoSmithKline.