The aviation insurance industry could be looking at a claim for...
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South Korea orders airline safety probe after worst domestic crash kills 179
Investigators are examining bird strikes, whether any of the...
Baden Baden Reinsurance Meet
After Monte Carlo for the Rendez-Vous de Septembre, held in the...
RMS to enhance risk analysis for J. B. Boda’s India Portfolio
This agreement will strengthen J. B. Boda’s risk analysis capabilities to enhance their support of clients that have portfolios with risk exposure in India. J. B. Boda continues to grow its activities and client base in various markets. It is further enhancing its in-house capability of assessing risks.
AXA exits insurance operations in Gulf region
The sale of AXA’s 28% shareholding in AXA Green Crescent Insurance Company (in UAE), representing cash consideration of USD 5 million (or Euro 4 million*), has received required regulatory approvals and is also expected to close shortly.
Reinsurance price rise slowing due to strong capital supply and recovering profitability: Fitch
Fitch expects the sector’s combined ratio, normalised for large losses, to improve by 2pp–3pp in 2021 and another 1pp–2pp in 2022 as price increases gradually feed into underwriting margins.
However, price rises are slowing due to strong capital supply and recovering profitability, and we expect risk-adjusted prices to remain largely unchanged in 2022.
New India’s credit ratings affirmed, with $ 5.1 billion of capital co can insure large overseas risks: AM Best
NIA’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which remained at the strongest level in fiscal year 2021, as measured by Best’s Capital Adequacy Ratio (BCAR).Its underwriting portfolio is considered to be well-diversified by line of business, distribution channels and geographically. In addition, the company is the only direct insurer in India with considerable overseas operations, which provide a level of diversification to its domestic portfolio. While the domestic market continues to present significant growth opportunities for New India, intense competition in the largest lines of motor and health business continue to drive premium rate inadequacies and pressure underwriting margins, said AM Best.
Reinsurance outlook changes to stable as sector raises prices amid economic recovery:Moody’s
Price increases will drive stronger earnings for reinsurers through 2022 amid the post-pandemic economic recovery
Capitalization remains solid with solvency ratios well above regulatory thresholds
Uncertainty over Covid liabilities has diminished although pandemic-related claims continue to affect earnings for some large multiline reinsurers in 2021, driven by higher than expected mortality claims. The pandemic has caused reinsurers to take a more prudent stance towards systemic risk management, including communicable disease, cyber events and climate change.
Global re/insurance market to grow by 3% by 2023, Cyber, data analytics & AI key growth areas: Munich Re
“The digitalisation megatrend will radically change traditional insurance. It will give rise to new fields of risk in need of insurance solutions. With its numerous digital and innovation projects, Munich Re has laid the foundations for profitable growth going forward”, says Munich Re’s Board member Torsten Jeworrek.
Munich Re has kept the rising ransomware losses in its book of business readily manageable. In addition, price increases in a hardening market environment are producing a stabilising effect. Munich Re is adhering to its plan to grow profitably based on a current market share of roughly 10%.
IUMI reports an improvement in global marine insurance market, remains cautious over a sustainable recovery
Marine underwriting premiums for 2020 were estimated to be USD 30.0 billion which represents a 6.1% increase from 2019. Global income was split by region: Europe 47.7%, Asia/Pacific 29.3%, Latin America 9.3%, North America 7.7%, Other 6.0%.
By line of business, cargo continued to represent the largest share with 57.2% in 2020, hull 23.8%, offshore energy 12.1% and marine liability (excluding IGP&I) 6.8%.
Trinidad and Tobago receives $2.4 million parametric payout as excess rainfall claims
Due to different hazard risk profiles for each of the islands in the twin-island republic, the Government purchases two separate CCRIF policies for excess rainfall – one for Trinidad and one for Tobago. This payout is being made on the excess rainfall policy for Trinidad.
Since Trinidad and Tobago purchased coverage for excess rainfall in 2017, the country has received payouts under its excess rainfall policy each year – five payouts totalling US$12.5 million. The Government of Trinidad and Tobago also has cover for tropical cyclones (one policy for Trinidad and one for Tobago) and for earthquakes.
$25–$35 billion insured losses in Gulf of Mexico from hurricane Ida: RMS
Losses reflect property damage and business interruption to residential, commercial, automobile, industrial, infrastructure, marine cargo and specie, watercraft, and other speciality lines of business, along with post-event loss amplification (PLA) and non-modeled sources of loss.
Global P&C prms expected to more than double to $ 4.3 trillion by 2040,becoming riskier and more complex:Swiss Re
Property & casualty (P&C) business to become riskier and more complex; opportunities in fundamental shift from lower-risk, high-volume motor insurance to catastrophe-exposed property lines
Property to be fastest growing P&C line, with premiums set to almost triple to USD 1.3 trillion in 2040 from USD 450 billion in 2020, driven by effects of economic development and climate change
Motor remains largest line of P&C business, with premiums expected to almost double to up to USD 1.4 trillion by 2040