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More reinsurers will enter the Cyber Market in 2024, predicts New CyberCube Report
While there will be an increase in the frequency of cyber attacks...
Miller continues reinsurance growth with appointment of Chris Board
Miller, a specialist (re)insurance broker, has appointed Chris...
IRDAI clarifies norms on transferring and pledging of Indian re/insurers’ shares
Insurance companies has to immediately inform the IRDAI if any non-compliance is observed with regard to the provisions of the Insurance Act, the regulations and guidelines as enshrined in the existing circulars issued regarding the transfer of shares by the IRDAI…urther, where transactions are executed beyond the stipulated threshold limits by the shareholders, without the prior approval of the IRDAI
Above-average hurricane season possible in the second half of the year:Munich Re
Munich Re has said up to the end of June,natural disasters produced overall losses of around $68bn,a slightly lower figure than the 30-year average (US$ 74bn after adjustment for inflation).
Insured losses, at around US$ 27bn, were higher than usual (US$ 20bn) due to the large proportion of weather disaster losses in North America.
North America accounted for 47% of overall losses and for 82% of insured losses, significantly more than the respective long-term averages (35% and 60%). In contrast, natural disasters in Europe and the Asia-Pacific region produced lower losses.
Big U.S.Boeing customers want the 737 MAX but say contracts need re-set
American Airlines Chief Financial Officer Derek Kerr said the carrier is in “good discussions” with Boeing to finalize financing terms on 17 737 MAX jets that were to be delivered this year, adding that the airline still wants its full order for 100 MAX planes, over time
ICICI Lombard partners with Phone Pe to offer Hospital Daily Cash benefit
It is a customized hospitalization policy that allows PhonePe users to get an assured amount if they are hospitalized due to injury or illnesses including COVID-19. The biggest benefit of this product is that hospital bills are not required for the claim. A Discharge Certificate would be sufficient in most cases for the claim processing. The cover can be availed in less than 2 minutes as the process is quite simple and customers can view their policy documents instantly on the app.
PM Modi seeks US investments in Indian healthcare,agri,insurance & clean energy sectors
“India invites you to invest in finance and insurance. India has raised FDI cap for investment in insurance to 49%. Now 100% FDI is permitted for investment in insurance intermediaries,” he said.
He said that reforms in many sectors like agriculture, medicine, energy, space, aviation and others have made them attractive destination for investment. FDI limit in sectors like Defence was increased.
Opportunities in technology also include opportunities in the frontier technologies of 5G, Big data analytics, Quantum computing, Block-chain and Internet of things
France weighs insurance options to protect companies,jobs from future Pandemics
The goal is to protect companies and jobs from the damage that major events such as pandemics can cause, Finance Minister Bruno Le Maire said in a statement. A working group consisting of lawmakers and industry representatives came up with a range of solutions on developing insurance coverage for such catastrophes, and Le Maire sought public comment on its proposals to inform the government’s work on the issue
Dam collapse in China could point to a ‘black swan’ disaster
But climate change is bringing a new normal of extremes and flood-risk policies decided a decade or two ago are no longer sufficient, said Benjamin Horton, director at the Earth Observatory of Singapore.
“What really needs to happen is to work with the ecosystems,not against them by building dams,by extending flood wetlands and flood plains and allowing the water to naturally mix with the environment,”he said.
Verisk releases New Ransomware Model as part of Cyber Risk Platform
The economic loss from a major systemic ransomware attack can exceed 15 billion USD, causing significant damage to the global economy, thereby making modeling such attacks critical to the insurance industry.
China offers more financial support for flood-hit areas
Separately, the CBIRC urged insurers to properly perform investigations and claims settlement and arrange financial resources in advance to help flood-hit companies and people resume production and normal lives in a timely manner.Large parts of China were reeling on Friday from the worst floods in decades, which destroyed homes and affected millions of people.
Insurers should pay UK businesses over ‘cataclysmic’ pandemic, court hears
A ruling against the insurers could mean tens of millions of dollars in additional claims, hitting a sector that is already facing its biggest test to date. Lloyd’s of London, the world’s largest insurance exchange, estimated the global pandemic could cost insurers more than $200 billion.