Extreme weather events featured in the G20’s top five risks, as the...
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Fitch revises global reinsurance sector outlook to ‘Neutral’
``Given the sector’s abundance of capital, we expect a moderately...
Global insured NatCat losses over $135 billion in 2024 , says Swiss Re
Jérôme Jean Haegeli, Swiss Re's Group Chief Economist, says:...
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.”
Underwriters puzzle over how to make pandemics insurable again
U.S. company SpottedRisk has devised a model built on years of data on the political and economic environment of film locations in 150 countries, as well as a year’s COVID-19 shutdown data, to come up with a pricing mechanism to cover the risk of production stopping due to the pandemic.
Britain, the European Union and the United States are all looking at arrangements in which cover from commercial insurers would be backed by government reinsurance schemes. Such schemes could be less costly than business bailouts but the process of developing them is slow, as governments grapple with the problems at hand.
Alamelu panel suggests 2 new Title Insurance products
The two new products which are suggested by the WG are- Legal Expenses Policy for Land Title Owners and Developers/Promoters and Retail Policy for Allottees, individual customers and financiers who purchase units in RERA projects.
Egyptian court rejects appeal against detention of ship in Suez Canal
The Ever Given, one of the world’s largest container ships, got jammed across the canal on March 23 and remained stuck for six days, stopping traffic in both directions.
It has been held in a lake between two stretches of the canal since being dislodged on March 29, amid a dispute over a $916 million claim by the Suez Canal Authority (SCA) against Japanese owner Shoei Kisen for compensation over the incident.
UK court to reconsider $6.9 bln Brazil dam lawsuit against BHP
The collapse of the Fundao dam, owned by the Samarco venture between BHP and Brazilian iron ore mining giant Vale , killed 19 and sent a flood of mining waste into communities, the Doce river and the Atlantic Ocean, 650 km (400 miles) away.
Samarco has since filed for bankruptcy protection.
AXA halts ransomware crime reimbursement in France
“The word to get out today is that, regarding ransomware, we don’t pay and we won’t pay,” cybercrime prosecutor Johanna Brousse said at the hearing.
Only the U.S. surpassed France last year in damage from ransomware to businesses, hospitals, schools and local governments, according to the cybersecurity firm Emsisoft, estimating France’s related overall losses at more than $5.5 billion.
Aon forms EMEA M&A and Transaction Solutions Advisory Board to support growth and expansion of M&A practice
The new advisory board will support the growth and development of Aon’s M&A practice across the UK and EMEA, as it continues to expand its client offerings to include solutions for intellectual property, cyber security and digital performance, retirement, benefits, talent and compensation, structured credit, tax and litigation risks, ESG and more.
Covid, Cyber, Compliance and ESG top risk concerns for financial services sector: Allianz
“The financial services sector faces a period of heightened risks. Covid-19 has caused one of the largest ever shocks to the global economy, triggering unprecedented economic and fiscal stimulus and record levels of government debt,” says Paul Schiavone, Global Industry Solutions Director Financial Services at AGCS. “Despite an improved economic outlook, considerable uncertainty remains. The threat of economic and market volatility still lies ahead while the sector is also increasingly needing to focus on so-called ‘non-financial’ risks such as cyber resilience, management of third parties and supply chains, as well as the impact of climate change and other Environmental Social and Governance (ESG) trends.”