Will Miller, Head of Crisis Management, Asia Pacific at Willis...
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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...
Status Quo: IRDAI retains general insurers’ Obligatory Cession for GIC Re at 4% in FY26
The percentage cession of the sum insured on each general insurance...
‘Significant discipline’ at Jan. 1 reinsurance renewals may set tone for ’22:S&P
Retrocession capacity is becoming scarcer and more expensive, particularly at lower coverage layers and where it is offering protection against loss frequency. This is because capital markets investors who finance a large part of the market have grown weary of...
FOCUS-Life insurers adapt pandemic risk models after claims jump
Claims rose most in the United States, India, and South Africa due to the more lethal variants and a rise in fatalities or illnesses among younger and unvaccinated groups The global life insurance industry was hit with reported claims due to COVID-19 of $5.5 billion...
U.S. business fears never ending liability from ‘take-home’ COVID-19 lawsuits
The Dec. 21 ruling allowed a wrongful death lawsuit to proceed against See's Candies Inc, owned by Berkshire Hathaway, by the family of Arturo Ek of Los Angeles who died in April 2020 at 72 from COVID-19 As COVID-19 cases surge in the United States, businesses say...
Natural disasters cost $120bn of insured losses worldwide in 2021, relatively low losses in Asia-Pacific: Munich Re
Torsten Jeworrek, member of the Board of Management,Munich Re The costliest natural disaster in 2021 was Hurricane Ida, causing $65bn of economic losses and US$ 36bn of insured losses Torsten Jeworrek, member of the Board of Management,Munich Re, said the images of...
Aspen launches ESG integration initiative ‘Project Leaf’
By 2026, the project aims to see over two thirds (66%) of Aspen’s (Credit and Political Risk) CPR premium originating from transactions with a favorable ESG classification. A favorable classification is determined by exposure that has a positive ESG risk factor, for...
MS Amlin launches its second Asia focussed reinsurance ILS
Phoenix 2 Re has secured USD37.5m of collateralised capacity through a number of Asia-based investors. MS Amlin Asia Pacific worked in conjunction with the Monetary Authority of Singapore (MAS), to establish Phoenix 2 Re, using an insurance-linked securities (ILS)...
Omicron spreads in India’s big cities but hospitalisations still low
Nearly 90% of new patients had shown no symptoms and only 8% were hospitalized, city officials said in a daily health bulletin. COVID-19 cases nearly doubled in a day in Delhi to 10,665 on Wednesday, but the state said only 7% of its COVID beds were occupied New...
Lloyd’s creates ‘Product Launchpad’ to replace the ‘Product Innovation Facility’
The rebrand has been supported by the twenty-five members of the initiative from the Lloyd’s market. With a capacity of £150m, several success stories have emerged, for example: a parametric business interruption product for cloud outages, launched by Parametrix in...
Asian factories take Omicron risks in stride, for now
The rising rate of global infections have raised eyebrows among policymakers, with outbreaks in China forcing some firms to suspend production and threatening to disrupt output for memory chip giants like Samsung Electronics a TOKYO: Asia's factory activity grew in...
COVID-19 insured loss of $44 bln is third largest catastrophe loss -Howden
"There's only so much event cancellation coverage out there, there’s only so much civil action coverage out there, and when you get to $40 billion, that's pretty much exhausting what was underwritten,” said David Flandro, head of analytics at Howden London: Insured...