The 59-year-old Vladimir Motin was captain of the...
Category:
Reinsurance
Latest
American Airlines jet engine catches fire after landing in Denver, passengers evacuated
The engine fire is the latest in a series of high-profile aviation...
Lockton India appoints Anand Kaul as its MD of Transactional Lines
Lockton, the world’s largest independent insurance broker, has...
Suez Canal controlled ship speed before it blocked waterway, insurer says
The Ever Given, one of the world’s largest container ships, is still being held in the canal while both sides continue compensation talks. It became jammed in high winds on March 23, halting traffic in both directions for several days and disrupting global trade.
The SCA initially demanded $916 million in compensation from Japanese owner Shoei Kisen, but has since said it would be willing to accept $550 million, including a $200 million deposit to secure the ship’s release.
Brit launches new consortium for placement of “Marine War breach call risks”
Keel offers up to $152.2m of capacity per risk and provides instant quotes that are fully sanctioned screened – an area of increasing importance in the growing regulatory environment affecting marine war risks.
1 Indian firm paying average Rs 55 lakh after ransom attack
The average ransom payment in India was $76,619 (over Rs 55 lakh). However, paying up often doesn’t pay off as Indian organizations that paid the ransom got back, on average, 75 per cent of their data and only 4 per cent got all their data back, according to ‘The State of Ransomware 2021’ report by global cybersecurity leader Sophos.
Ransomware & aggregation issues in US call for new approaches to US Cyber Risk : AM BEST
The loss ratio for cyber insurance rose dramatically in 2020, to 67.8%, from 44.8% in 2019. However, the increase was not limited to just a few insurers—the loss ratio rose for 15 of the 20 largest cyber insurers.
“The rate increases for cyber insurance outpaced that of the broader property/casualty industry, but the increase in cyber losses outstripped the rate hikes, which suggests more trouble for 2021 as ransom demands continue to grow,” said Sridhar Manyem, director, industry research and analytics.
Aon to sell its U.S. Retirement Business to Aquiline and its Aon Retiree Health Exchange Business to Alight
Aon and Willis Towers Watson have previously announced the divestiture of Willis Re, a set of Willis Towers Watson corporate risk and broking and health and benefits services, and Aon’s retirement and investment business in Germany.
Covid-19 claims cost life reinsurers billions
The biggest costs for life reinsurers came from the US and to a lesser extent the UK and Canada but claims from other countries including South Africa and in Latin America added to the costs. Life reinsurers only have limited exposure to India.
BI estimates Swiss Re accounted for around 35% of claims followed by Reinsurance Group of America on 27% but the decline in deaths should mean much lower claims for the second half of the year.
HDFC ERGO partners with Visa to provide specialised covers for business cardholders
Ankur Bahorey, president – Bancassurance Business, HDFC ERGO General Insurance Company said, “Traditionally SME owners have given limited attention to business risk management, which often makes them vulnerable towards several factors such as theft or Act of God, unforeseen health conditions, loss of income due to reasons beyond their control etc. They also need to consider employee benefits, assets & liability management and; most important; family protection.”
Tencent-owned startup reinsurer FuSure receives license for Hong Kong operation
With an initial capitalisation of HKD 1 billion (approximately USD 129 million), the company is 85.01% owned by Tencent Holdings Limited (Tencent), a technology conglomerate listed on the Hong Kong Stock Exchange, and 14.99% owned by Grand Azure Limited, a privately owned investment company.
Willis Towers Watson launches new Sports and Entertainment Industry Group
Ian Tomlin, Head of Accident & Health, Willis Towers Watson commented, “We are excited to launch the Sports & Entertainment industry group, which will align a breadth of expertise across the network to offer the sector a new comprehensive, global approach to risk management. We are delighted to be working across the global sports industry as well as supporting event organisers and production companies in partnership with the Willis Towers Watson Leisure and Hospitality Practice.”
Odisha pegs loss due to cyclone Yaas at Rs 610 crore
While the loss to the government properties was estimated to be Rs 520 crore, the calamity damaged private properties worth Rs 90 crore.