The impact of the fires on European reinsurers’ natural catastrophe...
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Employee medical plan costs: Aon forecasts 11.1% increase for businesses in Asia Pacific
"The high medical trend rate can also be attributed to a higher...
India expands Russian insurers’ pool after US sanctions
As well as extending approvals for some sanctioned providers,...
Weather disasters becoming more frequent and costly, UN agency says
“Thanks to our early warning service improvement we have been able to have a decrease of the casualties at these kind of events, but the bad news is that the economic losses have been growing very rapidly and this growth is supposed to continue,” WMO Secretary-General Petteri Taalas told a press conference.
“We are going to see more climatic extreme because of climate change and this negative trend in climate will continue for the coming decades,” he said.
Total global reinsurance capacity rises 7% to $ 517 billion in 2020, Munich Re regains top ranking: AM Best
From Asia, there are three reinsurers which are part of top 15 global reinsurers. They are China Re, Korea Re and India’s state owned GIC Re(13), with a global premium of $6,481 billion in 2020.
Although the global reinsurance industry has been able to absorb the exceptional shock from the COVID-19 pandemic, perils that are becoming more complex and interrelated highlight the need for innovation to cover unmodeled risks as they emerge, and traditional risks as they evolve, according to the special report.
20 APAC re/insurers record a higher premium of $821.4bn in 2020, COVID induces demand for life & health products, GlobalData
Seven players reported more than 5% rise in premiums earned. In addition, the top companies maintained financial robustness through flexible hedging of assets under management.The most notable performers in the region were Japan-based insurer Dai-ichi Life, China-based New China Life Insurance and China Reinsurance; and Taiwan-based Cathay Financial.Dai-ichi Life outperformed the top players, with its revenue growth surpassing 20%, as the weaker Yen allowed the company’s returns from its investments soar significantly over the previous year.
China Reinsurance reported 19.2% increase in y-o-y revenue owing to swift growth in savings- and protection-type life, domestic P&C reinsurance, and health reinsurance business, which led to 16.2% growth in premium income; and obtaining surplus investment returns by surpassing the market benchmarks.
ELEMENT and Parametrix launch innovative cloud outage insurance in Europe
Parametrix developed this unique insurance solution based on its proprietary monitoring technology that analyses the global performance and availability of cloud service providers’ down to the millisecond level. The highly advanced parametric system ensures an accurate and precise overview of risk accumulation and concentration across different IT-services and regions. Also, the monitoring system detects insured events in real time and triggers compensation with waiting periods as short as only one hour. This new insurance solution in the field of cyber and tech-related insurance is an innovative answer for companies to financial losses due to cloud outages.
Hurricane Ida lashes Louisiana, knocking out power in New Orleans
U.S. President Joe Biden declared a major disaster in Louisiana, ordering federal assistance to bolster recovery efforts in more than two-dozen storm-stricken parishes. Ida slammed ashore around noon near Port Fourchon, Louisiana, a hub of the Gulf’s offshore energy industry, blasting the coast with hurricane-force winds extending 50 miles (80 km) out from the eye of the storm. Landfall came 16 years to the day after Hurricane Katrina, one of the most catastrophic on record, struck the Gulf Coast.
Resting on climate action a $11 trillion opportunity for India: Deloitte Report
Over the next 50 years, the top five most impacted industries in terms of economic activity are expected to incur a significant share of climate-related loss.
These industries — services (government and private), manufacturing, retail and tourism, construction, and transport — currently account for more than 80 per cent of India’s GDP. Together, they form the basis of the country’s contemporary economic engine, it added.
Deloitte estimates that by 2070, these five industries alone would experience an annual loss in the value added to GDP of more than USD 1.5 trillion per year.
Climate Change: Insurers can afford to drop Oil and Gas—but many won’t
To date, just one insurer has promised to take “significant action” in this regard, according to analysts at Societe Generale SA.
Australia’s Suncorp was the first to announce it would no longer provide coverage for all new oil and gas production projects.While insurers (23 in all) have moved to end their underwriting of coal-related activities, they have been slow to act on oil and gas. That’s mainly because the insurance market for those fossil fuels is considerably larger, with estimated premiums of more than $17 billion in 2018, compared with $6 billion for coal power, said Peter Bosshard, program director at the Sunrise Project and global coordinator of Insure Our Future (IOF).
Japan’s Fukushima nuclear water to be released via undersea tunnel
The government decided in April to start discharging the water, after further treatment and dilution, into the Pacific Ocean in spring 2023 under safety standards set by regulators. The idea has been fiercely opposed by fishermen, residents and neighboring countries including China and South Korea.
The offshore discharge using a pipeline enclosed inside a concrete tunnel is an attempt to minimize the “reputational damage” that would occur if the contaminated water is released close to marine life off the Fukushima coast.
Air taxis will be possible in coming days under drone rules: Scindia
“That time is not far when taxis, like the ones of Uber etc that you see on roads, you will see in the air under the drone policy. I believe this is very much possible,” he added.
In a notification dated August 25, the Ministry of Civil Aviation eased the rules regarding drone operations in the country by reducing the number of forms that need to be filled to operate them from 25 to 5 and decreasing the types of fees charged from the operator from 72 to 4.
Lloyd’s forms partnership to deliver faster claims service through geospatial technology
The GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding. The data, which includes innovative resolution drone imagery, allows Lloyd’s market insurers to instantly assess damages at a time when physical access to the risk location may be limited following a natural catastrophe.
Satellite imaging combined with other intelligence data sources is an innovative way of assessing damage to insured infrastructure and businesses. The technology will help insurers support customers around the world during periods of crisis, whilst reducing operational costs and the carbon footprint of insurers.