N Ramaswamy, CMD, GIC Re The effort from the Regulator is to create...
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GIC Re’s net profit up 16% to Rs 1861 crore in Q2FY25
N Ramaswamy, CMD, GIC Re Though the largest Indian reinsurer has...
Bridge Specialty International launches with the rebrand of Lonmar Global Risks
Bridge Specialty Group, a global wholesale and specialty insurance...
COVID-19 Pandemic intensifies risk in GCC countries:AM Best
Financing needs will remain acute, as more than USD 100 billion of debt will mature between 2021 and 2025. The region also faces long-term challenges. Despite long-standing efforts to diversify the GCC’s economies, progress has been relatively limited.
Peak Re’s net profit rises 150% to $87.1 million in 2020,combined ratio at 97.6%
On outlook for 2021, LI Tao,chairman, Peak Re said, We expect 2021 to see a rebound in economic growth that will extend into 2022. With the recovery already underway in Asia, we are looking to our Asia Pacific region to continue to outperform other regions and be the growth driver for the broader economy, as well as the insurance industry. This presents significant room for us to further grow in emerging markets where economies are still expanding.As businesses learn to adapt to another “new normal”, the effects of COVID-19 will continue to filter through and impact the future risk landscape.
Bombay High tragedy: Barge Master, others charged with culpable homicide
The development came two days after the police launched its probe based on an accident death report to ascertain why the barge allegedly failed to adhere to safety norms despite warnings of the impending Cyclone Tauktae which wreaked havoc on the country’s west coast last Sunday onwards.
Besides culpable homicide not amounting to murder, the barge Master and others are also charged with common intentions, negligent acts causing hurt to others, etc., said Mumbai Police Spokesperson and Deputy Commissioner of Police S. Chaitanya.
Wildfires, thawing permafrost pose new challenge to curb climate change: Study
As temperatures rise and permafrost thaws, carbon dioxide and methane trapped within the long-frozen soil are released. The deeper the thaw, the more gas is released.
That threatens to create a feedback loop that contributes to even more warming of the atmosphere, scientists warn in a study published in the journal Proceedings of the National Academy of Sciences.
U.K. Flying-Taxi hub aims to develop blueprint for aerial roads
The project, backed by 1.2 million pounds ($1.7 million) of government funds, involves construction of a centrally located hub that will host demonstration flights across the city of almost 400,000 people, according to Ricky Sandhu, founder of Urban-Air Port, which will operate the ground infrastructure.
Cyclone Tauktae causes economic losses of over $ 2 billion, agriculture hit most: RMSI
Pushpendra Johari, senior vice president, sustainability, RMSI said“Cyclone Tauktaeis an unique event that has impacted all coastal western states and union territories of India . Though the cyclone effect on Kerala, Karnataka and Maharashtra and Goa was not severe, Gujarat and Diu are badly impacted.”
“Though the cyclone has made a landfall , this is not the end of our distress. Recent climate change studies have highlighted rising sea surface temperature in the Arbian sea. This will increase the cyclone frequency in these region. We should improve our preparedness even further to deal with more such events in future.”
Fourteen die after barge sinks as cyclone batters India’s west coast
The navy said over 180 people had been rescued from the barge, which was engaged in contract work awarded by Oil and Natural Gas Corp, India’s top exploration company. Three ships and aircraft are continuing to look for the remaining personnel, it added.
With $118bn losses, Aviation insurance industry seeks rate rises in 2021 renewals
• The International Air Transport Association warned that the industry is likely to continue to lose around $5-6billion per month in 2021 and passenger numbers are only likely to fully recover by 2024
Laurent Rousseau to succeed Kessler as SCOR’s CEO
The Board’s appointment of Kessler as non-executive Chairman following the General Meeting of June 30, 2021, will help to ensure the continuity of the Group’s strategy and to perpetuate its values.
Benoît Ribadeau-Dumas had been appointed as deputy CEO with effect from January 1, 2021, with a view to becoming CEO in 2022
$10 trillion lost globally due to COVID-19 pandemic and lockdowns:WHO Report
A report by the panel cited estimates that more than $10 trillion has been lost globally because of the COVID-19 pandemic and lockdowns to control its spread that has closed businesses and confined people to their homes. “Every effort to integrate beforehand health and finance will largely pay itself,” said Mario Monti ,former Italian prime minister chairs the WHO’s Pan-European Commission on Health and Sustainable Development .
It has recommended the G20 establish a Global Health Board which would work to prevent future pandemics by identifying risks, setting global benchmarks for preparedness, and promoting investment in health infrastructure.