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SBI Gen pays its first parametric claim of Rs1.06 cr for Nagaland’s natural disaster losses
“Our parametric insurance model ensures that financial assistance...
200 aircraft leased out from Gift City: Civil Aviation Minister Naidu
India had 340 aircraft in 2014 and that number has increased to 840...
Munich Re expands Cyber business in India, expects market size to be $150 million by 2025
“ Cyber risk coverage is a strategic focus of Munich Re and we are committed to supporting our partners in India to create a long-term sustainable market. India’s economic size and eagerness to adopt new technologies presents a unique opportunity in retail and commercial cyber as more Indians/ Indian enterprises move towards the internet of things and get connected to the internet,’’ said Hitesh Kotak, Chief Executive Officer at Munich Re India Branch, adding that with its innovative solutions, Munich Re is one of the leading providers shaping the global cyber market and responding to the challenges of evolving vulnerabilities.
Paris climate targets not possible without a carbon removal industry the size of oil & gas: Swiss Re study
Christoph Nabholz, Chief Research Officer at Swiss Re Institute, “Carbon removal will need to evolve into a multi-trillion-dollar industry akin to the value of the oil and gas industry today if we are to hit the climate targets set out by the 2015 Paris Agreement. Serious investment in this nascent industry must start now. Failing to tackle climate change could result in global GDP loss of 18%, which we showed earlier this year. No action is not an option.”
Covid-19:No fans at Olympics, making Games a TV event
“The infections are in their expansion phase and everyone in this country must firmly understand the seriousness of it,” Dr Shigeru Omi, a top government medical adviser, said.
The Olympics are pushing ahead against most medical advice, partially because the postponement stalled the IOC’s income flow. It gets almost 75 per cent of its income from selling broadcast rights, and estimates suggest it would lose USD 3 billion to USD 4 billion if the Olympics were cancelled.
India invites UK companies to invest in insurance sector
The Dialogue saw government-to-government discussions to strengthen cooperation on four key themes: Gujarat International Finance Tec (GIFT) City; banking and payments; insurance, and; capital markets. It was led by senior officials from the UK Treasury and the Indian Ministry of Finance, with participation from independent British and Indian regulatory agencies, BHC said.
Global Covid-19 caseload tops 184.5 mn; deaths surge to more than 3.99 mn
The US continues to be the worst-hit country with the world’s highest number of cases and deaths at 33,746,275 and 605,903, respectively, according to the CSSE.
In terms of infections, India follows in the second place with 30,619,932 cases.
Brutal Summer’s record-high temperatures flare up extreme events in Northern Hemisphere
Extremes are piling up in what’s poised to be a brutal summer as the planet warms. Climate change is intensifying many unusual weather patterns to the point that scientists are able to detect its influence nearly in real time. That’s been the case during the heatwave that’s boiled Canada and the U.S. northwest this season, as well as the heatwave that hit Siberia last year.
Swiss Re’s Nina Arquint receives `The 2021 Geneva Association Women in Insurance Award”
Jad Ariss, Managing Director of The Geneva Association, said: “I congratulate Nina Arquint on winning this award, which recognises her leadership role in reducing the underwriting of coal, the most polluting and carbon-intensive fuel, and her great dedication to tackling environmental risks. Ms Arquint and her team have made demonstrable contributions to reducing the financial viability of coal and contributing to accelerating its phase-out globally. This work is in alignment with The Geneva Association’s mission to promote the use of insurance to create a better, more resilient, and more sustainable world.”
Cyber insurance industry to exceed $20bn by 2025, says GlobalData
The market recorded growth of 33.5 per cent in 2020 as businesses around the world realized the increased threat COVID-19 and staff working from home posed. The growth rate is set to remain high throughout the forecast period, with GlobalData projecting a rate of 27.3 per cent growth in 2021, said GlobalData .
Up to 1,500 businesses affected by ransomware attack, says US firm’s CEO
One of those tools was subverted on Friday, allowing the hackers to paralyze hundreds of businesses on all five continents. Although most of those affected have been small concerns – like dentists’ offices or accountants – the disruption has been felt more keenly in Sweden, where hundreds of supermarkets had to close because their cash registers were inoperative, or New Zealand, where schools and kindergartens were knocked offline.
AXA XL appoints Marine Ress as Chief Underwriting Officer, Casualty for APAC & Europe
Etienne Champion, Chief Underwriting Officer, APAC & Europe, said: “The casualty insurance market has seen increased frequency and severity of losses in recent years and is undergoing transformation due to the emergence of new risks, notably those associated with new technologies. Our clients and brokers turn to us to help them navigate these developments.”