In November last year, the Switzerland-based Zurich Insurance Group...
Category:
Non-Life
Latest
Howden appoints David Shalders as its Group Chief Operating Officer
International broker Howden has appointed David Shalders as its...
WTW launches world-first parametric insurance protection for endangered South Pacific coral reef system
Sarah Conway, Director and Ecosystem Resilience Lead, WTW, said:...
Ransomware surge imperils hospitals as pandemic intensifies
Hackers are aware that “health care is the most likely to pay the ransom because their services are critical,” dos Santos said.
“Stopping services means that people will literally be dying.”
For hospitals unable or willing to pay, “it would mean going back to pen and paper, which can cause huge slowdowns,” he added.
Insurers have to collect BI policy premiums for 150 years to make up for COVID-19 global losses:Geneva Association
Among the report’s, prepared by the Geneva Association, main findings are that, encouragingly, health and life risks for a pandemic resembling COVID-19 pose no fundamental insurability challenges.
However P&C insurers have nowhere near the capacity needed to shoulder projected global output losses of more than USD 4 trillion for 2020. By comparison, they collect USD 1.6 trillion in annual premiums, with just USD 30 billion for business interruption policies.
Lloyd’s insurer Apollo to stop underwriting Adani coal mine from Sept. 2021
“We participate in one construction liability policy in respect of Adani Carmichael…this particular policy terminates in September 2021 after which we will no longer provide any insurance cover for this project,” chair of Apollo Syndicate Management Julian Cusack said in the memo.
“We have recently declined to participate in an additional policy relating to the port and rail extension and have agreed that we will not participate in any further insurance policies for risks associated with this project.”
Fare limits to remain in place for another three months Puri
“Even though we are extending it by three months, if by the time we reach the end of the year, and if we find that there is a very appreciable movement in the situation and we are reaching pre-COVID levels, I would absolutely have no hesitation if my colleagues (aviation ministry officials) want us to not utilise the price band for the full three months period,” Puri added.
“SIRC 2020 Re-Mind”:Mumenthaler and Kessler to address the virtual event, Global-Asia Insurance Partnership to be launched
Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Heng Swee Keat will announce the launch of the Global-Asia Insurance Partnership (GAIP), a new global centre of excellence in risk management in Singapore that is a tripartite partnership amongst regulators, academia and industry
Singapore’s Nanyang Technological University will be the research institution partner under the GAIP, to work on studies about the future development and needs of the insurance sector.
All insurance/reinsurance industry practitioners and media can register for the virtual event free of cost at https://sirc.6connex.com/event/SIRC2020REMIND/login
Swiss Re joins global coalition to better predict & prevent outbreak and pandemics, to harness data and analytics
The Trinity Challenge aims to develop ideas and tools for tackling the three stages of infectious disease emergencies – identification, response and recovery.
By becoming a member of The Trinity Challenge, Swiss Re is joining leaders across the academic, non-profit and private sectors including Google, Microsoft and Facebook, GlaxoSmithKline, McKinsey & Company, the Gates Foundation, the University of Cambridge and Imperial College London.
SBI General net profit rises 53% to Rs 300 cr in H1 FY 2020-21
he general insurer has manged to achieve a positive Combined Ratio, indicating the operation efficiency of a general insurer, of 96.8 per cent in H1FY 2020-21.
P.C. Kandpal, MD and CEO, SBI General Insurance Company Limited said, “Our strong distribution network and diversified products portfolio have enabled us to strike growth rate of 17 per cent against the industry growth rate of 1.6per cent. Led by Health, we expect to close this year with an overall growth of 20 per cent. Since August, there has been uptick in the motor segment, however it will still be some time before the segment will come back to pre-Covid level. On back of massive increase in use of personal mode of commute due to the pandemic, we are expecting positive traction in the third-party cover business. In H1, our Crop and Fire segments have also contributed in our growth.
India’s high use of antigen tests risks underestimating COVID-19 spread, says diagnostician
As a consequence of the reduced accuracy, India’s high use of antigen tests compared with a global use of around 10%, risked underestimating the spread of coronavirus, according to Arokiaswamy Velumani, founder of Thyrocare Technologies Ltd, one of India’s top-three diagnostic chains.
Epidemic & Pandemic insurance contracts less ambiguous in Asia:Peak Re CEO
“Specifically, when you look at COVID-19, this part of the world is going through its fifth epidemic this century, and this century is only 20 years old. There are much less problems on the wordings side in respect of pandemics in Asia,” Franz-Josef Hahn, chief executive officer, Peak Re said.
Looking ahead to January 1, 2021 renewals,Hahn highlighted that the period represents a chance for reinsurers to “correct pricing” – a move he believes necessary for the development of a “sustainable” marketplace. Otherwise, [the marketplace] is not going to go any further and no capacity will be provided any longer,” .
Cadila scouts partners to ramp up Covid vaccine production by 50 to 70 mn
The Ahmedabad-based firm is looking to hire contract manufacturers for an additional 50 million to 70 million doses of its plasmid DNA vaccine, on top of the 100 million that will come from its own capacity, according to Managing Director Sharvil Patel. He declined to name the companies and the amount Cadila has invested in developing the vaccine.
“We’re just waiting for phase II to push that part of the process,” Patel, the 42-year-old, third-generation head of family-owned Cadila, said