The facility will create a portfolio of war risk insurance policies...
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Lloyd’s revamps its data, operations and change departments, opts for outsourcing
Lloyd’s oversees a market of nearly 50,000 underwriters and brokers...
M&A Insurance claim costs rise despite drop in number of claims, Tighter underwriting terms expected
GTS’ Americas region saw the smallest decline in R&W...
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.
Claire Le Gall-Robinson appointed to the SCOR’s group executive committee
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “ Claire has fulfilled her duties as General Secretary with great professionalism. She knows the company extremely well, and her professional and human qualities are appreciated by everyone she deals with. I am confident that Claire will be successful in this new key role. This appointment bears witness to the depth and breadth of the company’s talent and demonstrates our determination to develop and promote all talent within the Group.”
Insurtech platform premiums to exceed $556 Billion globally in 2025, as AI drives market transformation
Insurtech to Represent 8% of Global Insurance Premiums by 2025
The top 5 leading vendors were found to be:Ping An,Axa,Munich Re,Humana and Allianz.
The report identified that weakened customer loyalty, and the driving down of premiums by increased competition and the shift to digital will cause seismic change in insurance over the next five years.
Cinven and Singapore’s GIC complete acquisition of Miller
Greg Collins, CEO, Miller, commented,“Today marks the start of a new phase of growth. From this point onwards you will begin to see us make precise strategic investments as we look to establish Miller as the leading independent specialist (re)insurance broking firm for clients across the specialist sectors in which we choose to do business. This includes expanding our offering in Asia, Europe and North America, alongside recruiting and incentivising highly skilled specialist brokers to add to the depth of our existing talent base.
S&P insurers moving cautiously in the aftermath of massive Texas Ice storm Uri
According to the catastrophe modelling agency Karen Clark & Co, Winter Storm Uri will cost the industry about $18 billion. In comparison, Hurricane Harvey caused $30 billion in industry insured losses in the U.S. and about $19 billion in Texas.
Specialty insurer and reinsurer SiriusPoint launches with over $3bn in capital
“We aspire to be a disruptive force in the industry and drive technology innovation – with skilled underwriting at the core of everything we do. We have set a goal to challenge the status quo and define new ways of conducting business with diversity of thought and expertise. I am very excited about our future. We are building a company and a culture we can be proud of.”
Indian Insurance industry has recovered, pays Rs 9,000 crore Covid-19 pandemic claims :IRDAI Chief
While stressing the importance of Customer Data privacy, Khuntia added that the usage of data beyond a point of granularity should be avoided and insurers should not deny a coverage to the people on the ground, which is not under the control of the customers.
He was addressing a seminar on the theme of “Navigating Uncertainty: Insight-Driven Innovation “ organized by National Insurance Academy, in association with Swiss Re, on Friday.
Munich Re 2020 profit plunges 55% as pandemic takes toll
Pandemic-related claims alone amounted to more than 3.4 billion euros.
“In spite of the tremendous challenges posed by COVID-19, Munich Re closed out 2020 with a clear profit,” Chief Executive Joachim Wenning said.
Lloyd’s insurer Brit says it will not insure Adani coal mine
Twenty-six Lloyd’s syndicates have now said they will not insure the mine, according to action group Insure Our Future.
Adani has begun construction at Carmichael together with an associated rail project, with plans to start producing 10 million tonnes of coal per year from 2021.
The coal industry is in the spotlight for its higher levels of greenhouse gas emissions than crude oil.