The survey highlighted that 41 per cent of the respondents in last...
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Deadly Flash Floods in Asia and U.S: Urgent need for early warnings
“Flash floods are not new, but their frequency and intensity are...
Evidence shows Jeju Air pilots shut off less-damaged engine before crash, source says
The source said the evidence, including the cockpit voice recorder,...
7.8 magnitude quake knocks down buildings in central Turkey
Several buildings tumbled down in the neighboring provinces of Malatya, Diyarbakir and Malatya, HaberTurk television reported. There was no immediate reports on casualties The earthquake was also felt in Lebanon and Syria ANKARA: A 7.8 magnitude earthquake shock...
Budget-23-24:Boosting Indian re/insurance sector
Leaders of the Indian insurance Industry have hailed the Budget-2023 as positive for the economy which will throw a lot of opportunities for the insurance industry Devesh Srivastava, CMD, GIC Re Finance Minister has delivered a holistic and futuristic Budget ensuring...
IRDAI retains reinsurance `Obligatory Cession’ at 4% for general insurers in FY2023-24
The government has notified move on Tuesday saying that the entire Obligatory Cession is to be placed with General Insurance Corporation of India (GIC Re) only. Mumbai/New Delhi: Disappointing the private sector general insurers and foreign reinsurers which are having...
Insurers hit with thousands of claims as rains soak New Zealand
Citi in a research note observed that IAG’s exposure to the floods in Auckland, which could be potentially as much as A$236 million, is “much greater” than Suncorp’s NZ$50 million cap Major insurers operating in New Zealand including Insurance Australia Group and...
China’s economic slowdown can generate ripple effects across world: Report
Observers were already talking about China falling into the middle-income trap and now, evidence has come to light that the country is finding it hard to keep its miracle of sustained higher growth rates anywhere closer to 10 per cent or more recorded during the late...
SCOR appoints Swiss Re’s Thierry Léger as its CEO as Rousseau steps down
Thierry Léger, CEO- Designate,SCOR Léger will be responsible for drawing up a new attractive and ambitious strategic plan for SCOR, and will outline the orientations and main themes of this plan at the 2023 general meeting. His mission will be to help SCOR further...
Climate Is forcing the most risk-aware industry to reinvent Itself
Christian Mumenthaler,, group chief executive officer, Swiss Re The difficulties are forcing the insurance industry to get creative. There are three levers it can use to reduce climate risks: reduce its own emissions, force the companies it invests in to reduce their...
Global insured losses from natural disasters exceed $130 Billion in 2022, second-costliest event on record: Aon
Data show that 2022 was the fifth costliest year on record for insurers, with approximately $50-55 billion of the global insured loss total resulting from Hurricane Ian in the United States - the second-costliest natural catastrophe in history from an insurance...
Leading reinsurers and Aon join hands to implement Open Exposure Data, to reduce costs and increase transparency
The Open Exposure Data Standard will also lower barriers of entry for model developers – including commercial vendors, third-party data providers and academia and other research institutions. Initial testing on reinsurance placement data for Japan, Australia and China...
Bermuda (Re)insurers see improved pricing, performance in 2023
Market pricing surged at the January 2023 reinsurance renewal, shifting to a true hard market in property and some specialty lines with supply constrained and demand growing. Importantly, terms and conditions saw structural changes that benefited (re)insurers....