In a note worthy trend, seven stand alone health insurers have now...
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Max Life integrates Swiss Re’s ‘Digital Health Underwriting’ solution to elevate the customer onboarding experience
Swiss Re’s DHU solution automates technical underwriting, using...
Flood risk: protective measures up to ten times more cost-effective than rebuilding: Swiss Re study
Flood risk is set to increase due to climate change and urban...
HX launches in Asia to bring its data, digital and analytics capabilities closer to clients and carriers across the region
Goh Chye Huat, CEO, Howden Asia, said: “Our businesses across Asia have experienced tremendous growth over recent years. We have reached a scale where it is vital to have a market-leading engagement and distribution strategy. HX’s data and analytics capabilities are unrivalled in the market and we are delighted to have that offering available for our clients and colleagues in Asia.”
Ransomware attack hits 4 Asian countries of AXA subsidiary
he ransomware attack impacted information technology operations in Thailand, Malaysia, Hong Kong and the Philippines, the statement said. “As a result, certain data processed by Inter Partners Asia (IPA) in Thailand has been accessed,” it said.
India’s Covid crisis hits work at ports as risk to global trade grows
India has 21.9 million tons of cargoes scheduled to arrive this month but with labor shortages and force majeure at some ports, many of the vessels could see discharge delays, according to IHS Markit associate director Pranay Shukla. That may have a knock-on effect on scheduled loadings at the exporting countries.
The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China. While India accounts for only fraction of the global trade that China does, any delays in offloading vessels and releasing them to their next destination could create supply chain bottlenecks.
Mass shooting insurance in high demand as U.S. emerges from lockdown
Client inquiries for what the industry calls active shooter policies have risen 50% year on year in the past six weeks, said Tarique Nageer, Terrorism Placement Advisory Leader at Marsh, the world’s biggest insurance broker.
Such policies gained popularity in recent years following a spate of school shootings. They typically cover victim lawsuits, building repairs, legal fees, medical expenses and trauma counseling.
Adani and other Australian coal miners flag finance, insurance difficulties
The withdrawal of global insurers risks making even some ancillary business unviable, said contractor BMD Constructions Pty Ltd, which is building a section of a 210 km (130 mile) rail line to service Adani’s Carmichael mine in northern Queensland state, which is due to start operating this year.
The coal miners argued that Australia’s high-energy coal offers a comparatively lower emissions alternative to export markets compared with coal from other regions. They say coal also provides billions of dollars to government coffers and supports regional jobs.
Colonial Pipeline has cyber insurance policy, paid hackers nearly $5 Million in ransom
The cover was for at least $15 million.
Cyber insurance typically covers ransom payments and insurers often provide staff to negotiate with the hackers, in addition to IT and public relations services.
Swiss Re CEO Christian Mumenthaler argues that the private insurance market is simply not large enough to offer full cyber protection to vulnerable organisations, due to the systemic nature of cyber risk.
He observed that the cyber insurance market is currently worth around $5.5 billion in premium, compared to “gigantic” yearly losses that extend into the hundreds of billions of dollars.
Arthur J. Gallagher & Co to acquire Willis Re and WTW’s corporate risk, broking, health and benefits services for $3.57 billion
Gallagher has agreed to purchase a group of businesses from Willis Towers Watson that includes:
Willis Re operations globally, excluding operations in mainland China and Hong Kong;
Global cedent facultative reinsurance, excluding operations in mainland China and Hong Kong;
Corporate Risk and Broking business unit known as Inspace globally and certain business undertaken for Aerospace Manufacturing clients;
AXA XL appoints Anish Jadav as CUO, Retail P&C, UK & Lloyd’s market
In his new role, Jadav will be responsible for developing and executing AXA XL’s Retail P&C underwriting strategy and optimising product offering and profitability.
BBB selects five to be directors at PSU general insurance companies
Satyajit Tripathi jas been recommended for the post of GM & Director of New India Assurance Company while Y.K. Shimray has been chosen as the GM & Director in United India Insurance Company,.
Sophia Singh has been named as the GM & Director of GIC Re. Similarly, both Arti Mathur and Nagalakshmi D have been recommended for two posts of GM & Director in Oriental Insurance Company
Miller launches new exclusive Professional Indemnity product for freelance solicitors
Ed Pickard, Head of UK Professions, commented: “This new product will enable Miller to support freelance solicitors in accessing the coverage they need to operate. Our team of solicitors’ PI insurance specialists are excited to be able to offer this to our expanding portfolio of clients, and would encourage solicitors to get in touch to learn how Miller can find them the competitively priced cover they need to protect against claims and meet the requirements of the regulator.”