But new policies are likely to exclude Israel, Lebanon and...
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Centre taking steps to promote Ayush system of medicine: MoS Mahendrabhai
The Ministry of Ayush is working on the operationalisation of...
New India Assurance incurs losses of Rs192 crore in Q2 due to large CAT events
` Q2FY24 was one of the most challenging quarters for the company...
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.”
IRDA allows 9 more Cross Boarder Reinsurers
“Reinsurance placements by an insurer to these CBR’s shall not exceed two percent of the total reinsurance premium ceded outside India, said IRDAI on Wednesday.
AIR Worldwide launches COVID-19 projection tool: Provides case and death projections worldwide
“We’re providing this complimentary tool to give communities, businesses, governments, and insurers a better understanding of what the near future of the COVID-19 pandemic could look like,” said Doug Fullam, director of life/health modeling at AIR Worldwide. “Additionally, we are making this information publicly available as we feel it’s imperative to leverage our strengths as a trusted data steward to provide services that benefit the greater good.”
Policyholders can pay health insurance premium in instalments:IRDAI
The premium installment facility may be offered either as a permanent feature or may be offered as a temporary relief for a period of twelve months (one policy year) in respect of all the health insurance policies that are due for renewal up to 31st March, 2021, said IRDAI.
AXA XL announces new leadership team,creates a single global insurance underwriting function
The underwriting function will be led by a global chief underwriting officer (CUO), who will be working to design the structure of the proposed new model. The CUO would be responsible for underwriting governance, pricing, P&L and the management of the global heads of business lines in order to define and drive product strategy.
Olympic organisers must be flexible if coronavirus vaccine not ready in time, experts say
The Olympics was “a uniquely risky event”, he added, because of the threats represented by visitors streaming in from areas with a lot of infections, and the reverse flow when they return afterwards, perhaps carrying home infections.
Although more hopeful for a vaccine to be found within a year, Jason Kindrachuk, an infectious diseases expert at the University of Manitoba in Canada, flagged a risk of further delay to the Games, as vaccinating people would take time.
UK insurers in talks with Govt about creating trade credit backstop
Britain has already extended its government export insurance scheme to a broader range of countries, as commercial insurers pull out.
For example Tradelock, a unit of trade credit insurer Euler Hermes focusing on British SMEs, has stopped offering cover to new customers.
Govt plans“Pandemic Pool” covering income loss of vulnerable section of the economy
The proposed “Pandemic Pool’’ will facilitate the transfer of the loss of income risk to the extent possible and can guarantee a regular pay-out for a specific time frame to these affected individuals so that liquidity can be maintained in the economy and people of the lower strata can sustain the crisis.The state government concerned at its level can sort insurance protection for this vulnerable section of the society. The economic risk associated with such outbreaks can thus be transferred to the insurance.
The concept such a Pandemic Pool has recently been mooted by the Axa Re,the French multinational insurance company, said the central government sources.
COVID-19 Pandemic:Wave of class action lawsuits against insurers in US for denial of business interruption claims
The suits represent the broadest effort yet to compel insurance companies to fulfill promises made to hundreds of thousands of U.S. businesses that purchased insurance coverage to protect against precisely this situation.
Lloyd’s of London, Aspen American Insurance, Auto-Owners Insurance, Society Insurance, Oregon Mutual Insurance, and Topa Insurance Company are Named in Lawsuits
COVID-19 presents insurers with an opportunity to rebuild consumer trust, says GlobalData
Beatriz Benito, Senior Insurance Analyst at GlobalData comments: “The lockdowns imposed in many countries around the world has left a large proportion of the population housebound. Therefore, a reduction in claims presents insurers with an opportunity to give something back to customers and rebuild consumer trust. Currently, several insurers in the US are refunding policyholders as the lockdown will lead to a significant reduction in miles driven.”