Ron Whyte, Head of Asia at Miller, commented: “Today’s announcement...
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McGill offers property war reinsurance for Ukraine
McGill said it had collaborated with local Ukrainian insurer ARX to...
Los Angeles wildfire economic loss estimates top $50 bln
J.P. Morgan believes that insured losses originating from the...
Aon’s partners with GK8 for providing insurable digital-asset storage tech
“We have worked hard to demonstrate the validity of GK8’s solution to insurers so that the company’s clients can benefit from pre-negotiated insurance coverage to protect the digital assets in their care, custody, or control,” says Tom Davis, Client Director of Aon UK Ltd.
India’s virus count over 2.6 lakh, daily spike inching close to 10,000-mark
Since the onset of June, the country has also been witnessing over 200 COVID-19 fatalities each day that has taken the country’s death toll to 7,466.
India is the fifth worst-hit nation by the COVID-19 pandemic after the US, Brazil, Russia and the UK, according to the Johns Hopkins University data.
Several states like Haryana, Jammu and Kashmir, Assam, Haryana, Karnataka, Chhattisgarh and Tripura among others have been showing a spurt in cases.
A total 266 new COVID-19 fatalities and 9,987 cases have been reported in the last 24 hours till Tuesday 8 am, according to the Union Health Ministry data.
Insurers stare at a Rs 2000 crore hit from “Amphan” devastated WB and Orissa
Till Saturday, the general insurance industry had already received claims worth of Rs 945 crore from these two states with more than 90 per cent of the total claims originating from the economically developed WB, with higher insurable industral areas, where torrential rains coupled with strong winds caused severe flooding and wind related damages especially in the Kolkata metro region, resulting in inundation and damage of both public and private infrastructure.
Around Rs 836 crore of claims have been triggered by the property damages under fire policies from the WB and rest are from motor and other policies.
COVID-19: India now ninth-worst hit country in world with 1,65,799 cases
Of the 175 deaths reported since Thursday morning, 85 were in Maharashtra, 22 in Gujarat, 15 in Uttar Pradesh, 13 in Delhi, 12 in Tamil Nadu, eight in Madhya Pradesh, seven in Rajasthan, six in West Bengal, four in Telangana and one each in Jammu and Kashmir, Andhra Pradesh and Haryana.
Of the total 4,706 fatalities, Maharashtra tops the tally with 1,982 deaths followed by Gujarat with 960 deaths, Madhya Pradesh with 321, Delhi with 316, West Bengal with 295, Uttar Pradesh with 197, Rajasthan with 180, Tamil Nadu with 145, Telangana with 67 and Andhra Pradesh with 59 deaths.
HDFC Ergo collaborates with Apollo clinic to offer health insurace products
HDFC ERGO’s Health insurance policies will be offered through Apollo Clinic’s vast network of 140+ clinics.Apollo Clinic through this tie-up will now offer financial security with HDFC ERGO’s comprehensive health plans – my:health Suraksha and my:health Medisure Super Top-up.
Quarterly global InsurTech fundraising trend slashed by over 50%, COVID-19 a likely culprit:Willis Towers Watson
InsurTechs raised a total of US$912 million during the first three months of 2020.Deal count, at 96, was up 28% over Q4 2019, 10% more than the first quarter of that year. It is the highest number of investment rounds by transactional volume ever recorded by the Quarterly InsurTech Briefing.Overall total funding was down by 54 percent, however, reflecting in part far fewer ‘mega-deals’ (US$100 million-plus deals) taking place in the year so far.
COVID-19 general insurance losses seen higher than 9/11 claims: Willis Towers Watson
Willis also said it has modeled an extreme pandemic scenario, which could result in $140 billion of losses
Gallagher launches Pandemic group insurance product for India’s Front-Line Workforce
“Insurance products generally exclude pandemics, epidemics and infectious disease management in a commercial environment. As such, a COVID-19 specific solution for the India market presents a practical solution for the business community and our clients, and we are delighted to be able to reach this point,” Wade concluded.
Aon to cut salaries of most employees, suspends stock buybacks
Gregory Case, chief executive officer; Christa Davies, chief financial officer; Eric Andersen, president; John Bruno, chief operating officer, and Tony Goland, the company’s chief innovation officer, have agreed to a temporary 50% reduction in their base salary from May 1, 2020 through December 31, 2020, or until another date is determined by the company, according to a filing with the Securities and Exchange Commission.
Total global reinsurance capital rises by 15% to $605 bn at year-end 2019,underlying returns remain low: Willis Re
James Kent, global CEO, Willis Re, said: “This analysis demonstrates how sensitive the global reinsurance capital base is to investment markets. Thankfully strong capital growth in 2019 allied to judicious investment strategies by many companies has put the industry in a good position to weather the current volatile environment. At the same time, the analysis demonstrates that underlying profitability remains a core focus for reinsurers resulting in rate increases across many lines of business, to support the pricing momentum on loss impacted lines that started in some cases in mid-2018.”