``We direct the Central government to make a scheme in terms of...
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Lloyd’s CEO John Neal to join Aon as global Reinsurance CEO and chairman of climate solutions
John Neal Neal, after six years in Lloyd's as a CEO, will play an...
Wildfires rage in Los Angeles, forcing tens of thousands to flee
Numerous buildings were destroyed and nearly 3,000 acres (1,200...
IRDAI wants govt to launch parametric catastrophic cover on pilot basis to deepen insurance penetration
India’s mortality protection gap is 83 per cent and 72 per cent of the households underestimate the need for protection. Digitalization will allow insurers to rethink their approach in pricing, distribution, and managing the value chain, said Hadi Riachi,CEO,...
“Govt willing to consider insurers demand to be on par with banks for issuing surety bonds” Alamelu
TL Almelu, member, Non-Life, Irdai ''A huge market is available for surety bonds in-country and now, the onus is on the insurance fraternity to come out with products quickly. We have already initiated at authority level discussions with the insurance agencies and...
2021, the most challenging year yet for cyber insurance market: Aon’s Asia Market Review
Organisations with better ability to tolerate risk, and with well-articulated submissions to the market, will have the competitive edge when it comes to accessing insurance coverage, said the report Cyber Threat: Insurance premiums and retentions increased sharply...
GIC sued for $115 million by AM Re for cancellation of agreement
'GIC disputes the allegations of the complaint and will address claims at the appropriate time in the litigation. Beyond that, GIC has no comment on the allegations or claims asserted in that proceeding as the matter is pending adjudication before the US Courts,' the...
How the World Health Organization might face future pandemics
A new pact is among more than 200 recommendations for shoring up the world's defences against new pathogens made by various reviewers following the COVID-19 pandemic that has killed more than 6.2 million people in two years Suggested proposals for the pact include the...
Ukraine closes airspace to civilian flights amid “high risk” to safety
The aviation industry has taken heightened notice of the risks conflicts pose to civil aviation since Malaysia Airlines flight MH17 was shot down over eastern Ukraine in 2014 Kiev: Ukraine closed its airspace to civilian flights on Thursday, citing a high risk to...
Munich Re forecasts 2022 profit lift after pandemic rebound
"Propelled by this momentum, we will resolutely tap into the favourable market environment as we increase our profit to 3.3 billion euros in 2022," Chief Executive Officer Joachim Wenning said FRANKFURT: German reinsurance group Munich Re on Wednesday forecast a 14%...
Wildfires projected to rise 50% in this century due to climate crisis and changes in land use: UN Report
“Wildfires are made worse by climate change through increased drought, high air temperatures, low relative humidity, lightning, and strong winds resulting in hotter, drier, and longer fire seasons,” UNEP said UN: Wildfires are projected to rise by 50 per cent by the...
Hannover Re transfers record volume of catastrophe bonds to the capital market
Hannover Re anticipates a record volume somewhat in excess of USD 100 billion for the ILS market in 2022. This comes after a volume of around USD 95 billion in 2021, a figure that does not include securitisations in the area of mortgage financing Hannover: Hannover Re...
Volkswagen’s cargo ship fire losses to be at least $155 million: Russel Group
Of the roughly $438 million total value of goods aboard the Felicity Ace, which went up in flames off the coast of Portugal’s Azores Islands,Russell Group said Monday it estimates there are $401 million worth of cars. The consultant estimates auto companies other than...