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Hailstorm Claims Risk Undermining Solar Energy, Insurer Says
Insurers are beginning to reduce coverage for solar businesses due...
Auto retail sales soar to record high in Nov aided by highest passenger vehicle, two-wheeler offtakes
''November '23 has become a historic month for the Indian auto...
SoftBank-backed Lemonade raises $319 million in IPO
Lemonade, started in late 2016, says it has digitized the entire insurance process, replacing brokers and paperwork with algorithms. It says it provides insurance policies to homeowners and renters in as little as 90 seconds and claim payments in three minutes.The IPO values Lemonade at $1.6 billion. That is less than the $2.1 billion it was valued at last year, after it raised $300 million in a funding round led by Japan’s SoftBank and which included insurer Allianz SE and Alphabet Inc’s venture capital arm GV. Lemonade has pursued breakneck revenue growth at the expense of widening losses.
Tesla overtakes Toyota as the world’s most valuable automaker
Chief Executive Officer Elon Musk has ignored or broken many of the established auto industry’s rules and norms in the 10 years since he took Tesla public, selling cars online and assembling vehicles in high-cost California. But while his company’s value has soared, there remains a gulf in the scale of his company and the world’s biggest car manufacturers.
Chief Executive Officer Elon Musk has ignored or broken many of the established auto industry’s rules and norms in the 10 years since he took Tesla public, selling cars online and assembling vehicles in high-cost California. But while his company’s value has soared, there remains a gulf in the scale of his company and the world’s biggest car manufacturers.
Chief Executive Officer Elon Musk has ignored or broken many of the established auto industry’s rules and norms in the 10 years since he took Tesla public, selling cars online and assembling vehicles in high-cost California. But while his company’s value has soared, there remains a gulf in the scale of his company and the world’s biggest car manufacturers.Shares of Tesla, which have more than doubled since the start of the year, climbed as much as 3.5% in intraday trading Wednesday, giving it a market capitalization of $207.2 billion, surpassing Toyota’s $201.9 billion.The shares’ meteoric rise, up more than 163% since the start of 2020, highlight growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in cleaner cars.
Wimbledon and other events left more exposed to COVID-19 risk as insurers withdraw pandemic cover: GlobalData
That an event as high-profile as Wimbledon can’t renew its policy suggests it is unlikely that any major event in the UK will be able to have pandemic cover for business interruption in the immediate future, and going ahead with events before a vaccine is rolled out is extremely risky.
EU calls British financial market proposals ‘unacceptable’
London and Brussels have an end of June deadline for completing “equivalence” assessments for determining access to each other’s financial markets.
AXA XL receives green light for first Shanghai domiciled reinsurer
With a strong S&P A+ financial strength rating, AXA XL Re China will be the first reinsurance subsidiary domiciled in Shanghai and the first foreign-owned reinsurance subsidiary in China. It will provide non-life reinsurance in China.
Lloyd’s calls for state-backed ‘Black Swan’ reinsurance
The Black Swan cover could be used to ensure payments after catastrophes such as a cyber attack or solar storm destroying critical infrastructure, as well as for pandemics, Lloyd’s said in a report published on Wednesday.
“Our concern is you solve for pandemic and you don’t solve for the next disaster,” Lloyd’s Chief Executive John Neal told Reuters.
India deploys helicopter,12 drones to stop fast-spreading locusts
The Ministry of Civil Aviation has amended rules to allow state government officials to use drones at night, a step that experts have said may help neutralise the locusts.
The government had already been using specialist vehicles and fire engines for spraying operations in at least nine densely populated states in the north, centre and west.
The locust infestation has not caused significant damage so far because it has fallen in the lean season – the gap between the previous harvest and the next planting season. But some farmers have complained about crop losses in a few districts of the desert state of Rajasthan.
SBI General Insurance unveils new brand identity
Mumbai:: Before getting listed, SBI General Insurance (SBIG) today announced the launch of its new corporate brand identity with redesigned logo and the tagline ‘Suraksha aur Bharosa dono’. Digitization has been always at core at SBIG, hence,...
Insurers secure sufficient reinsurance capacity at the 1 July and 1 June renewals:Willis Re
In general,the longstanding underlying issues of rate inadequacy continued to fuel measured rate adjustments in many classes and geographies, led by the U.S. treaty market.Double-digit risk-adjusted reinsurance price increases were seen for loss-hit catastrophe treaties and ranged from +10% to +20% for the programs of Australian and Latin American insurers,to as much as +35% in the Florida homeowner renewals.
Collectively reinsurers are recognising that COVID-19 losses, which currently are reported at about $7 billion, may take several years to settle which will spread out reserving over many quarters.
AGCS embarks on global overhaul to regain profitability and market leadership
Joachim Mueller, AGCS CEO since December 2019, said “We will now focus our entire business under a new strategic direction. We will put technical excellence in underwriting before growth, simplify and strengthen our global model to ensure that we think and act as one team, and become more efficient, leaner and faster – benefitting us and our clients. Our joint ambition is set high: The ‘New AGCS’ will be the market leader in our target segments. We expect to see significant profitability improvements of our underwriting results from 2021 onwards and aim to achieve the full turnaround and transformation of our company by 2024.”