The report highlights that insured losses from primary perils...
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APAC presents an attractive growth narrative, facilitating sustained reinsurance capacity: S&P report
However, challenges are emerging, including rising physical risks,...
India faces 24.7 pc GDP loss by 2070 due to climate change: ADB report
"India is reported to have the highest number of affected...
Egypt seeks settlement out of court for Suez Canal blockage
The canal chief said last week the Suez Canal Authority was expecting more than $1 billion in compensation, warning the ship would not be allowed to leave the canal if the issue of damages turns into a legal dispute.
“We are discussing with them a peaceful resolution to the matter without resorting to the judiciary,” he said. He maintained that bringing the case before a court would be more harmful to the firm than settling with the canal”s management.
India InsurTech Association and Xceedance join hands to promote insurtech sector in India
IIA has joined forces with Xceedance – as the principal sponsor – to forge global partnerships, develop talent, provide insurtech start-up resources, and build its core team. Co-founded by Shwetank Verma, Subhajit Mandal, and Prerak Sethi, IIA bring togethers various India-based insurtech start-ups, re/insurance companies, service providers, and insurance professionals to increase the velocity of digital transformation across the Indian insurance industry.
The association already includes 32 insurtech members, and facilitates networking and focused thought leadership sessions for its diverse constituents.
Reinsurers set to bear brunt of costs for Suez Canal grounding
The UK Club will cover the first $10 million of P&I losses.
Beyond that, the wider pool of P&I insurers will cover up to $100 million, at which point reinsurers such as Lloyd’s of London step in for up to $2.1 billion of claims. P&I insurers would contribute for part of a further $1 billion of cover.
Australia regulator proposes exposure limits of life insurers to offshore reinsurers
“The recent growth in life insurers placing business with offshore reinsurers has been a prudential concern, as APRA does not have regulatory authority over these reinsurers,” the regulator’s Deputy Chair Helen Rowell said.
MS Amlin acquires International Transportation Marine Agency
Following a significant period of transformation, the acquisition demonstrates the evolution of MS Amlin’s strategic ambitions, supported by its parent MS&AD Group, building selectively on its core portfolio and balancing its catastrophe exposure by investing in the high growth US speciality MGA market. By targeting mid-size, strongly performing niche MGAs underwritten by capacity from highly rated carriers, MS Amlin will provide its clients with a broader suite of products whilst deepening distribution links in a key region.
Volcanoes and hurricanes become destinations for ethical money
“Reliable contingency financing for disasters is a very important tool for society,” said Joanna Syroka, senior underwriter and director of new markets at Fermat Capital Management in London. “We’ve seen an increase in inquiries from end-investors who want to understand what ESG means in insurance-linked securities over the past year.”
Suez Canal must upgrade to avoid future Shipping disruption
Shipping industry sources said specialist equipment and associated procedures have long struggled to keep up with the ever increasing size of commercial vessels.
“The average size of most vessels has increased exponentially over the last 15 years. The ability to salvage these bigger ships has not,” said Peter Townsend, a marine insurance industry veteran.
“The issue is getting containers off essentially a 20-story high building at sea.”
IRDAI tightens product and pricing regulations to check undercutting or inflating of premiums by general insurers
Analysts point out that, such regulations to check undercutting of premiums, that have been happening since detariffing was launched in the Indian general insurance industry in 2007 were overdue. Such cut throat unethical competition was generating huge underwriting losses in the domestic general insurance indstry which was not good for the financial viabilities of the players who are saddled with underwriting losses and even net losses even after so many years of operations..
Apr 1 Renewals: Reinsurers slash rates, pay higher commissions to Indian cedants
“The overall drop in the rates during the Apr 1 renewals have been used by the cedants to take larger cover for their portfolios. For reinsurers like us, it is a case of double whammy, as rates have dropped and commissions paid to the cedants have flared up,” said sources.
April 1 Renewals:Market pricing remain firm in all classes and territories, Willis Re
James Kent, Global CEO of Willis Re, said: “The market landscape has not seen much change since 1 January and consequently the important 1 April renewals saw more of the same between reinsurers and their customers. Market results for 2020 illustrate the challenges faced by the global reinsurance sector of reduced investment income, declining prior-year reserve releases, rising COVID-19 loss reserving, and increased volatility in the frequency and severity both of natural catastrophes and man-made losses.
However, reinsurers’ 2020 results, when adjusted for COVID-19 claims reserves, have shown encouraging improvements in underlying combined ratios and buyers’ immediate concerns over capacity availability and pricing have been allayed leading to an orderly renewal.”