The rebound in the ILS market in 2023 has seen it now contributing...
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Global crypto regulations focus at G20 summit
Regulations are expected to help investors harness the potential...
Global fears are feeding demand for re/insurance: Lloyd’s CEO
John Neal,Chief Executive Officer,Lloyd’s of London Rising...
World warned: Change now or endanger food and climate
But in a stark warning to those who may hope that vast reforestation and biofuel schemes alone can offset mankind’s environmental damage, the report cautioned that these mega-projects could endanger food security, underlining that reducing emissions will be central to averting disaster
UK’s Aviva reviews Asia business
London: Britain’s second largest insurer Aviva reported a forecast-beating 1% rise in first-half operating profit on Thursday, helped by a strong performance in its general business and announced a review of its Asian operations. In his first...
Insurers Pressured to Drop Coverage of Canada’s Oil Sands Pipeline
Self-insurance by the government for the expansion would cost taxpayers $1.1 billion, the groups said. Pressure is growing for financial companies to pull back from insuring and investing in polluting industries like coal and oil as part of an effort to combat climate change.The coalition sent a letter to 27 companies registered to insure the pipeline, including Munich Re, Talanx and Zurich Insurance Group AG, asking them to drop their coverage before Aug. 31, the deadline for Canada to renew its liability insurance.
Willis Towers Watson launches drone disruption action plan
Jago Harvard-Walls, Client Relationship Director and Transportation Lead in Asia, Willis Towers Watson, said “Drone-related incidents at airports may be a recent phenomenon, but they are expected to increase in frequency, complexity and severity as drones become larger and more powerful. Airports need to prepare for potential attacks through effective risk management and there are a number of steps that airports can take to prepare for these scenarios. This includes assessing, locating and understanding the type of drone that has infringed airspace, as well as reputation management.”
Munich Re launches automated damage detection for improved hurricane response and claims experience
Munich Re’s Remote Industries offers insurance companies the information they need to prioritize and steer claims adjuster resources, proactively reach out to affected policyholders and ultimately help mitigate losses. Remote Industries uses high-resolution aerial imagery and machine learning to help insurance companies predict potential property claims four days prior to an expected hurricane.
ILS market slow to return to normal
market declined year-on-year in the second quarter of 2019, with just below $1.7 billion of non-life ILS capacity issued through 11 cat bonds, down from $6.2 billion and $4.0 billion in Q2 2017 and 2018 respectively. That made the recent quarter the second-lowest second-quarter for issuance by volume in the past eight years, except for 2016.
Munich Re’s gross premiums at €11,799m, profits up by 36% in Q2 2019
In the renewals at 1 July 2019, the recently observed market recovery continued. In particular, there was a marked improvement in prices for reinsurance cover in the markets affected by natural catastrophes.However, there were also increases in loss expectations and stable renewals in unaffected regions and markets.
Why year-long Ebola outbreak hasn’t triggered payout from pandemic insurance
The Pandemic Emergency Financing (PEF), which includes funding for an Ebola outbreak, comprises $95 million of bonds and $55 million of insurance. It would also provide financing in event of pandemics caused by other infectious diseases such as Marburg, Crimean-Congo hemorrhagic fever or Lassa fever.
Aviva weighs options for Asian business including possible sale
U.K.-based Aviva has about 52% of its customers outside of its home market. The company has 885,000 clients in Singapore as well as strategic investments working with local partners in China, Hong Kong, Indonesia, Vietnam and India, according to its website.
Parametric insurance cover provides French farmers with drought relief
Parametric insurance debuted in the 1990s with a focus on catastrophic events such as earthquakes and hurricanes, typically in emerging markets. Increasingly, however, the reinsurance industry is applying the model to risks once deemed uninsurable, aided by advances in data science.