Will Ho, CEO, MS Amlin Asia Pacific Pte Ltd, said: “ We are also...
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Reinsurers’ underwriting margins to peak in 2024,says Fitch
Fitch also forecasts an improvement in underlying profitability for...
Bima Manthan: IRDAI to include state insurance plans in revised rural and social obligation for the industry
The mission of achieving maximum insurance inclusion received...
China’s insurance industry rakes in $ 625.5 billion premium in 2019
Last year, China’s insurance industry raked in a total of 4.26 trillion yuan (about 625.5 billion U.S. dollars) in premium income, insuring an aggregate amount of 6,470 trillion yuan, according to the report.
IAG reaches $99 mln settlement over mis-sold insurance
Insurance Australia Group had agreed to a class action settlement involving a gross payment of $99 million over add-on insurance products sold through motor vehicle and motorcycle dealers
Hitachi and Swiss Re join hands to offer industry first ‘digital risk’ solutions
“We are excited to work with a global technology leader like Hitachi to advance corporate insurance through digital market platforms and accelerate the adoption of innovative, smart manufacturing.,Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers’ needs,” said Andreas Berger, CEO, Swiss Re Corporate Solutions.
DHFL fraudulently undervalued its insurance subsidiary:Grant Thornton’s audit report
According to the auditor’s report, the Rs 2,150.84 crore-fraud was in relation to the undervalued and fraudulent nature of certain agreements entered into by the DHFL when the company sold its stake in Pramerica Life Insurance Ltd to DHFL Investments Ltd (DIL), as per a regulatory filing.
Hollywood shutdowns to cost insurer millions
The disruption of entertainment companies has translated into a rush of claims seeking compensation from insurers for lost income. Allianz alone took a 1.2 billion-euro hit to earnings in the first half from virus-related claims. In response, some insurers have stopped selling coverage to protect against business losses in future pandemics.
Cisco ordered to pay $1.9 billion in U.S. patent lawsuit, plans appeal
The payout includes an $1.89 billion award, reflecting $755.8 million in actual damages suffered by privately held Centripetal multiplied by 2.5 to reflect Cisco’s “willful and egregious” conduct, plus prejudgment interest.
Airlines warn of more bankruptcies as wage support ends
Airlines consumed $51 billion in cash in the second quarter as the pandemic brought global travel to a near-standstill, the industry body said.
Whereas the withdrawal of subsidies makes sense for sectors in recovery, IATA warned of further airline bankruptcies in the northern hemisphere winter as the collapse in revenue continues to dwarf cost savings. The average carrier now has cash for 8.5 months of operations, Brian Pearce, chief economist at the International Air Transport Association (IATA), told reporters
Spies can snoop on phone data in a crisis: European Union’s top court
The ruling is the result of four cases in France, Belgium and Britain in which governments have called for the extension of surveillance tools for the protection of their citizens.
U.S. appeals court revives Glaxo $235.5 million verdict against Teva
The case arose after Teva began selling a Coreg generic in 2007 with “skinny” labels indicating treatment for the first two conditions, and was required by the Food and Drug Administration to add congestive heart failure to the labels in 2011.
Glaxo, whose patent expired in 2015, sued Teva, and a Delaware jury ordered the Israeli drugmaker to pay $234.1 million for lost profit plus $1.4 million in royalties.
U.S. District Judge Leonard Stark overturned the verdict, saying other factors could have caused doctors to prescribe generic Coreg, including for congestive heart failure.
Covid-19 is changing global claims trends, risk exposures for companies and their insurers:Allianz
Going forward, many businesses are expected to review and de-risk their supply chains and build in more resilience. This could involve some reshoring of critical production areas because of disruption caused by the pandemic. Such a move would likely impact frequency of claims and the costs of any future business interruptions.