And although the recent string of accidents may be statistical...
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IRDAI imposes Rs 1cr fine on UIB Insurance Brokers for flouting premium remittance rules
According to the IRDAI, the broker does not have any right over the...
Demographic reality – a growing elderly population with fewer working-age people
Jad Ariss, managing director of the Geneva Association, said: “The...
Chubb and Marsh partnership to provide $150 million cover for the COVAX Program for 92 low and middle-income countries
Through Chubb’s and Marsh’s collaboration, up to $150 million in insurance is provided for the COVAX No Fault Compensation Program to cover compensation payments to eligible individuals in the 92 lower-income countries and economies, known as the Gavi COVAX Advance Market Commitment (AMC) eligible economies.
Insurance broker Marsh led the global placement of the bespoke solution. Chubb is the lead insurer, supported by a further 10 insurers located in the U.S., U.K., Germany, Ireland, Switzerland and Bermuda.
IRDAI panel makes various suggestions on retail engineering insurance products
On sum insured definition for retail segment for engineering products, it said: “Considering a near unanimous view from all stakeholders, the panel suggests Sum Insured limit of up to Rs 50 crores is recommended for retail segment”.
The group, as per the report, opined that the retail products with standard wordings with uniform coverage of a good range of essential covers are needed to give a comprehensive protection boost to the SME and MSME sector entities and units.
The products should be offered by all Indian insurers without any changes or modifications, it said.
Japan to issue 3rd virus emergency in Tokyo, Osaka area
Japan’s third state of emergency since the pandemic began comes only a month after an earlier emergency ended in the Tokyo area. For days, experts and local leaders said ongoing semi-emergency measures have failed and tougher steps are urgently needed.
U.S. P/C insurers perform well in 2020 despite Pandemic, higher Cat losses:AM Best
According to the report, P/C industry revenue declined slightly to $560.7 billion, driven by a significant drop of 18.8% in net investment income. Expenses grew by 4.1% in 2020, far exceeding a modest increase in premium revenue; the catastrophe losses and a sizable increase in policyholder dividends also more than countered the increase in premium revenue.
Lloyd’s Lab announces its sixth cohort with a focus on product simplification and climate
For the sixth cohort, the InsurTech start-ups have been selected based on solutions geared towards four key themes: climate change and decarbonisation; geopolitics; data and models; and claims support services. The teams will explore how they can support Lloyd’s customers around the world by creating simpler products capable of responding quickly in the aftermath of a disaster.
Tokyo Olympics might yet be cancelled due to COVID-19 – Japanese official
“If it seems impossible to do it any more, then we have to stop, decisively,” Toshihiro Nikai, secretary-general of the Liberal Democratic Party, said in comments to broadcaster TBS.
SCOR’s Apr 1 Indian renewal kitty swells by 21% to EUR 178 million
SCOR grew its gross premiums up for renewal by 14.3%2 at constant exchange rates to EUR 600 million, with a 4.3% overall increase in pricing.
The bulk of the portfolio renewed on April 1 (64%) is in the Asia-Pacific region, of which Japan and India are the most significant markets (each accounting for approximately 28-29% of total premiums up for renewal):
Dislodged ship held in Suez Canal as talks continue over $916 million claim
The decision to hold the ship could impact its cargo, said Jai Sharma, a lawyer at Clyde & Co. “I anticipate that there will be companies that are going to air freight cargo replacements,” he said.
7% growth in global reinsurance capital in 2020, combined ratios improve: Willis Re
James Kent, Global CEO, Willis Re, said: “Such a solid development of the global reinsurance industry’s capital base would hardly have been expected earlier last year, as the COVID-19 pandemic was gathering pace. Willis Re’s analysis provides clear evidence of the strength and resilience of reinsurance market capacity. Reinsurers and insurers alike must contend with the challenges of low interest rates. But, looking through the turbulence of COVID-19 and nat cat claims, and a declining reliance on reserve releases, there is a clear improving trend in underwriting profitability.”
Berkshire Hathaway Specialty Insurance Names Idie Si as Head of Accident & Health Insurance, Asia
“Idie’s appointment reinforces our commitment to the A&H space across the region, where we see tremendous opportunities to further serve our brokers and customers.”