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General Insurance industry grows 28% to Rs 30,378 crore in Oct
In a note worthy trend, seven stand alone health insurers have now...
Max Life integrates Swiss Re’s ‘Digital Health Underwriting’ solution to elevate the customer onboarding experience
Swiss Re’s DHU solution automates technical underwriting, using...
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.
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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