According to Russian news agency Tass, 32 people have survived the...
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Spectee expands crisis management system to the Philippines following success in Japan
This system, designed to monitor and manage disasters like...
European Central Bank plans insurance for climate risks
One part of the plan is a voluntary public-private reinsurance...
“Govt to have minimum presence in life insurance, general insurance and reinsurance” Sitharaman
“If minimum presence is something that has to be there as per policy, I will obviously be present in LIC, in the general insurance industry, and somewhat in the reinsurance sector also,” finance minister said.
Debashish Panda, secretary, department of financial services(DFS) announced changes to the pension payouts of Public Sector Banks. Family members of deceased PSB bankers will now get pension of 30 pc of last drawn salary as against earlier Rs 9,284, says
“Pension payouts to bank employees could increase to Rs 30,000-Rs 35,000 from the earlier cap of Rs 9284,” Panda said.
Global reinsurers’ profitability improve in H1, inflation and rate deceleration remain concern, Willis Re
Continued favourable pricing, particularly for commercial lines business, supported meaningful premium growth for the
majority of the (re)insurers
The average combined ratio for the (re)insurers was 93.7%,with every company posting a sub-100% combined ratio.
Despite the strong H1, two concerns weigh on the outlook: the decelerating rating environment and the prospect of higher inflation, said the report.
Aon unveils a new team for its global operations
Joe Monaghan will assume the role of global growth leader and will have full responsibility for overall growth strategy. This includes developing innovation at scale and integrating practice groups, client segments, global specialties, capital advisory, securities and regional growth priorities and strategic growth leaders.
17 major global reinsurers record $ 6.1 billion Covid-19 pandemic-related losses in H1:Fitch
Pretax income for life and health reinsurance business improved notably in 1H21, despite an increase in mortality losses from the pandemic to USD2.5 billion in 1H21 (1H20: USD1.3 billion), as investment results rebounded. Net premiums earned (NPE) increased in 1H21 for life and health reinsurers overall, with six of the eight companies reporting higher NPE.
HCL to transform Munich Re workplace services in 40 countries
“The last 12 months have triggered the biggest change in how companies empower and support their employees,” said Robin Johnson, Group CIO of Munich Re.It will support Munich Re’s global workforce in multiple languages including German, Spanish and Mandarin from near-shore locations. It will also implement a personalised service desk solution and leverage the power of automation and self-service capabilities to improve efficiency and enhance employee user experiences.
Ki appoints Richard Hodgson as its chief technology officer
Mark Allan, CEO, Ki said: “At Ki, we are taking a technology first approach to underwriting. We are therefore delighted that Richard joins Ki in the newly created role of CTO. Richard will bring an entrepreneurial approach and proven experience in scaling technology in a high-growth business as we look to continually explore new opportunities to provide a best-in-class and differentiated digital service to the market.”
Mosaic Insurance and DXC Technology launch innovative technology platform for Specialty Insurance
Together with DXC’s business-process expertise and technology, Mosaic, a next-generation global specialty insurer, will refine underwriting, simplify transactions, and process claims and assess risks faster.
Mosaic also streamlines end-to-end processing and provides real-time access to data.
Controversial Russian pipeline ready to ship Gas,finds difficult to to obtain insurance and certification
More than 99% of the pipeline has been completed, according to its operator. But before carrying the first gas to Germany, the link needs to obtain insurance and certification, a task made difficult by U.S. sanctions that restrict providing these services to the project.
Haiti to receive a record payout of $40M from parametric catastrophe insurer CCRIF
CCRIF SPC is a segregated portfolio company, owned, operated and registered in the Caribbean. It limits the financial impact of catastrophic hurricanes, earthquakes and excess rainfall events to Caribbean and Central American governments by quickly providing short-term liquidity when a parametric insurance policy is triggered.
It is the world’s first regional fund utilising parametric insurance, giving member governments the unique opportunity to purchase earthquake, hurricane and excess rainfall catastrophe coverage with lowest-possible pricing.
This payout,representing CCRIF’s largest single payout to date. has activated the full coverage limit under the country’s parametric insurance policy for earthquakes for the 2021/22 policy year.
As CCRIF’s insurance policies are parametric, payouts are made within 14 days of an event.
Japanese general insurance industry to reach $133.1bn in 2025, forecasts GlobalData
Motor insurance is the largest segment in the Japanese general insurance industry with 51.5% of GWP in 2020. It is forecasted to grow by 1.4% in 2021 against the decline of -3.6% in 2020, backed by improved vehicle sales. According to the Japan Auto Manufacture Association (JAMA), new vehicle registrations during January-April 2021 increased by 4.2% as compared to same period in 2020.
The segment is expected to grow at a CAGR of 1.7% during 2020-2025. The launch of fully autonomous vehicles targeting local and global markets as well as expansion of electric car market is expected to drive growth of the motor insurance segment during the forecast period