Ergo, the primary insurance business of reinsurer Munich Re, will...
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Red Sea insurance rates to stay firm as US airstrikes raise fears for ships
War risk premiums briefly eased to around 0.5% of the value of a...
Home Insurance- Gaining Momentum in India’s Real Estate Market
Insurers are increasingly introducing innovative, customer-centric...
Philippines insurance commissioner Dennis B. Funa reelected as the chairperson of Asian Reinsurance Corp
Bangkok headquarted Asian Re, set up in 1977 ,is a professional reinsurer owned by 10 governments in Asia-Pacific called the Council of Members, namely the Philippines, Afghanistan, Bangladesh, Bhutan, China, India, Iran, South Korea, Sri Lanka, and Thailand.
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Cooperation from insurance companies for road safety activities is negligible:Gadkari
”Around 1.5 lakh persons die due to road accidents (every year)… My internal target is before 2024, we will reduce deaths and accidents by 50 per cent,” the Road Transport and Highways Minister said.
Around 50 per cent of road accidents are due to road engineering problems, he pointed out.
Reinsurers look at dumping coal from bulk-buy policies in green gambit
Five of the world’s six largest reinsurers – Swiss Re, Munich Re, Hannover Re, SCOR and Lloyd’s of London – have already scaled back bespoke coverage for coal projects. But only Swiss Re, in a statement in March, has said it will go further and tighten its treaty reinsurance stance.
A rail contractor to Adani Enterprises’ giant Australian coal project last month, for example, asked the Australian government for help to obtain insurance that it was not able to secure from the market.
“The first consequence is insurance is harder to get, the second consequence is it’s expensive, the third consequence is there are all sorts of caveats on it and at the extreme you might not be offered it”, said Paul Merrey, insurance partner at KPMG.
French chef seeks $1.9 million from Allianz for Covid-19 BI losses
Tensions between French restaurant operators and insurers over such claims have failed to dissipate after a year of public fights and legal disputes. AXA, which was ordered to compensate some restaurants, offered a 300 million-euro settlement to its policyholders last week, seeking to appease clients.
AXA XL appoints new leadership for Global Political Risk, Credit & Bond
AXA XL underwrites PRCB coverages to large organizations on a global basis. This class includes Political Risk insurance, Credit insurance covering the non-payment of debt obligations and providing commercial bonding requirements around the globe.
UK COVID-19 BI claims exceed $1 Billion; About half of claims Paid
In total, 16,159 claims have been paid in full out of 37,702 claims that have been accepted by insurers for a final clearance rate of 42.86%.
Aggregate claims paid has risen by 7.9% since the last FCA report, which showed £701.4 million in claims paid. Insurers have made initial or final payments on 53.97% of BI claims that have been accepted by the carriers.
The payments are being made after the U.K. Supreme Court ruled in a BI test case in April. It found insurers are liable for the COVID-19-related business interruption claims of about 370,000 policyholders under policies written before the outbreak and never designed to cover pandemic claims.
UN chief: Desertification and drought destabilizing well-being of 3.2 billion people
Having contributed to the collapse of biodiversity and promoting zoonoses – diseases which jump from animals to humans
Audrey Azoulay, Director-General of the Educational, Scientific and Cultural Organization (UNESCO) called desertification “another reminder” that human health and that of the environment, are “deeply intertwined”.
Desertification and drought also increase water scarcity, at a time when two billion people still lack access to safe drinking water, said Ms. Azoulay, adding that “over three billion may have to confront a similar situation by 2050”.
US Justice Department sues to block Aon’s acquisition of Willis Towers Watson
“Today’s action demonstrates the Justice Department’s commitment to stopping harmful consolidation and preserving competition that directly and indirectly benefits Americans across the country,” said Attorney General Merrick B. Garland.
Narayan Murthy’s Anviti Insurance Brokers rebranded as Aon India
.“So going forward, after the full intergration of Wills Tower Watson into Aon globally, there will be further changes on how Aon will operate in the Indian market, if it decides to operate through partnership,” said sources.
COVID-19:Insurance protection gap reaches new high of $1.4 trillion in 2020, Swiss Re
Jérôme Haegeli, Swiss Re Group Chief Economist said “”The global pandemic has accentuated the gap between the rich and poor. It has laid bare the need for governments to focus on rebuilding and promoting social cohesion. Social equity – and at its heart, creating equal opportunities for all – will be a defining feature of a more resilient world.”