And although the recent string of accidents may be statistical...
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IRDAI imposes Rs 1cr fine on UIB Insurance Brokers for flouting premium remittance rules
According to the IRDAI, the broker does not have any right over the...
Demographic reality – a growing elderly population with fewer working-age people
Jad Ariss, managing director of the Geneva Association, said: “The...
Volatile markets, US lawsuits, ESG issues and SPACs create new risks for managers:Allianz
“The actions and culture of organizations and their directors and officers are coming under heightened scrutiny from a wide range of stakeholders, with litigation risk a primary concern,” says Shanil Williams, Global Head of Financial Lines at AGCS London/New...
HSBC says clients must have plan to exit coal by end-2023
Under its plan, HSBC will cut exposure to thermal coal financing by at least 25% by 2025 and 50% by 2030, although non-EU or non-OECD-based clients could be funded until a global phase-out by 2040, its sustainability chief told Reuters HSBC said its new policy would...
Global insured Cat losses rise to USD 112 billion in 2021, the fourth highest on record: Swiss Re
The two costliest natural disasters of the year were both recorded in the US. Hurricane Ida wreaked USD 30 – 32 billion in estimated insured damages,including flooding in New York, and winter storm Uri caused USD 15 billion in insured losses, ”In 2021, insured losses...
Powerful quake strikes Indonesia; residents flee into streets
Alfons Hada Betan, head of East Flores Disaster Mitigation agency in Larantuka said there were no immediate reports of damage and the quake was felt for several minutes as people fled from their homes.People said on social media the earthquake was also felt strongly...
Investors push world’s top chemicals companies over hazardous substances
The move by 23 investors including Aviva Investors and Storebrand comes as regulators toughen rules around their use and as analysts warn some companies could face billions of dollars in associated clean-up and compensation costs. In a letter to the world's 50-biggest...
Deal or no deal, insurance rates soar to cover M&A boom
Potential buyers take out insurance to protect against issues such as misrepresentation by a target of its performance or order book, while sellers buy cover to ensure a clean exit. The M&A insurance market has risen to more than $5 billion from less than $3...
Swiss Re agrees to sell elipsLife to Swiss Life International
Andreas Berger, Chief Executive Officer Swiss Re Corporate Solutions, said: “We are very pleased to have found the perfect partner in Swiss Life to take elipsLife into a successful future. The sale will allow Corporate Solutions to focus on continuing the strong...
Canada’s CPP Investments seeks to sell insurance groups in strategy U-turn
Private equity firms and investment managers including Blackstone Inc, Brookfield Asset Management and KKR & Co Inc have been building up their insurance arms in the last two years. They see an opportunity to use the capital from life insurance and annuities...
AM Best Maintains Negative Outlook on China’s Non-Life Insurance Industry
Motor insurance, which accounted for 63% of non-life direct premiums in 2019, decreased significantly to 54% as of September 2021. With the combined impact of the economic fallout from the COVID-19 pandemic during the first half of 2020, and the implementation of the...
AM Best Maintains Stable Outlook on Global Reinsurance Industry
“Unfavorable loss cost trends and high catastrophe activity continue to dampen returns on capital, which should keep the industry focused on the need to push for more rate increases,” said Greg Dickerson, associate director AM Best has maintained its market segment...