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Beazley adds to its cyber capabilities with launch of ‘Beazley Quantum’
This new cyber consortium provides comprehensive cover for large...
Floridians flee looming catastrophe as Hurricane Milton approaches
The storm was on a collision course for the Tampa Bay metropolitan...
COVID-19 disruption causing many deaths from TB, AIDS in poorest countries, fund says
In a few of the world’s poorest countries, excess deaths from AIDS and tuberculosis (TB) could even exceed those from the coronavirus itself, said the head of the Geneva-based aid body, known as the Global Fund.
Reinsurance price rise slowing due to strong capital supply and recovering profitability: Fitch
Fitch expects the sector’s combined ratio, normalised for large losses, to improve by 2pp–3pp in 2021 and another 1pp–2pp in 2022 as price increases gradually feed into underwriting margins.
However, price rises are slowing due to strong capital supply and recovering profitability, and we expect risk-adjusted prices to remain largely unchanged in 2022.
Reinsurance outlook changes to stable as sector raises prices amid economic recovery:Moody’s
Price increases will drive stronger earnings for reinsurers through 2022 amid the post-pandemic economic recovery
Capitalization remains solid with solvency ratios well above regulatory thresholds
Uncertainty over Covid liabilities has diminished although pandemic-related claims continue to affect earnings for some large multiline reinsurers in 2021, driven by higher than expected mortality claims. The pandemic has caused reinsurers to take a more prudent stance towards systemic risk management, including communicable disease, cyber events and climate change.
UK PM Johnson to hike taxes to pay for social care
Johnson wants to raise the National Insurance (NI) tax paid by around 25 million working people to subsidize care for pensioners, including wealthy retirees, according to British media.
In 2019, Johnson said he had a plan for social care and promised to prevent the elderly from having to sell their houses to pay for care.
Global bodies join hands to launch 500 actions to reduce environmental health burden
Environmental pollution and other environmental risks cause 24 per cent of deaths through, for example, heart disease, stroke, poisonings, traffic accidents, and others, all of which could at least be substantially reduced, if not eliminated, through bold preventive action at national, regional, local and sector-specific levels.
Air pollution alone leads to 7 million deaths each year, while climate change is expected to contribute increasingly to a broad range of health impacts, both directly and indirectly through effects on biodiversity.
Hyundai to go electric for its new commercial vehicle by 2028
Further underscoring its pioneering commitment to clean sustainable energy for all types of mobility, the Group unveiled unprecedented plans that will see the electrification of all new commercial vehicle models – featuring fuel cell electric or battery electric powertrains, as well as the application of fuel cell systems – to all models by 2028. The daring strategy will put the Group at the vanguard of the commercial vehicle sector, in the process helping to reshape the industry and realize a sustainable clean future.
G20 health ministers agree vaccine confidence measures
The member nations India, the United Kingdom, the United States, Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey and the European Union agreed to work together to enhance timely global access to safe, affordable and effective COVID-19 vaccines, therapeutics and diagnostics.
Global re/insurance market to grow by 3% by 2023, Cyber, data analytics & AI key growth areas: Munich Re
“The digitalisation megatrend will radically change traditional insurance. It will give rise to new fields of risk in need of insurance solutions. With its numerous digital and innovation projects, Munich Re has laid the foundations for profitable growth going forward”, says Munich Re’s Board member Torsten Jeworrek.
Munich Re has kept the rising ransomware losses in its book of business readily manageable. In addition, price increases in a hardening market environment are producing a stabilising effect. Munich Re is adhering to its plan to grow profitably based on a current market share of roughly 10%.
IUMI reports an improvement in global marine insurance market, remains cautious over a sustainable recovery
Marine underwriting premiums for 2020 were estimated to be USD 30.0 billion which represents a 6.1% increase from 2019. Global income was split by region: Europe 47.7%, Asia/Pacific 29.3%, Latin America 9.3%, North America 7.7%, Other 6.0%.
By line of business, cargo continued to represent the largest share with 57.2% in 2020, hull 23.8%, offshore energy 12.1% and marine liability (excluding IGP&I) 6.8%.
Trinidad and Tobago receives $2.4 million parametric payout as excess rainfall claims
Due to different hazard risk profiles for each of the islands in the twin-island republic, the Government purchases two separate CCRIF policies for excess rainfall – one for Trinidad and one for Tobago. This payout is being made on the excess rainfall policy for Trinidad.
Since Trinidad and Tobago purchased coverage for excess rainfall in 2017, the country has received payouts under its excess rainfall policy each year – five payouts totalling US$12.5 million. The Government of Trinidad and Tobago also has cover for tropical cyclones (one policy for Trinidad and one for Tobago) and for earthquakes.