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Acko General Insurance reports losses of Rs 670 crore in FY24
The company is not expected to be profitable even this year....
Bridge Specialty International completes acquisition of Singapore-based Acorn International Network
Tim Coles, Chief Executive Officer of Bridge Specialty...
Australian regulator raises antitrust doubts over Aon’s $30-billion Willis Towers bid
The regulator said the deal may lead to price increases or reduced service levels for large or high-value commercial insurance customers and may also limit the insurance coverage and pricing smaller brokers could get for their customers.
“Significant improvement in climate-related disclosure of Insurers”
Bronwyn Claire, Senior Programme Manager for ClimateWise said,“We’ve seen significant progress being made by members in the incorporation of climate change considerations into investment and underwriting strategies demonstrating growing strategic commitment to corporate and societal resilience to climate change.”
Arctic blast: 100 million Americans brace for more cold, ice and snow
Blame the polar vortex, a weather pattern that usually keeps to the Arctic, but is increasingly visiting lower latitudes and staying beyond its welcome. Scientists say global warming caused by humans is partly responsible for making its southward escapes longer and more frequent.
Rising Risk of Cyber-attack on Industrial Sector:Lloyd’s Report
Cyber-attack risks have previously been considered unlikely to materially impact the physical market, with cyber perils traditionally emerging in the form of non-physical losses. However, the report looks at how physical risks have become a rapidly growing concern for industrial businesses as shown by recent high-profile breaches. As bridges are increasingly being built between information technology (IT) and operational technology (OT), along with increases in automation and sophistication of threat actors, it is paramount that (re)insurers carefully consider where major losses may occur.
Africa Specialty Risks Group partners with GIC Re & Peak Re to launch new capacity for African region
ASR has secured additional multi-year binder capacity of up to $25 million per risk through a partnership with India’s GIC Re and annual capacity from Hong Kong based Peak Re.
Mikir Shah, CEO,ASR, said “ Securing additional capacity could not come at a more meaningful time for ASR. Following our launch mid-Pandemic in September 2020, we have seen a reduction in available capacity as traditional underwriters withdraw from emerging markets to focus on their more developed domestic markets”
Munich Re Life and Health announces new leadership for Southeast Asia and Digital Solutions
Munich: Munich Re has announced two senior appointments in its Life and Health business in the region. Aravind Srinivas will lead the Group’s Southeast Asia business and Tobias Frenz takes on responsibility for a newly formed business capability...
SolarWinds hack was ‘largest and most sophisticated attack’ ever: Microsoft president Brad Smith
The hackers got access to emails at the U.S. Treasury, Justice and Commerce departments and other agencies.
Cybersecurity experts have said it could take months to identify the compromised systems and expel the hackers.
Investors vie for windfall from rejected covid insurance claims
Distressed-investing funds and litigation-finance boutiques are likely to be spoiled for choice after a landmark U.K. court ruling last month rejected pleas from insurers looking to dodge pandemic payouts. They’re looking to finance or buy denied Covid-19 insurance claims for policyholders without the means or stomach for taking their insurers to court.
“This is going to be huge,” said Steve Cooklin, chief executive officer of London-based litigation funder Manolete Partners Plc, whose biggest shareholder is veteran distressed investor Jon Moulton.
Florida consumers ‘flabbergasted’ as property insurers push for double-digit rate hikes
Florida’s domestic property insurers reported a more than $1 billion underwriting loss for the first three quarters of 2020 and almost $500 million in negative net income, according to the Florida Office of Insurance Regulation.
Florida’s domestic property insurers reported a more than $1 billion underwriting loss for the first three quarters of 2020 and almost $500 million in negative net income, according to the Florida Office of Insurance Regulation.
Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.
Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.
Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.
The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest in memory, according to some insurance agents and residents. One danger, they say, is that the new rates could make owning a home in Florida unaffordable.
Florida’s property insurance market, which collected $56.6 billion in premiums during 2019, is unique and covers complex risks including devastating hurricanes and the impact of climate change.
Biden administration asks U.S. Supreme Court to uphold Obamacare law
Biden, who was Obama’s vice president when the law was enacted, has promised to protect and build on Obamacare, which has enabled millions of Americans to obtain health insurance by expanding public healthcare programs and creating marketplaces for private insurance. Republicans have called it a government overreach.