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AIG to sell Validus Re to Renaissance Re in near $3B deal
The deal terms include about $2.74 billion in cash and $250 million...
Swiss Re exits Net Zero Insurance Alliance
The departure follows that of fellow Swiss firm Zurich Insurance...
Time to upgrade Airline Black Boxes, says US Safety Board
In too many cases, the current two hours of sound on the cockpit voice recorders hasn’t been enough to aid investigations, the National Transportation Safety Board said in a recommendation posted to its website Thursday. The board cited several dozen instances in which the recorders were overwritten before they could be brought into the lab.Investigators want the requirement to be increased to 25 hours of sound, and are seeking retrofits for current aircraft by 2024.
Tokio Marine Kiln stops Hong Kong operations
This decision has been made after re-assessing the ongoing, challenging market for the Engineering, Marine Cargo and Marine Liability lines written out of Hong Kong which have made the cost of maintaining the office unsustainable.
French reinsurer Scor posts profit in defence against Covea bid
Paris: French reinsurer Scor delivered a third quarter net profit on Wednesday, saying this helped justify its rejection of last month’s 8.2 billion euro ($9.4 billion) bid by rival Covea. “This performance bears witness to the...
India’s insurance gaps rise, at $27bn it constitutes 1.0% of its GDP :Lloyd’s report
In Lloyd’s Underinsurance Report 2018, underinsurance continues to represent a significant threat to global economic development with an estimated US$163bn of assets underinsured in the world today.While the global gap has closed by almost 3% over the last six years, the gap for Asian countries included in the report has widened by 9.4% to US$134bn. At the same time, the world has seen a series of extreme weather-related catastrophes and new risks such as cyber attacks have emerged, posing additional threats to society.
Insured Losses from Hurricane Michael To Be Between USD $6.8 Billion and $10 Billion:RMS
Michael Young, Vice President of Model Management, RMS, said: “This truly was one of the few hurricanes that have exceeded building-level design wind speeds for the region. Within the tragedy of this event, there are many opportunities to see effective wind and flood mitigation measures and learn how to re-build better and stronger.”
Flexible working may add $376 bn annually to Indian economy by 2030: Study
Flexible working could save more than 3.5 billion hours of commuting time across the 16 economies by 2030.
Nikolaus von Bomhard to become Munich Re chairman
As a universally acknowledged expert and industry professional, he has the comprehensive knowledge of the business that is so important for the work of the Supervisory Board.Since April 2018, von Bomhard has been the Chairman of the Supervisory Board of Deutsche Post DHL Group
Softbank pushes link-ups as insurance strategy takes shape
Three of the 10 biggest investments in new digital insurance firms over the past year — PolicyBazaar, Lemonade and Nauto — were led by Softbank, according to data from Willis Towers Watson and CB Insights
Insurers call for delay in implementing “IFRS 17” rule by 2 yrs to Jan 2023
Nine national and regional insurance industry bodies from Europe, Canada, Korea, New Zealand, Australia and South Africa want the International Accounting Standards Board (IASB) to amend and delay its “IFRS 17” book-keeping rule by two years to January 2023
US Senate Approves Bill on Commercial Drones, Airline Passengers, Disaster Relief
The bill requires the FAA to set rules authorizing commercial drone deliveries and gives the Departments of Justice and Homeland Security new authority to disable or destroy drones if they pose a threat to government facilities. The Trump administration had said it did not have legal authority to address such threats.