Will Miller, Head of Crisis Management, Asia Pacific at Willis...
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PSU general insurers promote record number of officials to fill up post of GMs and DGMs
GIPSA, the coordinating agency for the six PSU companies, has...
Status Quo: IRDAI retains general insurers’ Obligatory Cession for GIC Re at 4% in FY26
The percentage cession of the sum insured on each general insurance...
U.K. Flying-Taxi hub aims to develop blueprint for aerial roads
The project, backed by 1.2 million pounds ($1.7 million) of government funds, involves construction of a centrally located hub that will host demonstration flights across the city of almost 400,000 people, according to Ricky Sandhu, founder of Urban-Air Port, which will operate the ground infrastructure.
Cyclone Tauktae causes economic losses of over $ 2 billion, agriculture hit most: RMSI
Pushpendra Johari, senior vice president, sustainability, RMSI said“Cyclone Tauktaeis an unique event that has impacted all coastal western states and union territories of India . Though the cyclone effect on Kerala, Karnataka and Maharashtra and Goa was not severe, Gujarat and Diu are badly impacted.”
“Though the cyclone has made a landfall , this is not the end of our distress. Recent climate change studies have highlighted rising sea surface temperature in the Arbian sea. This will increase the cyclone frequency in these region. We should improve our preparedness even further to deal with more such events in future.”
Fourteen die after barge sinks as cyclone batters India’s west coast
The navy said over 180 people had been rescued from the barge, which was engaged in contract work awarded by Oil and Natural Gas Corp, India’s top exploration company. Three ships and aircraft are continuing to look for the remaining personnel, it added.
With $118bn losses, Aviation insurance industry seeks rate rises in 2021 renewals
• The International Air Transport Association warned that the industry is likely to continue to lose around $5-6billion per month in 2021 and passenger numbers are only likely to fully recover by 2024
Laurent Rousseau to succeed Kessler as SCOR’s CEO
The Board’s appointment of Kessler as non-executive Chairman following the General Meeting of June 30, 2021, will help to ensure the continuity of the Group’s strategy and to perpetuate its values.
Benoît Ribadeau-Dumas had been appointed as deputy CEO with effect from January 1, 2021, with a view to becoming CEO in 2022
$10 trillion lost globally due to COVID-19 pandemic and lockdowns:WHO Report
A report by the panel cited estimates that more than $10 trillion has been lost globally because of the COVID-19 pandemic and lockdowns to control its spread that has closed businesses and confined people to their homes. “Every effort to integrate beforehand health and finance will largely pay itself,” said Mario Monti ,former Italian prime minister chairs the WHO’s Pan-European Commission on Health and Sustainable Development .
It has recommended the G20 establish a Global Health Board which would work to prevent future pandemics by identifying risks, setting global benchmarks for preparedness, and promoting investment in health infrastructure.
HX launches in Asia to bring its data, digital and analytics capabilities closer to clients and carriers across the region
Goh Chye Huat, CEO, Howden Asia, said: “Our businesses across Asia have experienced tremendous growth over recent years. We have reached a scale where it is vital to have a market-leading engagement and distribution strategy. HX’s data and analytics capabilities are unrivalled in the market and we are delighted to have that offering available for our clients and colleagues in Asia.”
Ransomware attack hits 4 Asian countries of AXA subsidiary
he ransomware attack impacted information technology operations in Thailand, Malaysia, Hong Kong and the Philippines, the statement said. “As a result, certain data processed by Inter Partners Asia (IPA) in Thailand has been accessed,” it said.
India’s Covid crisis hits work at ports as risk to global trade grows
India has 21.9 million tons of cargoes scheduled to arrive this month but with labor shortages and force majeure at some ports, many of the vessels could see discharge delays, according to IHS Markit associate director Pranay Shukla. That may have a knock-on effect on scheduled loadings at the exporting countries.
The situation may echo global trade disruptions seen last year after virus restrictions slowed shipments into China. While India accounts for only fraction of the global trade that China does, any delays in offloading vessels and releasing them to their next destination could create supply chain bottlenecks.
Mass shooting insurance in high demand as U.S. emerges from lockdown
Client inquiries for what the industry calls active shooter policies have risen 50% year on year in the past six weeks, said Tarique Nageer, Terrorism Placement Advisory Leader at Marsh, the world’s biggest insurance broker.
Such policies gained popularity in recent years following a spate of school shootings. They typically cover victim lawsuits, building repairs, legal fees, medical expenses and trauma counseling.