``We believe the pricing cycle has most likely passed its peak and...
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20TH SIRC: Singapore Dy PM Gan Kim Yong to deliver keynote address
“With the strong line-up of panels and a dynamic meeting agenda...
Zurich Kotak General Insurance to scale up its commercial insurance portfolio, Ajey Hegde to head the unit
Sean Walker, Head of Commercial Insurance & Chief Technical...
Munich Re aims for a profit of €2.8bn in 2021
“We expect to generate a profit of clearly above 1bn € this year. The pandemic has naturally had a considerable impact on our result. But the burdens arising from COVID-19 are financially manageable for Our business is clearly on track. Thanks to our strong balance sheet, we are in a very good position to exploit current market opportunities. In the coming year, we plan – despite anticipated further COVID‑19 losses – to meet the profit target of €2.8bn as envisaged prior to the pandemic,”said Christoph Jurecka,,CFO, Munich Re ,
Swiss Re to set up new fund for institutional and designated investors to access Nat Cat biz
Martin Bisping, CEO of Swiss Re Insurance-Linked Investment Management said: “This new fund will open a unique opportunity for investors to invest in the same book of business as Swiss Re, benefitting from Swiss Re’s global reach, client access, risk knowledge and underwriting.“
Insurers winning most, but not all, Covid-19 business interruption lawsuits
The stakes are high for thousands of businesses. The outbreak has led to a surge in U.S. bankruptcies, including rental-car company Hertz Global Holdings Inc. Century 21 Stores said it couldn’t survive after its insurer denied its business-interruption claim.
But the pandemic is also squeezing insurers. In the second quarter — after the initial shutdowns — Chubb Ltd. reported $1.16 billion in Covid-19 losses. Munich Re said this month coronavirus losses keep growing. Overall, the industry could face at least $100 billion in total underwriting losses from the pandemic, Lloyd’s of London predicted in May.
Action needed to spur British government-backed pandemic insurance, says project chair
Stephen Catlin, chairman of the Pandemic Re Steering Committee, a British industry group, said he had hoped in early June that a launch would be possible in 2021.“But as time went on, it became clear that the complexity was going to slow it down,” Catlin, who is also chairman and CEO of insurer Convex, told the Reuters Events Future of Insurance Europe conference.
AXA XL appoints Nicola Harris as Head of Energy, UK and Lloyd’s market
Peter Welton, Chief Underwriting Officer for Marine, Energy & Aerospace, UK & Lloyd’s market, commented: “Global economic uncertainty resulting from the COVID-19 pandemic has significantly affected the global energy market, which was already facing several headwinds. Having the right team in place is an integral part of our commitment to our clients, as they manage the associated risks today and in the future.
SCOR CEO sees double-digit reinsurance rate rises
“All conditions are met today for rate increases,” he said.
Kessler said the cost of the pandemic was mostly already accounted for in the reinsurer’s previously published loss estimates. If there was a third wave the company would revise its assumptions, he added.
Indian general insurance industry plunges into losses of Rs 1402 crore in 2019-20, sees higher FDI inflow
The total underwriting losses of the industry have surged by 4.4 per cent year on year(y-o-y) to Rs 22,859 crore in 2019-20. .
Shriram General Insurance, at 91 per cent and SBI General Insurance(93.5 percent) have earned the distinction of having very low combined ratio in the industry and are a very few companies which have seen underwriting profits in FY 2020-21.
Insurer Inigo raises $800 million from investors including QIA, CDPQ
In a statement, Inigo said that current conditions are ideal to launch a new insurance business, at a time when demand across a number of classes of insurance and reinsurance is high.
Inigo has chosen London as its principal base since it regards the overall insurance ecosystem offered by Lloyd’s as exceptionally attractive and believes it will best support the growth and development of the new syndicate.
UK FM says he hopes for a Brexit deal but not at any price
“If we don’t get a deal, why is that? It is because they are refusing to compromise on what are some completely reasonable and very transparent principles that we’ve laid out from the beginning. We are not asking for … super-special treatment.”
Hamilton sets up a new Bermuda special purpose insurer ‘Ada Re’
“Ada Re will give investors immediate access to the improving pricing, terms and conditions, and expected returns in the retro market. The establishment of Ada Re is indicative of our ability to quickly capitalize on dynamic reinsurance market conditions for the benefit of third-party capital investors,” Tony Ursano, group CFO and head of Strategic Partnerships at Hamilton.