After an extended period of rate increases across the (re)insurance...
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General insurers remain bullish on industry’s growth in 2025
"Cyber insurance is expected to gain prominence alongside the...
Commercial aviation suffers deadliest year since 2018
The spike in fatalities marks a reversal from 2023, which became...
Insurers’ response to COVID-19 pandemic has damaged their reputation, finds GlobalData
Ben Carey-Evans, Insurance Analyst at GlobalData, comments: “The pandemic has undoubtedly been an extremely difficult situation for insurers. Claims in some lines have soared and a lot of lines have become hard to insure. The biggest factor behind the industry’s reputational damage is likely to be the legal battles around business interruption claims throughout 2020.
Reinsurance rate increases continued for most major lines and territories during July 1 renewals:Willis Re
Momentum continued in the catastrophe bond market, which saw around US$6 billion of new issues in the second quarter of 2021, outstripping all new cat bond capacity issued in 2019. Significant investment inflows have narrowed margins and encouraged new cat-bond cedants.
James Kent, Global CEO of Willis Re, said: “The global reinsurance market is moving towards an equilibrium. Reinsurers, backed by resilient investors delivering an increasing capital base, are robust and well positioned to provide the long-term support their clients expect and need. However, we are approaching the top of a cycle which we believe is unlikely to precede a precipitous and damaging decline in rates. Instead, the market is likely to retain its discipline in order to maintain the balance it has achieved over the past couple of years especially with the full picture of losses from COVID-19 and prior year liability lines still to emerge.”
Gallagher becomes the first global insurance broker to set up a 100 % subsidiary in India
Edelweiss Financial Services to sell its 70 pc stake in insurance broking JV- Edelweiss Gallagher Insurance Brokers- to its foreign partner Gallagher for Rs 307.60 cr
Special drive launched to bring more farmers under PM crop cover scheme
A week-long drive, starting July 1, will cover all notified areas under the kharif 2021 season with special focus on 75 aspirational districts where crop insurance penetration is low.
Launching the special drive, Agriculture Minister Narendra Singh Tomar said so far 29.16 crore farmers have insured their crops under the PMFBY.
More than Rs 95,000 crore worth of claims have been provided to farmers since the launch of the scheme, against the total premium of Rs 17,000 crore paid by them, he said.
Cyber reinsurance jump 40 % in July renewals -Willis Re
The average ransom payment made by a business to restore data after a cyber attack was $220,000 in the first quarter, up 43% from the last quarter of 2020, according to cyber security firm Coveware.
In addition to the ransom payments, cyber insurance and reinsurance policies can cover the cost of restoring the network, business interruption losses and even the hiring of a PR agency to address reputational damage.
Swiss Re’s iptiQ and ImmoScout24 launch digital loss of rent insurance
Andreas Schertzinger, CEO of iptiQ EMEA P&C, says: “With ImmoScout24, we have found the ideal partner in Germany to offer customers tailor-made household insurance products online precisely when it matters. Thanks to the seamless integration of our product into ImmoScout24’s digital ecosystem, customers can insure themselves against the risk of rent-related losses directly online and throughout the rental process.”
EU plans new safety rules for the workplace wherever it is
In guidelines to protect almost 170 million EU workers over the 2021-2027 period, it will also seek to produce recommendations on mental health at work before the end of 2022.
Work-related accidents and illnesses cost the EU economy over 3.3% of gross domestic product per year, the Commission said. It said estimates showed that for every euro invested in occupational health and safety, the return for the employer is around twice as much as employees take less sick leave.
“Overall, the insurance capacity in Asia is shrinking in the Power sector”
“Overall, the insurance capacity in Asia is shrinking in the Power sector. While the rate of hardening has now decreased for most lines of business from last year’s percentage rises, the pressure to keep pushing for year-on-year increases shows little sign of abating. It is important for Power companies to work closely with their risk advisors, using risk and analytics tools to help them manage their cost of risk through purchasing the right limits and retention levels for their insurance programmes.
Cryptocurrency-related cyberattacks grew by 192%: Report
“The digital format of cryptocurrencies make them decentralised in nature and without any regulations, they have become the currency of choice for cybercriminals,” Murali Urs, Country Manager, Barracuda Networks-India, said in a statement.
In 2019, ransom demands ranged from a few thousand dollars to $2 million at the top end. By mid-2021 most demands were in the millions, with a significant number over $20 million.
GIC Re shares climb nearly 4 pc after earnings announcement
With a higher investment income, state owned reinsurer GIC Re amidst Covid-19 pandemic, has seen its net profit rising by 5.25 per cent year on year(Y-O-Y) to Rs 1260.44 crore in last quarter(Jan-Mar) of FY 2021.