Insurance sources said on Thursday the war premiums had jumped...
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Catastrophe bond investors brace for major losses as Milton rages
Catastrophe bonds, or cat bonds as they’re known in the industry,...
Hurricane Milton could cost insurers up to $100 billion, analysts say
The Category 5 hurricane is due to make landfall on the Gulf Coast...
Insurers face ‘mind-blowingly’ large loss if Olympics cancelled
The IOC and Japanese organizers have been adamant that another postponement isn’t an option. So it appears more likely the Games would have to be canceled, rather than postponed again, if they weren’t able to go ahead in Tokyo this summer.
Analysts at Jefferies have estimated the Tokyo Olympics is insured for around $2 billion, plus a further $600 million for hospitality.
The IOC takes out around $800 million of protection for each Summer Games, which covers most of the roughly $1 billion investment it makes in each host city.
Global insurance industry cross border deals total $5.27bn in Q4 2020
The value marked a decrease of 42.2% over the previous quarter and a rise of 47.2% when compared with the last four-quarter average of $3.58bn.
In terms of number of cross border deals, the sector saw a rise of 47.06% over the last four-quarter average with 25 deals against the average of 17 deals.
In value terms, North America led the activity with cross border deals worth $2bn.
MS Amlin Underwriting appoints Chief Risk Officer and Chief Actuary
Desai, who will report into Johan Slabbert, CEO of MS AUL, brings over 18 years’ general insurance industry experience, both in the U.K and internationally from UBS, PwC and Hiscox.
Scullion will take up the newly created role of Chief Actuary in April and will report to Phil Green, CFO of MS AUL. She joins from Lloyd’s of London, where she has worked since 2015 and held the position of Head of Capital since 2018.
Governments, insurers should work together on global risks-executives
“Public-private partnerships are the only way to tackle climate risk,” insurance broker Willis Towers Watson CEO John Haley said at a virtual meeting of the World Economic Forum.
Zurich Insurance CEO Mario Greco said insurers did not have the capacity to tackle climate and cyber risks alone, but neither should such problems be outsourced wholly to governments.Governments and insurers in Europe and the United States are considering state-backed reinsurance programmes for future pandemics, though some insurance sources have said progress has been slow, as governments focus their attention on dealing with the current crisis.
Aon and Willis Towers Watson establish ‘One Firm’ Vision, Name Executive Committee for proposed combination
The new Aon executive committee will lead teams working together across regions, solution lines and functions to accelerate innovation and bring the best of the combined firm to clients.
Augmented automated underwriting ushers in new-age technology in life insurance:Munich Re
Munich Re Automation Solutions has unveiled a blueprint on how augmented automated underwriting will revolutionise customer experience
Climate change drives $268 bn global damage from 2020 natural disasters with 64% uninsured:Aon report
“When Natural Disasters and a Pandemic Collide” global annual report explores “connected extremes”
Asia recorded $95 billion in economic damage from natural disasters in 2020. Just 9% was insured; which means the protection gap was 91% further highlighting protection gap vulnerabilities in 2020
Pay business insurance claims or face enforcement, UK watchdog says
“Where we see that insurers are not meeting the expectations set out here, we will use the full range of our regulatory tools and powers to ensure they do so,” the FCA’s executive director for consumers and competition Sheldon Mills said in a letter to insurers’ chief executives.
The watchdog brought the test case on behalf of policyholders last June, saying it could affect 370,000 policyholders and 60 insurers, paving the way for an estimated 1.2 billion pounds ($1.6 billion) of claims.
Japan coronavirus vaccination uncertainty casts doubts over Olympics
Many Japanese have a vague unease about vaccines, said Dr. Takashi Nakano, a Kawasaki Medical School professor and vaccine expert. If something (negative) happens after inoculation, people tend to think it’s because of the vaccine, and that’s the image stuck in their mind for a long time.
The history of vaccine mistrust in Japan dates back to 1948, when dozens of babies died after getting a faulty diphtheria vaccine. In 1989, cases of aseptic meningitis in children who received a combined vaccination for measles, mumps and rubella, or MMR, prompted lawsuits against the government, forcing it to scrap the mix four years later.
“Reputational risks could result in potentially crippling business outcomes” :Willis Towers Watson Survey
Scott Burnett, Head of Corporate Risk & Broking Asia and Head of Asia, Willis Towers Watson, said “Loss of income and reduced customer bases are usually the main issues that businesses face following reputational damage. However, the impact of reputational damage can be felt across a business, from recruitment and retention of talent to lower environmental, social and governance (ESG) score, investor activism and increased industry litigation. Reputational risk is therefore increasingly of concern to our clients with most Risk Mangers now having some responsibility for risk mitigation in this area.