ASR Ltd is now able to write up to USD $10 million per risk across...
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More than 1-in-3 people globally vulnerable to flood Risk, says Moody’s
South Asia is the most flood-prone region, with almost 40% of its...
Maharashtra: 2 pilots among 3 killed as helicopter crashes in Pune
The helicopter belonging to the Delhi-based Heritage Aviation, a...
1 Jan renewals:Reinsurers arrest downward pricing, say no to ongoing Contagious Disease exposures
Improving investment markets, retained earnings and newly raised capital helped global reinsurance capital levels to recover rapidly during 2020, ending the year 3% higher than at year-end 2019.
For buyers, terms and conditions have overall been less onerous than initially feared again revealing the efficient working of the global reinsurance market,
Emerging COVID-19 losses, often advised only late in the renewal process or yet to be advised, triggered technical discussions of primary policy coverage and reinsurance treaty wordings.
Both remain in the early stages of deliberation, so, sensibly, most programmes renewed without considering any potential COVID-19 losses, leaving time for more measured discussions and subsequent adjustments.
5% obligatory cession for GIC Re in general insurance business to continue in 2021-22:IRDA
Percentage of commission on obligatory cession for different classes of business will be as follows:
i) Minimum 5% for Motor TP and Oil & Energy insurance.ii) Minimum 10% for Group Health insurance iii) Minimum 7.50% for Crop Insurance.iv) Average Terms for Aviation insurance.
v) Minimum 15% for all other classes of insurance business.
Aviation deaths rise worldwide in 2020 even as fatal incidents, flights fall
Large commercial airplanes had 0.27 fatal accidents per million flights in 2020, To70 said, or one fatal crash every 3.7 million flights — up from 0.18 fatal accidents per million flights in 2019.
The decline in crashes came amid a sharp decline in flights due to the coronavirus pandemic. Flightradar24 reported commercial flights it tracked worldwide in 2020 fell 42% to 24.4 million.
More than half of all deaths in the To70 review were the 176 people killed in January 2020 when a Ukrainian plane was shot down in Iranian airspace.
Factbox-Brexit and the City of London: what changes and when
For now, no. London still has a towering lead over rivals Frankfurt, Milan and Paris when it comes to trading stocks, currencies and derivatives and playing host to asset managers.
Financial firms say shifting more capital out of London than is necessary under Brexit would cause unnecessary and costly market fragmentation.
But in the longer term, if the EU takes a tough line on equivalence and its financial centers reach a critical mass in trading key asset classes, the attractions of London as a financial hub would diminish.
Brexit offers Britain chance to do financial services differently -minister
Under a system known as equivalence, access to EU markets will not be granted to banks, insurers and other financial firms based in Britain unless their home rules are deemed by Brussels to be “equivalent”, or as robust as regulations in the bloc.
The two sides will aim to agree a memorandum of understanding on regulatory cooperation in financial services by March 2021, and Sunak said that such language should provide reassurance.
Insolvencies, cyber threats and ESG scrutiny are top risks for directors and officers in 2021:Allianz
Forthcoming insolvency warnings are among the top concerns for the D&O insurance sector as insolvency is a key cause of D&O claims – insolvency administrators usually look to recoup losses from directors.
According to Euler Hermes, the bulk of insolvencies is still to come through the first half of 2021, with its global insolvency index likely to hit a record high for bankruptcies, up 35% by end of 2021, and with top increases expected in the US, Brazil, China and core European countries such as UK, Italy, Belgium and France.
Launch of the first parametric tropical cyclone insurance product in Africa
The African Risk Capacity (ARC) Group(ARC) has developed a model capable of correctly estimating the risk and economic losses resulting from tropical cyclones, which is suitable for SOOI countries, such as Mozambique, Madagascar, Comoros, Mauritius, Seychelles and Tanzania.
“Our goal is to continue to diversify our insurance product offering in order to effectively meet the needs of our Member States. This new offer will allow our Member States to better anticipate and manage extreme weather events while ensuring that the impact of such events on the population is mitigated, ” said Ibrahima Cheikh Diong, Deputy Secretary General of the United Nations. and Chief Executive Officer of the Panafrican Mutual of Risk Management Group ( ARC Risk Capacity Group ).
Mauritius shipping disaster caused by lack of attention to safety – owner
There was a lack of awareness of the dangers of navigating close to the coast … and insufficient implementation of regulations that must be observed in order to safely execute voyages,” the company said, based on its interviews with crew members.
The company will ban private use of cell phones during working hours on bridges and install high-speed communications systems on all its ships, as well beef up training, it said.
Dutch court case claims Shell’s operations violate human rights
The case brought by the Dutch arm of Friends of the Earth, Milieudefensie, links the oil major’s stance on climate change with human rights. The ruling will also have implications for Shell’s European peers as pressure mounts on polluting energy companies to step up the fight against global warming.
Over two weeks of court proceedings, lawyers for Milieudefensie have argued that Shell is violating human rights by extracting fossil fuels and undermining the Paris Agreement’s aim of keeping temperature rises below 1.5 degrees Celsius. Shell says it’s playing its part in addressing climate change, which can only be tackled through collaboration and not court action.
S.African court dismisses insurer Guardrisk’s appeal in COVID-19 claims case
In South Africa, insurers argue that national lockdowns to stem the virus’ spread, forcing firms across many industries to shutter for weeks at a time, were not covered under their business interruption policies.