Andreas Berger, Group CEO, Swiss Re After the keynote address by...
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Global insured cat losses to exceed $102 billion: Aon
The report highlights that insured losses from primary perils...
APAC presents an attractive growth narrative, facilitating sustained reinsurance capacity: S&P report
However, challenges are emerging, including rising physical risks,...
Indonesian divers retrieve flight recorder from Jet crash
The black boxes will provide more information on what caused the plane to plunge more than 10,000 feet in a matter of seconds. Both pilots in command of Sriwijaya Air Flight 182 were experienced and the airline has a solid safety record, with no fatal accidents since it was founded in 2003. The 737-500 model itself also has a good safety record.
Aon launches fuel price insurance product for shipping and aviation industries
Backed by AAA-rated credit insurance, the coverage will be activated if the cost of fuel rises and exceeds an agreed limit. The policy will cover the difference between the agreed price and the higher price, paid out monthly, to help companies manage their fuel cost exposure and avoid significant spikes in market price.
Indonesian divers find parts of Sriwijaya Air plane wreckage in Java Sea
Transportation Minister Budi Karya Sumadi said Flight SJ182 was delayed for an hour before it took off at 2:36 p.m. It disappeared from radar four minutes later, after the pilot contacted air traffic control to ascend to an altitude of 29,000 feet (8,839 meters), he said.
There were 62 people on board, including seven children and three babies.
Blast at Chinese recycler shows battery supply-chain risks
The explosion is likely to renew scrutiny of safety risks in battery use and recycling, a still developing industry in which metals are recovered for reuse from spent packs. Lithium-ion batteries — used in toothbrushes to electric cars and as energy storage for utilities — are a key tool in curbing global emissions, but have occasionally caused fires that are difficult to douse.
Natural disasters cause $210 billion in damage in 2020, insurer says
Losses that were insured rose to $82 billion from $57 billion in 2019, Munich Re said. They add to the burden of the coronavirus pandemic that has hit the insurance industry hard.
“Climate change will play an increasing role in all of these hazards,” said Munich Re board member Torsten Jeworrek, pointing to hurricanes, wildfires and other storms.
“It is time to act,” he said.
Final industry loss footprint for Australia’s 2019/2020 Bushfires at AUD 1,866m: PERILS
“One year on from the Black Summer bushfires, this release of the final loss report provides a timely reminder of the devastation such an event can cause to local
communities. This was one of several major Cat events to impact Australia in 2020, with the insurance industry playing a critical role in enabling affected communities to rebuild during the year. The detailed data resolution in this updated industry loss footprint can enhance the insurance industry’s understanding of the impact of future bushfire events as there is always more to learn about these devastating losses.”
Thai Re launches ASEAN’s first reinsurance smart contract platform using IBM’s blockchain and hybrid cloud technology
Through the launch of its “Insurer Network” platform on IBM Cloud, Thai Re will streamline how it handles more than 10,000 annual reinsurance contracts with its insurance partners, making it easier for those insurers to grow their businesses.
Using blockchain technology on the highly secured IBM Cloud, the platform will allow Thailand’s insurance industry to gain efficiency and speed in processing the reinsurance contracts.
BMS launches ASIA operations
“We will look to expand out from M&A insurance into additional specialisms, extending our existing areas of expertise into other sectors, potentially including reinsurance, renewable energy, marine, and capital markets. We hope our ambition and entrepreneurial culture will continue to attract the very best talent in the market,”said Nick Cook, CEO of BMS Group
Aviation reinsurance rates rise by up to 250% – report
Insurers and reinsurers face claims from the crashes relating to hull and product liability that could amount to more than $2 billion, a large sum in a relatively small insurance sector, Willis Re International chair James Vickers told Reuters.
Aviation underwriters are also suffering from lower premiums due to worldwide lockdowns and travel bans, as insurance contracts are often negotiated based on the amount of time planes spend in the air.
Brazil’s Braskem settles lawsuits over sinking city for $1.75 bln
A federal study found that Braskem’s salt mines were the cause of cracks that destabilized homes, although Braskem had previously said that the study is flawed. The damages have affected more than 9,000 homes and some 17,000 residents must be relocated.