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Threats, political repatriations and kidnap dominate global crisis management landscape, says Willis report
Will Miller, Head of Crisis Management, Asia Pacific at Willis...
PSU general insurers promote record number of officials to fill up post of GMs and DGMs
GIPSA, the coordinating agency for the six PSU companies, has...
Willis India receives IRDAI nod for full ownership, appoints Vivek Nath as head of India ops
Vivek Nath, CEO, WTW India SINGAPORE: WTW (Willis Towers Watson), the third largest global re/insurance broker, today has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) and has closed the transaction on the acquisition of...
Managing Risk and Capitalising Opportunities in Connected Asia: AON Report
Anne Corona,chief executive officer, Asia Pacific, Aon `As traditional industry borders fall away in 2022, ecosystems and the digital platforms that enable them will continue to influence the future of business. Having an impact in the `New Better' will no longer be...
AIG looks at cutting insurance for Russia, Ukraine
“What we are now seeing are the underwriters starting to introduce Russia, Ukraine wording into their policies,” said Meredith Schnur, managing director, U.S. and Canada cyber brokerage leader at insurance broker Marsh, declining to name the insurers Insurance brokers...
Munich Re tightens up cyber insurance policies to exclude war
Munich Re is seeking clearer war exclusion clauses in cyber policies, based on wording developed last year in the Lloyd’s of London market S&P Global said last week that insurance losses from the Ukraine conflict could total $35 billion, with cyber one of the...
Costs of insuring ships in Black Sea skyrocket
Underwriters are charging as much as 10% of the value of a ship’s hull — basically the vessel’s worth as an asset — for what is called an additional war-risk premium, according to four people involved in the market. Some are simply quoting to cover at prices that they...
Global reinsurance capital rises 8.4 % to $728 billion in 2021
The underlying combined ratio improved to 99.8% (2020: 100.7%), which is the first time since 2014 that it has fallen below 100% A majority of the reinsurers have reported strong results for 2021 with improved capital positions backed up by rising equity markets and...
RBI keeps repo, reverse repo rates unchanged for 11th time in row, cuts GDP growth forecast
Shaktikanta Das,Governor,RBI Keeping the approach " cautious, but proactive", RBI Governor Shaktikanta Das said that the RBI is emphasizing on three different aspects which will place India in a position that would enable it to deal with the merging crisis and...
BOC Aviation says lessors seeing ‘horrendous’ hikes in insurance costs
Over 400 leased planes worth almost $10 billion remained in Russia after a March 28 deadline to cancel the contracts in line with Western sanctions over the war in Ukraine, leaving lessors facing heavy potential writedowns or a long insurance battle The likely huge...
New IRDA chief Panda launches `Reforms 2.0′ for Indian insurance industry
Debasish Panda,chairman, IRDAI ``After two-decades of liberalisation, the Indian industry is matured and have to be given more freedom in fixing market determined pricing and launching innovative products,’’ said Panda, who retired as secretary of the department of...
Air India cancels Delhi-Moscow flight over insurance issues amid war
The Air India's Delhi-Moscow flight that was scheduled to operate on Thursday stands cancelled, the sources said They stated that the flight was cancelled as it was feared that the insurance may not be valid in Russian skies New Delhi: Air India on Thursday cancelled...