Maya Dongyoung Lee as Chief Operating Officer, Asia Pacific, Sompo...
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Marsh fined Rs1 crore by IRDAI for violating Indian re/insurance regulations
The broker did not remit the premium to the insurer/reinsurer...
CCI approves Central Bank of India’s proposed stakes acquisition in Future Generali Insurance ventures
Earlier, state-owned bank Central bank said it has been declared as...
Marsh and Citi develop innovative cover, to help speed global delivery of COVAX vaccines
The policy is underwritten by six leading insurers: AXA XL, Chubb, Liberty Specialty Markets, Sovereign Risk Insurance, Swiss Re Corporate Solutions, and Tokio Marine HCC.
Stephen Kay, Political Risk Leader, Marsh said: “Striving for greater global vaccine equity by increasing vaccination rates worldwide will not only help countries recover faster from the impact of the pandemic, but may also reduce the risk of new variants that come from high levels of community transmission. This innovative structure will hasten that process by allowing Gavi to procure and distribute vaccines more speedily and with greater financial confidence.”
Ron Whyte joins Miller to lead broker’s expansion in Asia-Pacific
Whyte, who joins as Head of Strategic Development, will be based in Singapore and brings over 40 years of industry experience to Miller. His focus will be to drive Miller’s growth strategy in the Asia-Pacific region, bringing Miller’s exceptional capabilities and expanding its service proposition to clients and prospects. He will commence his role on 1 September 2021.
AXA XL adds pollution insurance underwriters in the US; promotes environmental claims leader
According to MaryAnn Susavidge, Chief Underwriting Officer for AXA XL’s Environmental insurance business, “The Environmental insurance market continues to show growth opportunities, largely driven by increased construction and M&A activities. Companies looking to minimize their potential environmental liabilities find that pollution insurance is an effective risk management option. “
Natural disasters spurred by climate volatility remain a focus area for Asian reinsurers:Fitch
The protection gap signals vast potential for reinsurance growth, but Asian reinsurers face challenges in enhancing their risk mitigation capability and managing premium pricing adjustments in light of the frequent catastrophe losses.
The Covid-19 pandemic has dampened Asia’s economic growth and development, but it has also raised the importance and demand for reinsurance.
Indian businesses suffer more cyber attacks with remote working
Despite being over a year into remote working and the possibility of a likely shift to hybrid working models, security remains a key concern for the Indian businesses, the report said, adding that managing security risks is undoubtedly getting more challenging in the country.
For respondents from India, malware (56 per cent) is the leading source of security attacks followed by ransomware (53 per cent), and phishing and credential stuffing (both 43 per cent).
Haiti: flash floods and mudslides latest threats in earthquake-hit country
The natural disaster is likely to cost insurers around $250 million, according to catastrophe modeling firm Karen Clark & Co. (KCC).
While the insured losses from this event are estimated at $250 million, the KCC Caribbean Earthquake Reference Model shows that insurable losses are around $1.7 billion (which indicates an insurance protection gap of approximately $1.45 billion), said the firm
In addition to the dead and wounded, initial reports indicate more than 700 collapsed buildings, including hospitals and schools, more than 13,000 homes destroyed, and significant damage to roads.
Fewer women than men will regain work during COVID-19 recovery: ILO
In Building Forward Fairer: Women’s rights to work and at work at the core of the COVID-19 recovery, the International Labour Organization (ILO) highlights that between 2019 and 2020, women’s employment declined by 4.2 per cent globally, representing 54 million jobs, while men suffered a three per cent decline, or 60 million jobs.
New Zealand to enter lockdown after single coronavirus case found
The move into the strictest lockdown underscored the vastly different approach New Zealand has taken to the virus than most other nations, which are attempting to suppress its spread rather than eliminate it entirely.
New Zealand has reported just 26 virus deaths since the pandemic began.
No data shows need for booster vaccines presently: Dr Gagandeep Kang
According to Dr Kang, whether people will have more antibodies or be better protected with the booster dose is still not known.
“It sounds obvious that more antibodies (abs) are better but we really don’t know whether people who push up abs with additional doses will be better protected than with the level they initially made. Or that when abs wane, we need to boost to maintain above some level,” she said.
Further, she explained how people with a poor immune response should get a third dose,
Claim and counter-claim: health insurance key point of debate in pandemic
Health insurance companies received a total of 23.06 lakh claims from April 2020 till August 6, 2021, of which 13.19 lakh claims worth Rs 14,783 crore were received since April 1 this year, it said.
But why are claims being rejected? Giving the flip side of the picture, companies in the business said there are various reasons, including patients hiding pre-existing conditions or raising a claim before the waiting period of certain days after purchasing a policy.