Insurers to be allowed to do certain other business, in addition to...
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Berkley Asia and Lloyd’s Syndicate Volante venture into Indian markets
One more Lloyd’s Syndicate Volante has received a license from the...
Oak Reinsurance launches Syndicate 2843, receives Lloyd’s nods to underwrite
OAK Re is launching Syndicate 2843 in collaboration with blue chip...
Holger Tewes-Kampelmann to succeed Amer Ahmed as CEO of Allianz Re
Ahmed was instrumental in the rationalisation of Allianz’s reinsurance buying programme, creating a global buying strategy that was more efficient as well as profitable for the group.
U.S. rolls out first update to flood insurance pricing in 50 years
National Flood Insurance Program currently provides $1.3 trillion in coverage through more than 5 million policies in the U.S., but has been losing money for years and is currently $20.5 billion in debt.
China imposes $2.8 bn penalty on Jack Ma’s Alibaba Group in monopoly probe
The company founded by billionaire Jack Ma used its platform rules and technical methods like data and algorithms “to maintain and strengthen its own market power and obtain improper competitive advantage,” the investigation concluded.
Alibaba’s practice of imposing a “pick one from two” choice on merchants “shuts out and restricts competition“ in the domestic online retail market, according to the statement.
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.”