Rob Leonardi, Regional Officer, Generali Asia, said: “India has...
Category:
Reinsurance
Latest
Munich Re promotes Parametric solutions for Cat losses in India
An one day event on ``Disaster Risk Transfer and Financing...
Govt says sanctioned Russian oil tankers can discharge before Feb 27
India's oil secretary Pankaj Jain said the deadline, as outlined by...
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
OneWeb signs unveils insurance programme for its satellites
Marsh arranged a multi-launch insurance programme covering physical loss or damage to the remaining GEN 1 satellites and launch vehicles with a global panel of leading specialist insurers. The insurance programme underpins the next stage in the development of OneWeb’s global communications capabilities.
SCOR’s announces changes to its Group Executive Committee
Laurent Rousseau, Chief Executive Officer of SCOR, comments: “These internal promotions bear witness to the depth of SCOR’s talent pool and the strong competencies of our rising leaders. We are mobilised to accelerate the company’s profound transformation provided for in the “Quantum Leap” strategic plan and accelerate long-term value creation for all our stakeholders.”
Surging collision risks Satellite and Space Debris force insurers to exit satellite coverage market
Space coverage has been a lucrative niche for insurers, which took in $475 million in gross premiums to cover satellites, rockets and unmanned space flights last year and paid just $425 million in losses, according to Seradata.
Space premiums are 10-20 times aviation premiums, said Peter Elson, CEO of insurance broker Gallagher Aerospace.
Only 11 spacecraft have suffered a partial or total failure due to suspected debris strikes over the past decade, according to Seradata, making insurer worries largely theoretical for now.
Yet because insurers predict risks over the life of current and future policies, space underwriters fret over doomsday scenarios years ahead.
Aon acquires 100% of its Indian JV, buys out 51% from Narayana Murthy’s Catamaran
Aon is the second intenational broker, after another USA based Galligher, that has now a fully owned company in India after the government allowed 100 per cent FDI in the domestic insurance intermediaries sector two years back.
Munich Re raises €1bn green bond
Christoph Jurecka, chief financial officer(CFO), Munich Re , said climate protection is an integral part of our Ambition 2025 Group strategy.
“By issuing a green bond, we have once again leveraged the capital markets to fund green investments. We strengthen our capital base, which gives us the financial flexibility to take advantage of current growth opportunities,” he said.
Swiss Re creates a central cyber underwriting team,John Coletti to head Global Cyber
With his expertise, John Coletti will help Swiss Re to address the complex nature of cyber risk, including important industry issues such as ransomware and risk aggregation. John Coletti will report into Gregory Schiffer, Head of Global Specialty, and will be responsible for Swiss Re’s global cyber business, which includes portfolio ownership, global underwriting activities as well as cyber product development.
India’s monsoon rainfall forecast to be above average in September
Nearly half of India’s farmland gets no irrigation and is dependent on the annual rains from June to September. Farming accounts for nearly 15% of the economy, Asia’s third-biggest sector, but sustains more than half of a population of 1.3 billion.