The New India Assurance Company contested the claim, arguing that...
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GIPSA urges govt to notify new wage revision of PSU employees quickly
GIPSA in its communication to the fincial services department...
MACT awards Rs 18.32 lakh compensation to kin of man killed in road accident
In its order dated November 10, the tribunal said, "It is well...
Africa Specialty Risks gets Lloyd’s in-principle approval to launch Syndicate in 2024 with managing agent Apollo
Mikir Shah, CEO, Africa Specialty Risks ASR Syndicate 2454 aims to begin underwriting in March 2024, and will focus on underwriting business across Africa, which represents around 2% of Lloyd’s business globally. This presents a unique opportunity for specialty risk...
Rising war risks prompt property insurers to rethink cover
“There’s a chance that the reaction to Ukraine and others is going to have more of an impact on other parts of the world that are not live situations right now but could be live in the future like Taiwan. You can’t get anything in Ukraine at this point in time. For...
Maersk introduces surcharge on Israel shipments to cover insurance
“Moving into 2024, insurance premiums continue to be raised for vessels bound for Israel, which has brought about the need for Maersk to officially implement an Emergency Risk Surcharge (ERS),” the Danish company said in a statement Shipping group A.P. Moller-Maersk...
Reinsurance 2024: Better terms & conditions and Profitability
Fitch forecasts an improvement in underlying profitability for the global reinsurance sector in 2024, and is maintaining its improving fundamental sector outlook Robert Mazzuoli, Director, Insurance,Fitch Reinsurance rate increases for property catastrophe business...
Aditya Birla Health sees relief ahead in mediclaim premium
General cost inflation contributed to the premium rise. In the last two years, the average claim amount increased from Rs 45,000 to Rs 65,000, forcing insurers to revise premiums, said Mayank Bathwal, CEO of Aditya Birla Health Insurance Mumbai: Aditya Birla Health...
“For those businesses that are proactively investing in cybersecurity measures, we expect prices to remain stable”
In an exclusive interview with Asia Insurance Post, Teck Siong Ng, Underwriter, Cyber & Technology, Beazley speaks about the latest trends in Asia’s cyber insurance market and outlines his company's strategies to grow its business in the regionEdited Excerpts:...
Global insured losses from severe thunderstorms reach new all-time high of USD 60 billion in 2023, Swiss Re
Jérôme Jean Haegeli,Chief Economist, Swiss Re A high number of low-to-medium-severity events will aggregate to insured losses of more than USD 100 billion in 2023 Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says: "The cumulative effect of frequent, low-loss...
IFC,DFC and African Risk Capacity launch reinsurance fund to protect African smallholders impacted by climate crisis
Despite these increasing risks, subsidized agri-insurance is only available in four out of 54 countries across Africa, and currently only 3% of African farmers have insurance coverage for their farms. African smallholders - who face significantly more income shocks...
Oneglobal and Floodbase partner to develop parametric flood insurance programs across Asia
Connected through Lloyd's Lab, the two organizations recognized a massive opportunity to marry Floodbase's unmatched historical and near real-time flood data with Oneglobal's re/insurance expertise, leading market presence, and reputation for innovation BROOKLYN, N.Y:...
Hailstorm Claims Risk Undermining Solar Energy, Insurer Says
Insurers are beginning to reduce coverage for solar businesses due to the rising severity of hailstorms according to GCube, which insures more than 100 gigawatts of projects in 40 countries. That has also brought uncertainty to future solar projects, due in part to...