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Climate Risk: Is India Inc moving fast enough?
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The ministry suspects that both engines shut down shortly before...
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
Marsh and Citi develop innovative cover, to help speed global delivery of COVAX vaccines
The policy is underwritten by six leading insurers: AXA XL, Chubb, Liberty Specialty Markets, Sovereign Risk Insurance, Swiss Re Corporate Solutions, and Tokio Marine HCC.
Stephen Kay, Political Risk Leader, Marsh said: “Striving for greater global vaccine equity by increasing vaccination rates worldwide will not only help countries recover faster from the impact of the pandemic, but may also reduce the risk of new variants that come from high levels of community transmission. This innovative structure will hasten that process by allowing Gavi to procure and distribute vaccines more speedily and with greater financial confidence.”
Ron Whyte joins Miller to lead broker’s expansion in Asia-Pacific
Whyte, who joins as Head of Strategic Development, will be based in Singapore and brings over 40 years of industry experience to Miller. His focus will be to drive Miller’s growth strategy in the Asia-Pacific region, bringing Miller’s exceptional capabilities and expanding its service proposition to clients and prospects. He will commence his role on 1 September 2021.
AXA XL adds pollution insurance underwriters in the US; promotes environmental claims leader
According to MaryAnn Susavidge, Chief Underwriting Officer for AXA XL’s Environmental insurance business, “The Environmental insurance market continues to show growth opportunities, largely driven by increased construction and M&A activities. Companies looking to minimize their potential environmental liabilities find that pollution insurance is an effective risk management option. “
Natural disasters spurred by climate volatility remain a focus area for Asian reinsurers:Fitch
The protection gap signals vast potential for reinsurance growth, but Asian reinsurers face challenges in enhancing their risk mitigation capability and managing premium pricing adjustments in light of the frequent catastrophe losses.
The Covid-19 pandemic has dampened Asia’s economic growth and development, but it has also raised the importance and demand for reinsurance.
Julie Stephenson to join Swiss Re as Global Head of Casualty
Julie Stephenson will join Swiss Re as Global Head of Casualty and member of the Reinsurance Management Team. She is joining from US commercial and property insurer CNA where she currently serves as a Senior Vice President and Chief Operating Officer, Middle Market.Stephenson joined CNA in 2015 as the Commercial CUO responsible for profitability, portfolio management and underwriting governance for all of CNA’s commercial property and casualty business
HDI Global launches new remote risk survey app: Virtual risk inspections for industrial customers
“The HRC Remote App allows the HRC risk engineers to remotely perform on-site surveys using the camera and audio features of a typical mobile device or data glasses used by the customer. By connecting via nw platform, the risk engineers can see what the customer see and guide them appropriately even when not physically there, while combining engineering expertise with Remote Support based on Augmented Reality – the computer-assisted extension of a physical reality.
Willis Towers Watson selects Carl Hess as President and Future CEO
“Following a thorough, multi-year succession planning process, including input from a third-party consultant to assess the experience and attributes of potential internal and external candidates, the Board is confident Carl is the right person to guide the company forward,” said Victor Ganzi, Chairman.