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Powerful Cyclone Mocha makes landfall in Myanmar, tearing off roofs and killing at least 3
Titon Mitra, the U.N. Development Program representative in...
ADB President calls for regional cooperation in tackling climate change at IMT-GT Leaders’ Summit
Masatsugu Asakawa,President,Asian Development Bank ADB is...
Hurricanes turn 2017 as worst year for insurers as they lose $135 bn:Munich Re
Losses from weather-related natural catastrophes set a new record. Insured losses were almost three times higher than the average of US$ 49bn. Munich Re’s statistics identified a total of 710 relevant natural catastrophes, which was also significantly more than the average of 605.
Jan 1 Renewals:Reinsurance Pricing ‘Orderly’ Despite Catastrophe Losses
Willis Re said, property renewals for U.S. markets at Jan.1 showed average rate increases of 5% to 10% for catastrophe loss-hit areas and rates ranging from flat to up 7% for loss-free areas, according to a renewals report from Willis Re, the reinsurance division of Willis Towers Watson. In the Caribbean property market, catastrophe loss-hit areas saw rate increases of 20% to 40%. Canada’s property reinsurance market saw rates rise 10% to 30% in catastrophe-hit areas.
SCOR completes acquisition of MutRé
The acquisition of MutRé will enable SCOR, which has been a major technical and commercial partner of MutRé S.A. since the company was created in 1998, to strengthen its Life & Health reinsurance offering to the French mutual insurance industry.
GIFT gets major boost as Offshore Insurance Hub
The Indian government has provided competitive tax regime for the IFSC units and thereby units are provided 10 year tax holiday (of which the first 5 years is a complete tax holiday and for next 5 years there’s a tax reduction of 50%), which is applicable for all insurers operating within GIFT IFSC. The move would also help Indian Insurers to set up their offshore office in GIFT SEZ IFSC to undertake dollar business which otherwise was restricted in India.
GIC Re receives “In principle” approval for Lloyd’s Syndicate, will start business by Apr 18
Alice Vaidyan, Chairperson and Managing Director,GIC Re said “The Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources. The Lloyd’s platform will help us access quality international business and provide us with enhanced balance and diversity.”
Global insured Cat losses at $136 billion in 2017, third highest:Swiss Re
-Total economic losses from natural and man-made disasters in 2017 are estimated to be USD 306 billion, up from USD 188 billion in 2016
– Global insured losses from catastrophes in 2017 are estimated· to be USD 136 billion, the third highest on sigma records
– US was hardest hit, including by hurricanes Harvey, Irma and· Maria, which have made 2017 the second costliest hurricane season on sigma records after 2005
-Disaster events claimed more than 11 000 victims in 2017·
Strong earthquake rattles Indonesia’s Java island; 2 dead
The earthquake was about 91 kilometers (56 miles) deep and located just inland, the U.S. Geological Survey said. It triggered a tsunami warning for parts of Java’s coastline that was lifted about two hours later. No significant waves were reported
Prudential Hong Kong introduces digital claims, AI platform
eClaims is Hong Kong’s pioneering electronic claims submission system that covers all types of individual hospital claims. It is a new self-service customer platform that enables customers to both submit their hospital claims electronically and get instant claims status updates, making insurance claims an easier and hassle-free experience.
Consumers want govts to do more to protect their data from AI: Survey
In the consumer research released, only 12 percent of people surveyed say they would prefer to be served by a chatbot, even if the service they receive is faster and more accurate than that of a human. Yet over three times more executives (38 percent) think their customers will prefer service by a chatbot in three years, according to Genpact’s senior management study.
Swiss Re effects changes in Group Executive Committee,inducts new members in Board
Swiss Re’s two positions Group Chief Financial Officer and Group Chief Strategy Officer will be merged. Swiss Re’s Board of Directors proposes to elect Karen Gavan, Eileen Rominger and Larry Zimpleman as new, non-executive and independent members at the upcoming Annual General Meeting on 20 April 2018.