Higher war risk insurance premiums, paid when vessels sail through...
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New research by the Geneva Association analyses the effects of ‘slowbalisation’ on the insurance industry
Jad Ariss, Managing Director of the Geneva Association, said: “The...
IFSCA and IRDAI to work together for pulling global re/insurance investment into India: Rajaraman
L to R - PK Arora, Member, IRDAI, T Alamelu, Principal Advisor,...
Finance Ministry exploring insurance bonds as alternative to bank guarantees
“Government is exploring on instituting insurance bonds as alternatives to bank guarantees,” an official statement said.
Bank guarantees are usually asked for while extending a loan and typically require a collateral. An insurance bond is also a surety but it does not require any collateral.
As per reports last year, insurance regulator Irdai was also looking at the option of insurers offering surety bonds in the context of road projects.
Swiss Re and Climeworks sign world’s first 10-yr carbon removal purchase agreement
”To mitigate the risks of climate change, the world needs to scale-up carbon removal on top of, not instead of emission reductions. By partnering with Climeworks we can play to our strengths in this endeavour, as a risk taker, investor, and forward-looking buyer of climate solutions”, said Christian Mumenthaler, Swiss Re’s Group Chief Executive Officer and Co-Chair of the World Economic Forum’s Alliance of CEO Climate Leaders.
“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.