The New India Assurance Company Limited on Tuesday said that it has...
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FAIR 2025: GIC Re to host 29th FAIR in Mumbai, Over 700 global delegates to celebrate 60 yrs of Afro-Asian bonding
Ramaswamy Narayan, CMD, GIC Re, observed,“Hosting the 29 th FAIR...
Riots impose financial strain on Nepal re/insurers
Oriental Insurance Company, a branch of India's Oriental Insurance,...
APAC sees economic loss of $ 80 billion and $11 billion insured claims out of catastrophes and natural disasters in 2022
George Attard, chief executive officer, Reinsurance Solutions, Asia Pacific at Aon said, "The extreme weather in the region throughout the year highlights the continuing need to strengthen resilience by adopting effective adaptation and risk management strategies....
`Insurance Bill, 2023′: Govt drops major reform plans for Indian insurance sector
In a surprising development, The Insurance Bill, 2023,’ drafted by the department of financial services(DFS) and now may be ready to be presented in the monsoon session of the Parliament, has no mention of any proposals relating to much talked about new systems like...
Fabrice Brégier appointed chairman of SCOR’s board of directors
Fabrice Brégier non-executive Chairman, SCOR The SCOR directors comment: “His wealth of experience at the head of major international groups and his in-depth knowledge of corporate governance are solid assets for SCOR, as the Group gains fresh momentum. He and Thierry...
Allianz Global Corporate & Specialty SE appoints a new CFO
Munich: Allianz Global Corporate Specialty SE (AGCS) has appointed Oskar Buchauer, currently head of Allianz Group Actuarial, Planning and Controlling and Group Chief Actuarya as new chief financial officer (CFO) to its board of management. With effect from September...
Titanic sub: victims’ families could still sue despite liability waivers
Waivers are not always ironclad, and it is not uncommon for judges to reject them if there is evidence of gross negligence or hazards that were not fully disclosed “If there were aspects of the design or construction of this vessel that were kept from the passengers...
Hurricane Outlook: 2023 to consist of 12 to 17 named storms, 5 to 9 hurricanes and 1 to 4 major hurricanes
“The upcoming Atlantic hurricane season is expected to be less active than recent years, due to competing factors—some that suppress storm development and some that fuel it—driving this year’s overall forecast for a near-normal season,” NOAA reported Despite the fact...
Marsh McLennan to work with Ukrainian government to unlock access to global insurance market
It follows the proposals that Marsh McLennan has made to Ukrainian and G7 governments for the creation of a war risk insurance pool. This would be a multinational public-private partnership based on the existing terrorism insurance pools that currently operate in...
Britain says insurer capital rule changes to start by end of 2023
The risk margin refers to the potential cost for a failing insurer to transfer its policies to a third party to avoid disruption to customers. "It is considering options to enable reforms to the matching adjustment to come into force by the end of June 2024, and the...
Transformative industry trends present $200 billion opportunity for re/insurers: Aon Report
Sherif Zakhary, CEO of Aon’s Strategy and Technology Group, said: “These megatrends each equate to risk and opportunity for the global insurance industry, and so as risk experts we cannot afford to sit on the sidelines and wait for these trends to crystalize. We have...
Debt crises in Global South debilitating fight against climate change: Report
Hurricane Maria that hit the Carribean island of Dominica in 2017 caused damage equivalent to 226 per cent of its gross domestic product (GDP).Floods in Pakistan in 2022 and cyclone Pam in Vanuatu in 2015 caused damages worth 9 per cent and 64 per cent of their...