Participants from India and UK touched upon reforms in respective...
Category:
Reinsurance
Latest
Hacking rooftop solar can disrupt of Europe’s Power Grid
The exponential growth of rooftop solar systems means millions more...
AM Best affirms Credit Ratings of New India Assurance
The ratings reflect NIA's balance sheet strength, which AM Best...
Amazon partners Marsh to offer product liability insurance to sellers
Amazon announced it is creating the insurance network-Amazon Insurance Accelerator- along with implementing a new policy of paying shoppers’ injury and damage claims up to $1,000.
The online marketplace now requires third-party sellers to obtain product liability coverage after reaching $10,000 in sales within one month on Amazon.
Munich Re remains bullish on India despite hit hard with Covid-19 mortality claims
“In life and health reinsurance business, the claims clearly exceeded the our expectation of €140 million of virus-related losses in the second quarter, mainly due to the high mortality rate in India and South Africa,” he said
Lloyd’s chooses 11 Start-Ups for developing products on claims and cryptocurrencies
For the seventh cohort, the InsurTech start-ups have been selected based on solutions geared towards three key themes: claims, data and models, and cryptocurrencies. Additionally, for the second cohort in a row, the Lloyd’s Lab accepted wildcard entrants who presented solutions outside of the core themes.
These start-ups focus on important areas such as anti-money laundering, robotics and construction. The teams will be working to create insurance products and solutions which can be adapted to the Lloyd’s market.
Will RBI joining NGFS help in climate finance?
The 22nd Financial Stability Report (FSR22) of the RBI had, about the “climate-related risk” that the value of financial assets/liabilities could be affected either by continuation in climate change (physical risks), or by an adjustment towards a low-carbon economy (transition risks). The manifestation of physical risks could lead to a sharp fall in asset prices and increase in uncertainty, it said.
AIIB provides $125 million funding for Kerala’s climate adaptation and disaster resilience
An estimated 49.6 million people will benefit from the loan, part of a comprehensive $ 530-million package cofinanced by the Government of Kerala, the World Bank Group’s International Bank for Reconstruction and Development and the French Development Agency.
Two key government programs will benefit from the financial injection—the Rebuild Kerala Development Program and the State Health Mission—both of which aim to improve state governments’ institutional resilience.
Global average temp rise of 1.5 degrees Celsius in next 20 years: UN report
This report tells us that recent changes in the climate are widespread, rapid and intensifying, unprecedented in thousands of years, said IPCC Vice Chair Ko Barrett, senior climate adviser for the U.S. National Oceanic and Atmospheric Administration. The changes we experience will increase with further warming.
Extreme sea level events likely every year by end of this century: IPCC
If we reduce emissions globally to net zero by 2040 there is still a two-thirds chance to reach 1.5 degrees and if we globally achieve net zero emissions by the middle of the century, there is still a one-third chance to achieve that, said Dr Friederike Otto, Associate Director of the Environmental Change Institute at the University of Oxford and one of the authors of the IPCC report.
Indian Ocean warming at faster pace, India to witness increased heat waves, flooding: Report
”The Indian Ocean region is warming at a higher rate, which means the relative sea level can also increase over the regions. Hence, the coastal regions will see the sea level rise through the 21st century and it will contribute to more frequent and severe coastal flooding in low-level areas and coastal erosion. Along with this, extreme sea-level events that were previously seen once in a hundred years, could also happen every year by the end of the century,” she said.
GIC Re shuts down Dubai branch, moves its MENA business to India’s GIFT City
.“Following a review of the branch operations, it has been decided to underwrite business emanating from the MENA region (both new and renewal), effective 3 July 2021, from Gujarat International Finance Tec-City,” GIC Re said in a letter addressed to all business partners on 5th August, signed by Balaji Thiagarajan, CEO, GIC Re, Dubai.
GIC Re said that it will continue to service the underwriting and claims run-off from business underwritten earlier from its Dubai office,
AIG is reducing cyber insurance limits as cost of coverage soars
“We continue to carefully reduce cyber limits and are obtaining tighter terms and conditions to address increasing cyber loss trends, the rising threat associated with ransomware and the systemic nature of cyber risk generally,” CEO Peter Zaffino said on a conference call with analysts, according to a transcript produced by Refinitiv.