After an extended period of rate increases across the (re)insurance...
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General insurers remain bullish on industry’s growth in 2025
"Cyber insurance is expected to gain prominence alongside the...
Commercial aviation suffers deadliest year since 2018
The spike in fatalities marks a reversal from 2023, which became...
Britain launches 220 mln pound support scheme for industry to go green
“With innovation and investment across the economy, we can power the UK’s green industrial revolution. But we know for the most polluting and energy-intensive businesses, this will mean a big shift in the way they operate,” Prime minister Boris Johnson said in a statement.
U.S. flood insurance rates to rise for 77% of policyholders -study
Under the new “Risk Rating 2.0” system from the U.S. Federal Emergency Management Agency (FEMA) taking effect Oct. 1, new premiums will be based on a property’s value, risk of flooding and other factors, rather than simply on a home’s elevation.
Meant to account for climate-change-driven shifts like increasing flood frequency, the new plans also will make the program more equitable, said Nick VinZant, QuoteWizard senior research analyst.
MS Amlin AG appoints Robert Wiest as CEO
Robert Wiest brings over 30 years of industry experience. During a career at Swiss Re spanning over two decades, most recently as Chief Operating Officer, Wiest has successfully led business units as the Head of Global Business Solutions, Head of Strategy and Operations for Asia, and Head of Western and Southern Europe, the Middle East, and Turkey.
Brit launches machine learning algorithm to enable faster claims response to catastrophe events
In this latest innovation, Brit’s Data Science team developed and overlaid a machine learning algorithm to access the ultra-high-resolution ariel images and data such that it pinpoints, color-codes, and displays properties by damage classification within days after a catastrophe event. This enables the Brit Claims team to proactively identify, triage and assign response activity even before claims are reported.
C-DOT developing tech to tap all media for broadcasting disaster alerts
The Centre for Development of Telematics (C-DOT) is developing the system for National Disaster Management Authority (NDMA) and expects it to be ready in 18 months, CDOT chairman and executive director Rajkumar Upadhyay told PTI.
”We are developing a pan-India integrated alert system which can send out alerts across all mediums at one go in an emergency situation. It will be deployed by NDMA. Once the system is deployed, the department concerned will have to just mark the area on the map by pen and the alert will go across all mediums in that area in the local language,” Upadhyay said.
AM Best upgrades GIC Re’s credit rating outlook to stable, co’s balance sheet strength remains strong
GIC Re,with a global premium of $6,481 billion in 2020. is the 10th largest non-life reinsurer in the world and third largest reinsurer in Asia after China Re and Korea Re. The business profile assessment of favourable reflects GIC Re’s position as a leading reinsurer in India, with an approximate 75% market share based on ceded domestic written premium. The company continues to have close relationships with direct insurers in India, and local regulations provide GIC Re with a competitive advantage in obtaining domestic reinsurance placements.
In addition, the company maintains a geographically diversified underwriting portfolio, with over 35% of business sourced outside of India in fiscal year 2021.
Jitendra Singh launches AXA’s free telemedicine services in India
SAATH(Supportive Action Across Telemedicine and Healthcare) will connect people to doctors including general practitioners, ayurvedic doctors, nutritionists and Sewa International volunteers. In addition to telemedicine services, it will provide information on: availability of hospital beds and oxygen cylinders; ambulance assistance; home Intensive Care Unit setup information; food supplies for COVID-19 patients; access to psychologists; and more. Using the wide range of services, SAATH aims to increase acceptability, affordability and accessibility to telemedicine and virtual care.
Coronavirus compounds climate disasters but shows action can work- Red Cross
Almost half of 140 million people around the world, who are hit by to disasters caused by extreme weather fuelled by climate change, with more severe storms, floods, and heatwaves live in the Asia-Pacific region, the International Federation of Red Cross Red Crescent Societies (IFRC) said in a report published this week.
“Recovery from disasters is so much harder when livelihoods have been hit hard by COVID-19 and the measures taken to contain it,” said Maarten van Aalst, director of the Red Cross Red Crescent Climate Centre and author of the report.
87% of Indian cos victims of security breach last year: Report
“While organisations are adapting to the hybrid approach thinking about both working from anywhere and application hosting, they continue to experience a high level of network breaches and facing ongoing connectivity and security challenges,” Murali Urs, Country Manager, Barracuda Networks India, said in a statement.
UK COVID-19 business insurance payouts top one billion pounds -watchdog
The Financial Conduct Authority (FCA), which had brought a closely-watched test case on behalf of policyholders against major insurers, said on Wednesday that 27,248 companies out of 42,308, which had had claims accepted, had received at least an interim payment.