The exact details of the deal has not been disclosed by either...
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Hiscox unveils a new sexual molestation liability cover
The sexual molestation liability (SML) product will also cover...
Nigeria insurance stocks gain most in almost 20 yrs on new law
The law, approved by Nigeria’s President Bola Tinubu, which makes...
Munich Re retains its top position, Asian reinsurers lose rankings in AM Best’s 2022 global list
All the top three Asian reinsurers, China Re, Korean Re and GIC Re, have lost their global rankings in 2022. Korean Re, which have been in the 10th place in 2020, fell off to 13th this year owing to currency position. Despite premium growth of around 7 per cent, China...
Climate risks make Australian home insurance costlier
On average, Australians living in high-risk areas like northern Queensland pay A$3,000 ($2,100) in annual premiums, or double that of residents in the rest of the country, an Actuaries Institute report released on Wednesday showed. Australia’s mounting extreme weather...
Andrew Hare appointed as managing director, APAC at RMS
Hare said, “Climate change and natural catastrophes, such as flood, fire, earthquake, and typhoon, continue to wreak havoc on the Asia-Pacific region. Following the devastating effects of the Covid-19 outbreak as well as chronic supply-chain disruptions, heightened...
Global reinsurers shift their business mix into casualty & specialty primary lines for price comfort
Even with rate increases, most reinsurers view current pricing on property catastrophe risks still not high enough to compensate for the ongoing level of uncertainty, whereas casualty and specialty primary lines are more attractive as they comparatively generate more...
Scope of EU ban on Russian coal and fertilizers jolts insurers
“The prohibition relating to coal and to certain fertilizers refers both to the “purchase” and the “transfer” of these goods, irrespective of final destination,” Arianna Podesta, a European Commission spokeswoman, told Bloomberg in an email. Those sanctions extend to...
Glenmark, Sun Pharma, Dr Reddy’s and Jubilant Cadista recall multiple products in the US market
The affected lot has been produced at the company's Halol plant in Gujarat and distributed in the US by Cranbury-based Sun Pharmaceutical Industries, Inc New Delhi: Leading generic drug makers Glenmark, Sun Pharma, Dr Reddy's and Jubilant Cadista are recalling...
GIC Re back in black, posts a net profit of Rs 690 crore in Q1FY2023
Devesh Srivastava, CMD, GIC Re ``We are targeting a Combined Ratio of 100 per cent and work is on progress to achieve it in the medium term. We are now purely looking for profitable business and the market is aware of our focus. Topline growth will happen but it has...
Munich Re’s profit slumps, investment portfolio takes a hit of almost $1 billion
The reinsurer already wrote down the value of Russian and Ukrainian bonds by almost 700 million euros in the first quarter, and also booked about 200 million euros in war-related reinsurance costs in the first half of the year The Munich-based company wrote down the...
“Ships exporting Ukraine grain through the Black Sea will be protected by a 10 nautical mile”
The initiative has been operating in a trial phase for the past two weeks. Ten ships – stuck in Ukraine since the war started – have departed with corn, soybeans and sunflower oil and meal. Two empty vessels have traveled to Ukraine to collect shipments. The biggest...
Argenta to wind-down Singapore platform
This change follows a decision by the ASML Board to re-allocate capacity to other underwriting opportunities worldwide, including AUA’s branch offices in Australia which are unaffected by the decision in respect of the Singapore business In due course, it is expected...