The facility will create a portfolio of war risk insurance policies...
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Lloyd’s revamps its data, operations and change departments, opts for outsourcing
Lloyd’s oversees a market of nearly 50,000 underwriters and brokers...
M&A Insurance claim costs rise despite drop in number of claims, Tighter underwriting terms expected
GTS’ Americas region saw the smallest decline in R&W...
Aon to sell its U.S. Retirement Business to Aquiline and its Aon Retiree Health Exchange Business to Alight
Aon and Willis Towers Watson have previously announced the divestiture of Willis Re, a set of Willis Towers Watson corporate risk and broking and health and benefits services, and Aon’s retirement and investment business in Germany.
Covid-19 claims cost life reinsurers billions
The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but claims from other countries including South Africa and in Latin America added to the costs. Life reinsurers only have limited exposure to India.
BI estimates Swiss Re accounted for around 35% of claims followed by Reinsurance Group of America on 27% but the decline in deaths should mean much lower claims for the second half of the year.
HDFC ERGO partners with Visa to provide specialised covers for business cardholders
Ankur Bahorey, president – Bancassurance Business, HDFC ERGO General Insurance Company said, “Traditionally SME owners have given limited attention to business risk management, which often makes them vulnerable towards several factors such as theft or Act of God, unforeseen health conditions, loss of income due to reasons beyond their control etc. They also need to consider employee benefits, assets & liability management and; most important; family protection.”
Tencent-owned startup reinsurer FuSure receives license for Hong Kong operation
With an initial capitalisation of HKD 1 billion (approximately USD 129 million), the company is 85.01% owned by Tencent Holdings Limited (Tencent), a technology conglomerate listed on the Hong Kong Stock Exchange, and 14.99% owned by Grand Azure Limited, a privately owned investment company.
Willis Towers Watson launches new Sports and Entertainment Industry Group
Ian Tomlin, Head of Accident & Health, Willis Towers Watson commented, “We are excited to launch the Sports & Entertainment industry group, which will align a breadth of expertise across the network to offer the sector a new comprehensive, global approach to risk management. We are delighted to be working across the global sports industry as well as supporting event organisers and production companies in partnership with the Willis Towers Watson Leisure and Hospitality Practice.”
Odisha pegs loss due to cyclone Yaas at Rs 610 crore
While the loss to the government properties was estimated to be Rs 520 crore, the calamity damaged private properties worth Rs 90 crore.
Disaster feared as chemical cargo ship sinks off Sri Lanka
The Singapore-registered MV X-Press Pearl, carrying 1,486 containers, including 25 tonnes of nitric acid, along with other chemicals and cosmetics, was anchored off the island’s west coast when a fire erupted on May 20. Authorities have been battling the blaze since then, as flaming containers laden with chemicals have fallen from the ship’s deck, the navy said last month.
Chubb report reveals risk and uncertainty faced by digital SMEs
Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world and the results revealed four mega-trends that impact businesses pursuing digital transformation.
No decision on Baden-Baden Reinsurance Meeting 2021 till June 15
Baden Baden: The organisers of annual Baden-Baden Reinsurance Meeting has decided to not to open registration and booking options for the Baden-Baden Meeting 2021 untill June 15, 2021 due to covid-19 pandemic situation. Hotels will not take any...
World needs $8.1 trillion of investment of by 2050 to combat climate, biodiversity and land degradation crises:UN
Inger Andersen, Executive Director of the UN Environment Programme (UNEP), said biodiversity loss is already costing the global economy 10 percent of its output each year.
Although investing in nature supports the health of all beings, improves the quality of life, and creates jobs, it accounts for just 2.5 per cent of projected economic stimulus spending in the wake of the pandemic. Therefore, private capital will have to be increased to close the investment gap.