Insurance underwriting profit fell 69 per cent, dented by rising...
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SIRC announces panel line-up, Sets stage for crucial conversations to shape re/insurance industry’s future
Andreas Berger, Group CEO, Swiss Re After the keynote address by...
Global insured cat losses to exceed $102 billion: Aon
The report highlights that insured losses from primary perils...
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.
MS Amlin Underwriting launches Phoenix 1 Re Pte,first locally issued ILS to focus solely on APAC region
Phoenix 1 Re Pte. Ltd. is the landmark first locally issued ILS to provide capacity to a local cedant, solely focused on the Pan-Asia region.
Will Ho, CEO, MS AAP said: “ Through the creation of a remote risk facility, which caters to regional business, MS AAP will now be able to leverage larger capacity that we can deploy to our core clients on their reinsurance programmes as demand and growth increases in Asia. Phoenix 1 Re is an important long-term strategic initiative for MS AAP as we continue to seek ways to build capacity and relationships with capital market partners.”
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.