Weather catastrophes were responsible for 93% of overall losses and...
Category:
Reinsurance
Latest
DPDP Act 2023: Insuring fines and penalties
While clarity on insurability of DPDP Act fines from an enforcement...
Frame policy on cashless treatment for motor accident victims by Mar 14 : SC to Centre
``We direct the Central government to make a scheme in terms of...
Coronavirus outbreaks at the Tokyo Olympics
A number of cases have emerged involving athletes and other people involved with the Games.Postponed last year due to the COVID-19 pandemic, the Games have little public support in Japan amid fears about the spread of the virus.
Tokyo entered its fourth state of emergency earlier this week amid a rebound in COVID-19 cases that pushed Games organisers to ban spectators from nearly all venues.
Global insurance premium may rise by 3.3% to $6.9 trillion in 2021 : Swiss Re
Said Jerome Haegeli, Group Chief Economist at Swiss Re Institute,”We expect the insurance industry to earn a record $ 7 trillion in premium by end of next year. The economic upswing expected in 2021 and 2022 is on track to materialise, and this is a key factor for insurance premium growth across the globe. The main market to watch is China, where both economic and premium growth continue at a strong pace. Consumer awareness is clearly an important growth driver and this has been driven by the pandemic. Whether it is private medical insurance or supply chain interruption for businesses, people have become much more aware of what insurance is, and how it can help them to emerge resilient from such a crisis
Marine, aviation and transit insurance in Asia-Pacific to reach US$14.5bn by 2025, forecasts GlobalData
Japan and China, which are among the top five global markets, collectively accounted for 60% of Asia-Pacific’s premiums in 2020. China’s intricate presence in global supply chain and its growing airline and marine fleet are strong growth drivers for insurers.
Asia-Pacific has also seen several insurers withdrawing from MAT industry due to years of unsustainable losses resulting from both man-made and natural hazards and bottomed out premium prices which resulted in reduced market capacity.
Flooding affects parts of Europe after heavy rainfall
German government spokesman Steffen Seibert described the images from regions hardest hit by flooding as “terrible”.
“Even though not every event, not every flooding or local incident, is related to climate change, many scientists tell us that the frequency, the intensity and the regularity with which this happens is a consequence of climate change,” Seibert said.
Covid-19 Risks: Cyber-attacks and Data loss top concerns facing Directors & Officers: Report
Jennifer Tiang, Regional Cyber Leader for Asia at Willis Towers Watson, said: “The survey results reflect the growing realisation that cyber risk is not simply an issue to be handled by an organisation’s IT team. It is a much broader issue cutting across all spheres of business and necessarily draws together stakeholders from risk, legal and IT teams, as well as requiring awareness of all employees from the ground up and board oversight from the top down. From cyber-attack to data loss, the financial impacts of a cyber event can be catastrophic.”
Crowd ban in Olympics could cost reinsurers up to $400m: Fitch
“We estimate the total insurance cover for the Olympics to be about USD2.5 billion, comprising USD1.4 billion taken out by the International Olympic Committee and the Tokyo Organising Committee, USD800 million by broadcasters and USD300 million by other parties, such as sports teams, sponsors and hospitality. We believe reinsurers would bear most of the losses arising from this cover given that high-severity exposures are typically heavily reinsured,” said Fitch
Eight global insurers launch net-zero climate alliance
The companies, which include Europe’s top three insurers by premiums – Allianz, AXA and Generali – said the Net-Zero Insurance Alliance (NZIA) would work to shift underwriting portfolios towards net-zero greenhouse gas emissions by 2050.
Billionaire Branson soars to space aboard Virgin Galactic flight
The Swiss-based investment bank UBS has estimated the potential value of the space tourism market reaching $3 billion annually by 2030. Proving rocket travel safe for the public is key.
Virgin Galactic’s CEO Michael Colglazier.said 600 wealthy would-be citizen astronauts have also booked reservations, priced at around $250,000 per ticket for the exhilaration of supersonic flight, weightlessness and the spectacle of spaceflight.
British billionaire Richard Branson has said he aims ultimately to lower the price to around $40,000 per seat as the company ramps up service, achieving greater economies of scale. Colglazier said he envisions eventually building a large enough fleet to accommodate roughly 400 flights annually at the spaceport.
India wants rich countries to pay more for green energy shift
“Every policy decision has a cost to the economy. Going net-zero or using less carbon also has a cost,” Environment Secretary Rameshwar Prasad Gupta said in an interview at his New Delhi office. “We are not anti-net-zero. But without adequate climate finance being definitively available, we can’t commit on that part.”
Negotiations begins to sell catastrophic modelling firm RMS
London: Daily Mail and General Trust Plc (DMGT) said it is in discussions to sell its catastrophe modeling insurance unit, RMS, following a number of third party inquiries. While discussions are ongoing and there can be no certainty that a transaction will...