A spokesperson said Tokio Marine will continue to consider measures...
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19th SIRC 2023 on ‘(RE)INSURANCE RESET’ will be held in Singapore from 30 October to 2 November, will be an all in-person event
The Singapore Reinsurers’ Association (SRA) Chair, Marc Haushofer...
Typhoon Mawar is most powerful storm of 2023, so far
Mawar is now one of the three strongest storms ever to hit the...
U.S. Residential Solar Projects Turn to Output Insurance
A tool designed as an insurance policy for solar-power generation will be used to manage the risk associated with U.S. residential systems for the first time as part of a financing agreement backing 4,000 projects in the Northeast
Willis Towers Watson launches benchmarking service to help insurers improve claims handling & profitability
Tom Helm, Head of Claims Consulting at Willis Towers Watson, said: “Data and analytics have transformed many areas of the insurance industry, but it has been slower to adapt than other financial services, such as banking and retail. This is changing as the claims process in the insurance market finds itself increasingly under the spotlight, with more insurers recognising claims as an investment opportunity to help gain competitive advantage, market differentiation and increased customer loyalty.”
Draft Brexit deal ends Britain’s easy access to EU financial markets
Britain’s decision to leave the EU has undermined London’s position as the leading international finance hub. Britain’s financial services sector, the biggest source of its exports and tax revenue, has been struggling to find a way to preserve the existing flow of trading after it leaves the EU.Many top bankers fear Brexit will slowly undermine London’s position. Global banks have already reorganized some operations ahead of Britain’s departure from the European Union, due on March 29.
Global accounting body proposes one-year delay to insurance rule
“While it is good that the IASB Board has at last recognised the need to consider improvements and a delay to IFRS 17… one year is simply not enough time to both fix the problems with IFRS 17 and to give insurers enough time to implement the standard properly,” said Olav Jones, deputy director general of Insurance Europe, an industry body.
India & China may record 10.50% medical inflation in 2019:Willis Survey
Insurers blame the high cost of medical technology and the overuse and over prescribing of services as the major cost-driving factors, and caution that soaring hospital/inpatient and pharmacy costs will become significant factors over the next five years.
India ranks 2nd last in pension schemes, Netherlands, Denmark on top: Study
Measuring 34 pension systems (34 countries), the Index showed that the Netherlands and Denmark (with scores of 80.3 and 80.2, respectively) both offer A-Grade world-class retirement income systems with good benefits — clearly demonstrating their preparedness for tomorrow’s ageing world. Meanwhile, countries with the highest value for the adequacy sub-index are Germany (79.9) and France (79.5) with Mexico (37.3) and India (38.7) having the lowest values.
After Google, Facebook scraps forced arbitration in sexual harassment cases
The technology industry, known for its groundbreaking products as well as its trendsetting office culture, has gone to considerable lengths in recent years to keep work-force disputes out of the court system. Forcing employee complaints into arbitration has become as common as free lunches and shuttle buses to the office.
Insurtech:Number of insurance patents filed jumps 40% in a year
RPC says that insurance patents filed last year were for innovations as diverse as the use of a system that checks whether a self-driving car is operating autonomously and switches between insurance policies automatically, and a mobile app to speed up the claims process for people affected by natural disasters.
Baby boom for some nations, bust for others: study
Ninety-one nations, mainly in Europe and North and South America, weren’t producing enough children to sustain their current populations, according to the IHME study.But in Africa and Asia fertility rates continued to grow, with the average woman in Niger giving birth to seven children during her lifetime.
Italy’s Generali to stop insuring new coal plants
Generali’s action, which comes ahead of a United Nations climate change conference in Poland in December, is the latest by a big insurance company that targets the coal industry as part of efforts move towards a lower carbon economy.In late 2017, French insurer AXA said it planned to disinvest further from the coal industry. Others that have taken steps include Scor, Swiss Re and Zurich Insurance.