Marsh said the fall in the composite rate - the first since the...
Category:
Reinsurance
Latest
Lloyd’s and UNCDC establish first of its kind disaster resilience vehicle for Small Island Developing States
Initially covering Fiji, Papua New Guinea and Samoa, the vehicle...
Panda seeks more conglomerates to enter insurance; Irdai nudging more cos to list
Debasish Panda, chairman, IRDAI The regulatory body's chief said...
France’s biggest insurer dumps German power giant over coal
“By turning away one of Europe’s biggest utilities because they are too dependent on coal, AXA has set an important precedent for itself and other insurers,” said Peter Bosshard, finance program director at environmental nonprofit the Sunrise Project, adding that RWE must be an account worth millions of dollars a year in insurance.
Covid-19 travel insurance becoming a vacation staple
The market for all types of Covid-19 travel coverage is estimated to be between $30 billion to $40 billion a year, according to travel insurance consultant Robyn Ingle, with companies like AXA and AIG underwriting protection.
Airline bookings are on the rise in some regions, driving cautious hopes of a revival in summer traffic, but also raising fears among tourist destinations of getting hit with bills should vacationers become stranded by the virus.
More than a dozen countries from Aruba to Thailand require Covid-19 coverage for visitors, with Jordan the latest to consider such protections, organizers of an emergency services plan told Reuters.
Generali CEO says insurers can’t handle pandemic risk alone
“When the risk becomes systemic it is no longer insurable and obviously we need to use public money,” he said.
Donnet said the European Union and member states should work with the insurance and reinsurance industries to improve protection across the bloc.
Aon and Praedicat to address insurers’ emerging risks in casualty sector with specialist solutions
New collaboration to develop a range of specialist liability reinsurance solutions that address product liability risks including nanomaterials and 5G
Aon to collaborate with Nayms and Relm to launch cryptocurrency pilot
Dan Roberts, CEO at Nayms, said: “As the digital asset space soars to $1 trillion, the need for appropriate insurance protection to scale alongside that growth will be vital for the sustainability of this innovative market. By working with Aon and Relm, we are enabling the collaboration between technology, regulation and the existing insurance marketplace, bringing a robust solution for the cover of digital asset risk to the market.”
Aon’s $30 billion bid for insurance broker Willis hits EU antitrust hurdle:Reuters
The European Commission, which suspended its investigation into the deal last month while waiting for Aon to provide requested information, is concerned the takeover may drive up prices and hold back innovation.
Insurer Hiscox counts cost of virus claims, ‘brand damage’ after court case
“Hiscox has undoubtedly suffered some brand damage this year,” the company said
The company lost a high-profile court case in January over the policy wordings and has reserved $475 million for pandemic-linked claims.
Event cancellation and abandonment is expected to account for the biggest share of claims, followed by business interruption, the company said.
Brexodus from City of London to the EU slows
Financial services are not included in the EU-UK trade deal that came into effect on Jan. 1, largely cutting off the City from the EU.
“After the major hurdle of standing up new EU hubs, the days of significant swathes of asset and job relocation announcements appear to have passed and will likely be replaced by the slower yet ongoing movement of people and assets to Europe for compliance purposes,” Omar Ali, a financial services managing partner at EY, said.
UK business interruption insurance anguish far from over
The Financial Conduct Authority (FCA) said the case could affect 370,000 policyholders and 60 insurers, with the potential for billions of pounds in claims.
Many small businesses had policies that enabled them to claim a maximum of 50,000-100,000 pounds for disruption caused by the pandemic and subsequent lockdowns.
Munich Re partners with Google Cloud and Allianz for Cyber Insurance
The joint offering, achieved by linking technology with insurance know-how and facilitating the sharing of in-depth data, brings a new level of maturity to the market.
Munich Re and AGCS have developed the Cloud Protection + policy exclusively for Google Cloud customers.
The policy will initially be offered to Google Cloud customers in the United States and will be available to organisations with revenues of between US$ 500m and US$ 5bn. At a later stage, the scope will be extended to include organisations in other revenue segments and countries.