Indian general insurers, which will be generating a premium of over...
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Kuala Lumpur International Airport hit with cyber security threat
Malaysian Prime Minister Anwar Ibrahim said separately on Tuesday...
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...
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.
Aon’s $30 billion Willis deal faces EU probe – sources
A full probe by the EU’s executive, the European Commission, would follow a preliminary review due to end on Dec. 21. The Commission declined to comment, as did Aon and Willis. A full-scale EU investigation normally takes about five months.
Aon re-enters India,acquires 49% stake in Narayan Murthy’s Anviti Insurance Brokers
Aon which earlier had a similar joint venture with Prabodh Thaker’s Global Insurance Brokers had withdrawn from the JV three years back and has been mostly operating through Anviti Insurance Brokers, which was set up in 2017, for servicing its Indian clients,
The Indian regulations requires a international insurance brokers to wait for two years before they can re-enter the country’s insurance market.
ICICI Lombard and PLUM to provide technologically powered group health insurance products
Abhishek Poddar, Co-founder & CEO of Plum added, “The group insurance health market in India is projected to grow to Rs 100,000 crores by 2025, and will see the rise of innovative insurance products not available in advanced markets. ”