AM Best upgraded GIC Re's Financial Strength Rating to A-...
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Hurricane Milton leaves at least 10 dead, millions without power in Florida
More than 3 million homes and businesses in Florida were without...
Milton’s insured losses will range from $30 billion-$50 billion: Fitch
Milton will push global industry insured losses thus far in 2024 to...
Irish central bank: We’ll act against insurers who don’t pay COVID-19 claims
Ireland’s High Court ruled on Feb. 5 that four publicans insured by FBD were entitled to be indemnified for losses under lockdown-linked claims, in a case that could have implications for over 1,000 similar contracts for FBD alone Gabriel Makhlouf said a number of insurers had already accepted and begun settling business-interruption claims as a before the court judgment in Dublin, as well as one in London.
GIC Re records a net profit of Rs 987 cr in Q3 FY21, cautiously grows its prm to Rs 11,668 cr
The third largest Asian reinsurer had improved its combine ratio to 108.5 per cent during the reporting quarter as compared to 130.4 per cent in the yaer ago period.
Although Covid-19 influence remains on the insurance industry, severity of the impact is gradually reducing and the same is reflected in the results of the industry. GIC Re’s financials have shown indications of positivity and signals turnaround in the near future,said Devesh Srivastava, CMD, GIC Re.
AXA XL appoints new global chief underwriting officer for Cyber
New Delhi: AXA XL announced that Michael Colao has joined as Global Chief Underwriting Officer, Cyber, reporting to the recently promoted Global Chief Underwriting Officer for Financial Lines, Libby Benet. Commenting on the development,Benet said: “Michael...
Intl passenger traffic fell by 90.56 pc in March-Dec 2020: Govt
”Revenues of major Indian scheduled carriers fell from Rs. 46,711 crore during April-September 2019 to about Rs. 11,810 crore during April-September 2020. Their full time and contractual employment which was 74,887 as on 31 March 2020 fell to 67,906 as on 30 September 2020,” Puri told Rajya Sabha in a written reply to a question.
Lloyd’s launches global resilience platform for systemic risks
“The COVID-19 pandemic has shown that a hypothetical systemic risk, is never far from becoming a reality and that we must do everything we can to prepare and mitigate against the worst impacts of the constantly changing and challenging risk landscape,” commented John Neal, CEO of Lloyd’s.
Govt allocates ₹16000 crore for Pradhan Mantri Fasal Bima Yojana for 2021-22
The number of farmers’ crop insurance claims that were rejected by insurance companies under the Pradhan Mantri Fasal Bima Yojana (PMFBY) multiplied 9 times in just two years.
According to data provided by Agriculture Minister Narendra Singh Tomar in response to a question in the Rajya Sabha on Friday, in 2017-18, the number of rejected claims was 92,869.
In the next year, 2018-19, the figure more than doubled to 204742. By 2019-20, it was 928870 , a whopping 900 percent increase,” the reply said.
Insurers play waiting game amid push for post-Brexit Solvency II equivalence
Under Solvency II equivalence, the EU would recognize a non-EU country’s solvency regime as producing comparable outcomes to its own, meaning less regulatory scrutiny. The Solvency II directive extends equivalence in three areas: reinsurance, solvency calculation and group supervision.
Asian commercial insurance pricing up 11% in 4th Quarter:Marsh
Asian clients with large CAT exposures and those requiring international capacity continued to experience double-digit pricing increases.. Casualty pricing remained generally flat, as it has for three years.
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ICICI Lombard gets approval to open IFSC unit
The offshore unit will enable ICICI Lombard to harness new opportunities in direct insurance and reinsurance areas by offering offshore direct insurance solutions, especially to domestic corporates and individuals located overseas, thus expanding its international business, the company said.
International rating agencies give thumbs up to proposal of raising FDI limit to 74 % in insurance sector
Prospectively, given the historical trends and the opportunity to hold greater ownership in the insurance companies, AM Best is of the opinion that the Indian insurance industry is likely to attract significant overseas capital inflow.
The possibility of higher foreign ownership would improve insurers’ financial flexibility by offering additional opportunities to bolster solvency. In addition, insurers would benefit from the sharing of risk management best practices, possibly leading to a lowering of exposure to high-risk assets and adoption of risk-based capital management, explained Mohammed Ali Riyazuddin Londe, vice President – senior analyst, Financial Institutions, Moody’s Investors Service.