This comprehensive regulatory overhaul is strategically designed to...
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AstraZeneca facing two London lawsuits over COVID-19
Anish Tailor, whose wife Alpa died in March 2021 after receiving...
Insurers raise premiums for Black Sea tankers as tensions mount – traders
The war risk premium was increased from around 1% of the cargo’s...
Lloyd’s appoints Hayley Spink as head of global operations
The appointment reflects Hayley’s global operations experience as well as her immense contribution as Brexit Programme Director, where she has been instrumental in establishing Lloyd’s Brussels subsidiary to enable the Lloyd’s market continued access to the European Economic Area (EEA) post-Brexit.
Aon partners with insurtech firm on tracking marine risk accumulations
In an era of mega-ports and ultra-large container ships, re/insurers are highly exposed to risk accumulation during a catastrophe, said Aon in a statement. As a result, the need to monitor vessel movement and estimate cargo accumulation has become a critical part of exposure management and risk selection.
IRDAI pulls up insurers for non- compliance of Insurance Ombudsman awards
According to TS Naik, general manager,Consumer Affairs Department, IRDAI, the regulator has found good deal of data showing many lapses committed by the insurers with regard to the compliance of orders of Insurance Ombudsman.
IRDA has no plans to dismantle motor 3rd party tariff regime:Khuntia
When asked about any possibility of removing the third party motor segment from tariff regime S C Khuntia, Chairman, IRDAI, on the sidelines of the 20th Global Conference of Actuaries, said, “Often general insurers complain us that tariff was not adequate and they are bleeding due to the loss making portfolio.. However, if it is detariffed, a cut- throat competition will begin. We are looking at various options on the issue.’’
Aon eyes Willis Towers Watson acquisition, may be made via an all-share business combination
Aon has officially announced its intentions as per Irish regulatory requirements, stating that any deal was “in the early stages” and would be made via an all-share business combination.
China set to be the largest global insurance market by mid-2030s:Swiss Re
The seven largest emerging markets are forecast to contribute around 40% of global economic growth over the next decade
• China alone will count for more than 25% of global output
• From quantity to quality: maturing emerging economies will see more moderate, but also more stable growth • Emerging market insurance premiums are forecast to more than double over the next 10 years, growing four times faster than in advanced markets
• Premiums in emerging Asia are projected to grow three times faster than the world average over the next two years • China to become the world’s largest insurance market by the mid-2030s
What happened to MH370? Malaysia open to proposals to revive flight hunt
There is no new search planned, but Transport Minister Anthony Loke said at the event that the government was open to hearing proposals to resume the hunt. “If there are any credible leads and any specific proposals, especially from Ocean Infinity, we are more than willing to look at it,” he said.
Govt allows one more pension option for left over employees of PSU insurance cos
“Government approves one more pension option for left over employees of public sector insurance companies who joined on or before 28 June, 1995. It would benefit 42,720 employees including 10,720 senior citizens,’’ Jaitley tweeted on Saturday.
Munich Re leads Pool Re’s £2.3bn terrorism retrocession placement
The retrocession is structured as an aggregate excess of loss treaty which will attach if Pool Re’s losses, individually or in aggregate, exceed £500 million in any year, after member insurers’ combined retention of £250 million per event or £410 million in aggregate. The £2.3 billion total reflects a further annual increase, up from £2.1 billion in 2018, as Pool Re continues to return UK terrorism risk to commercial markets. All of the capacity is written on a 3-year contractual basis.
IFFCO Tokio Launches India’s First Policy to Protect Bank Locker
The policy offers seven options of sum insured ranging from Rs 3 lakh to Rs 40 lakh and above. The premium rate is affordable with a cover of Rs 3 lakh available at just Rs 300, which is less than Rs 1 per day.