Swiss Re's Group Chief Executive Officer Andreas Berger said:...
Category:
Reinsurance
Latest
Hong Kong’s Peak Re receives license to open office in GIFT-IFSC
Peak Re, the fourth reinsurer to get a license, has a total global...
Adhere to timeline for rolling out revised pilot duty norms, Delhi HC tells DGCA
The court was hearing pleas filed by Indian Commercial Pilots...
Adani and other Australian coal miners flag finance, insurance difficulties
The withdrawal of global insurers risks making even some ancillary business unviable, said contractor BMD Constructions Pty Ltd, which is building a section of a 210 km (130 mile) rail line to service Adani’s Carmichael mine in northern Queensland state, which is due to start operating this year.
The coal miners argued that Australia’s high-energy coal offers a comparatively lower emissions alternative to export markets compared with coal from other regions. They say coal also provides billions of dollars to government coffers and supports regional jobs.
Colonial Pipeline has cyber insurance policy, paid hackers nearly $5 Million in ransom
The cover was for at least $15 million.
Cyber insurance typically covers ransom payments and insurers often provide staff to negotiate with the hackers, in addition to IT and public relations services.
Swiss Re CEO Christian Mumenthaler argues that the private insurance market is simply not large enough to offer full cyber protection to vulnerable organisations, due to the systemic nature of cyber risk.
He observed that the cyber insurance market is currently worth around $5.5 billion in premium, compared to “gigantic” yearly losses that extend into the hundreds of billions of dollars.
Arthur J. Gallagher & Co to acquire Willis Re and WTW’s corporate risk, broking, health and benefits services for $3.57 billion
Gallagher has agreed to purchase a group of businesses from Willis Towers Watson that includes:
Willis Re operations globally, excluding operations in mainland China and Hong Kong;
Global cedent facultative reinsurance, excluding operations in mainland China and Hong Kong;
Corporate Risk and Broking business unit known as Inspace globally and certain business undertaken for Aerospace Manufacturing clients;
AXA XL appoints Anish Jadav as CUO, Retail P&C, UK & Lloyd’s market
In his new role, Jadav will be responsible for developing and executing AXA XL’s Retail P&C underwriting strategy and optimising product offering and profitability.
BBB selects five to be directors at PSU general insurance companies
Satyajit Tripathi jas been recommended for the post of GM & Director of New India Assurance Company while Y.K. Shimray has been chosen as the GM & Director in United India Insurance Company,.
Sophia Singh has been named as the GM & Director of GIC Re. Similarly, both Arti Mathur and Nagalakshmi D have been recommended for two posts of GM & Director in Oriental Insurance Company
Miller launches new exclusive Professional Indemnity product for freelance solicitors
Ed Pickard, Head of UK Professions, commented: “This new product will enable Miller to support freelance solicitors in accessing the coverage they need to operate. Our team of solicitors’ PI insurance specialists are excited to be able to offer this to our expanding portfolio of clients, and would encourage solicitors to get in touch to learn how Miller can find them the competitively priced cover they need to protect against claims and meet the requirements of the regulator.”
Underwriters puzzle over how to make pandemics insurable again
U.S. company SpottedRisk has devised a model built on years of data on the political and economic environment of film locations in 150 countries, as well as a year’s COVID-19 shutdown data, to come up with a pricing mechanism to cover the risk of production stopping due to the pandemic.
Britain, the European Union and the United States are all looking at arrangements in which cover from commercial insurers would be backed by government reinsurance schemes. Such schemes could be less costly than business bailouts but the process of developing them is slow, as governments grapple with the problems at hand.
Alamelu panel suggests 2 new Title Insurance products
The two new products which are suggested by the WG are- Legal Expenses Policy for Land Title Owners and Developers/Promoters and Retail Policy for Allottees, individual customers and financiers who purchase units in RERA projects.
Egyptian court rejects appeal against detention of ship in Suez Canal
The Ever Given, one of the world’s largest container ships, got jammed across the canal on March 23 and remained stuck for six days, stopping traffic in both directions.
It has been held in a lake between two stretches of the canal since being dislodged on March 29, amid a dispute over a $916 million claim by the Suez Canal Authority (SCA) against Japanese owner Shoei Kisen for compensation over the incident.
UK court to reconsider $6.9 bln Brazil dam lawsuit against BHP
The collapse of the Fundao dam, owned by the Samarco venture between BHP and Brazilian iron ore mining giant Vale , killed 19 and sent a flood of mining waste into communities, the Doce river and the Atlantic Ocean, 650 km (400 miles) away.
Samarco has since filed for bankruptcy protection.