``Having had significant degrowth in last few quarters, we believe...
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Understanding and managing key risk drivers is essential to navigate the global polycrisis: WTW
The growing inability to secure placements could put coal assets at...
Insurers review Middle East events coverage after cancellations
But new policies are likely to exclude Israel, Lebanon and...
Airlines to suffer USD11.2 billion revenue loss, 2.9 million jobs at risk: IATA
Conrad Clifford, IATA’s Regional Vice President for Asia-Pacific.identified India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Sri Lanka and Thailand as priority countries that need to take action. In India, passenger demand in 2020 is estimated to fall by 47 per cent to 89.7 million.
Helicopter damage: SC sets aside order asking insurance firm to pay compensation
The insurance firm had repudiated the state’s claim on the ground that loss that occurred to helicopter was after the duration of policy had ended as mentioned in one of the clause of Institute Cargo Clauses (ICC).
Shuttered businesses appoint lawyers to take on UK insurer Hiscox
The Hiscox Action Group said on Thursday it represented more than 200 policyholders with “dozens more joining daily”, that discussions with a litigation funder were advanced and that it had appointed Mishcon de Reya as legal adviser.
The dispute hinges on whether the government lockdown and the coronavirus are enough to trigger Hiscox’s business interruption insurance, designed for insured premises that cannot be used because of restrictions imposed by a public authority and in the event of a notifiable disease or infection.
In a statement last week, the insurer said: “General business interruption policies across the industry, including Hiscox’s, were not designed to cover the extraordinary circumstances caused by this pandemic.”
Covid-19 Pandemic:IRDAI asks insurers not to pay any dividends for FY 2019-20
“In view of the emerging market conditions, and to conserve capital with the insurance companies in the interests of the policyholders and of the economy at large,insurers are urged to take a conscious call to refrain from dividend pay-outs from profits pertaining to the financial year ending 31st March 2020, till further instructions. This position shall be reassessed by the IRDAI based on financial results of insurers for the quarter ending 30th September, 2020,” said IRDAI on Friday.
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Industries cannot be forced to pay wages during lockdown: Chief of par panel on labour
The panel has also recommended that the special provisions in case of lay-off, retrenchment and closure of company, applicable to an industrial establishment having 100 or more workers, should be raised to 300 workers.
Monte Carlo Reinsurance Rendez-Vous de Septembre Canceled due to Coronavirus Crisis
The RVS has decided to make a donation of €100 000 (US$107,963) “to speed up scientific research in order to find a vaccine to combat Covid 19,”
Vivek Nath to head Willis Towers Watson’s South & Southeast Asia operations
Scott Burnett, Head of Asia and Head of CRB Asia, said: “The South Asian countries including Singapore continue to be key markets in our Asia portfolio, and one where we hold significant opportunities for strategic growth. At the same time, we continue to grow our regional talent base and expertise by adding new leaders throughout our organisation in Asia.
COVID-19 claims so far likely to be manageable; reinsurers de-risking:Willis Re Report
Reinsurers have showed that the systemic shock of COVID-19 is manageable so far, but the future strength of the sector depends on the severity of the pandemic’s continuing impact on health and economies. The industry retains sufficient capital buffer for extreme events, but the extent to which reinsurers can withstand continued asset-side volatility and increased claims emergence remains to be seen.
Reinsurers have started to de-risk their balance sheets by holding cash, which will have a significant impact on investment returns. Willis Re currently estimates a 5% hit to the global reinsurance capital base, roughly US$30 billion pre-tax.
Insurers Hiscox and Beazley expect COVID-19 claims of up to $345 million
Hiscox said it expected to pay up to $175 million to settle claims if disruption from the COVID-19 pandemic that has put billions of people on lockdown lasts more than six months.That sum would decrease to up to $150 million if the disruption lasted six months or less.
Global reinsurer capital rose by 7% to $625 billion in 2019,Net income of 23 large global reinsurers almost doubles to $18.2 billion
Mike Van Slooten, Head of Business Intelligence for Reinsurance Solutions, and author of the ARA report, said: “Reinsurers faced a challenging operating environment in 2019. On the underwriting side, carriers were confronted with higher retrocessional costs, adverse development of recent catastrophe losses, and deteriorating trends in US casualty business. At the same time, interest rates in the key US and UK markets went into reverse, as policymakers sought to address worsening prospects for global economic growth.”