Clemens Jungsthöfel , CFO and CEO designate, Hannover Re Further...
Category:
Reinsurance
Latest
Innovative Climate risk insurance: PCRIC and WTW renew covers for 6 Pacific island nations
For 2024 and 2025, PCRIC now provides insurance for tropical...
Swiss Re to sell iptiQ’s European P&C business to Allianz Direct
The acquisition will expand Allianz Direct's footprint further into...
Liberty Mutual puts Australian coal project on hold
“As part of our investment processes, we’ve been evaluating alternatives for our Baralaba investment for some time and will not be submitting an environmental impact assessment for the South Mine at this stage,” a Liberty Mutual spokeswoman said. “We remain committed to collaborating with all stakeholders,” she added in emailed comments.
AM Best places credit ratings of Singapore Re under review with developing implications
This Credit Rating (rating) action follows an announcement made on the Singapore Exchange (SGX) on 21 April 2021 that Fairfax Asia Limited’s (Fairfax Asia) recent voluntary cash offer to purchase all issued and paid-up ordinary shares in the capital of Singapore Re, other than those already held by Fairfax Asia and other Fairfax Financial Holdings Limited (Fairfax group) companies, has been declared unconditional.
Tackling climate change through emerging hydrogen industry: Managing complex risks
Driven by climate change, the possibilities of energy storage, use as a fuel and the long-term intention to replace reliance on coal and oil, hydrogen has the potential to morph from a niche power source into big business.
New bulletin from Allianz Global Corporate & Specialty (AGCS) highlights operational risks that need to be addressed in hydrogen projects, including fire and explosion hazards, impact of embrittlement and business interruption exposures.
AGCS sees increasing demand for insurance coverage for hydrogen solutions in future.
‘Bunch of garbage’: Campaign to ease pilot overload from antiquated safety warnings
The reform of the more than century-old system of Notices to Airmen (NOTAMs) – originally modelled after Notices to Mariners – is part of a wider push to make aviation simpler, particularly in the wake of two Boeing (BA.N) 737 MAX crashes.
Chubb and Marsh partnership to provide $150 million cover for the COVAX Program for 92 low and middle-income countries
Through Chubb’s and Marsh’s collaboration, up to $150 million in insurance is provided for the COVAX No Fault Compensation Program to cover compensation payments to eligible individuals in the 92 lower-income countries and economies, known as the Gavi COVAX Advance Market Commitment (AMC) eligible economies.
Insurance broker Marsh led the global placement of the bespoke solution. Chubb is the lead insurer, supported by a further 10 insurers located in the U.S., U.K., Germany, Ireland, Switzerland and Bermuda.
IRDAI panel makes various suggestions on retail engineering insurance products
On sum insured definition for retail segment for engineering products, it said: “Considering a near unanimous view from all stakeholders, the panel suggests Sum Insured limit of up to Rs 50 crores is recommended for retail segment”.
The group, as per the report, opined that the retail products with standard wordings with uniform coverage of a good range of essential covers are needed to give a comprehensive protection boost to the SME and MSME sector entities and units.
The products should be offered by all Indian insurers without any changes or modifications, it said.
Japan to issue 3rd virus emergency in Tokyo, Osaka area
Japan’s third state of emergency since the pandemic began comes only a month after an earlier emergency ended in the Tokyo area. For days, experts and local leaders said ongoing semi-emergency measures have failed and tougher steps are urgently needed.
U.S. P/C insurers perform well in 2020 despite Pandemic, higher Cat losses:AM Best
According to the report, P/C industry revenue declined slightly to $560.7 billion, driven by a significant drop of 18.8% in net investment income. Expenses grew by 4.1% in 2020, far exceeding a modest increase in premium revenue; the catastrophe losses and a sizable increase in policyholder dividends also more than countered the increase in premium revenue.
Lloyd’s Lab announces its sixth cohort with a focus on product simplification and climate
For the sixth cohort, the InsurTech start-ups have been selected based on solutions geared towards four key themes: climate change and decarbonisation; geopolitics; data and models; and claims support services. The teams will explore how they can support Lloyd’s customers around the world by creating simpler products capable of responding quickly in the aftermath of a disaster.
Tokyo Olympics might yet be cancelled due to COVID-19 – Japanese official
“If it seems impossible to do it any more, then we have to stop, decisively,” Toshihiro Nikai, secretary-general of the Liberal Democratic Party, said in comments to broadcaster TBS.