By using Russian insurers, Moscow can sell the oil above a $60 per...
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Howden forays into Japanese captive consulting and management markets with acquisition of Foresight
Takuya Aibe as CEO of Howden Japan’s retail business Foresight is...
Lloyd’s of London plans overhaul of ‘unclear’ conduct rules
Lloyd’s also said it proposed a new category of misconduct aimed at...
Shifting global supply chain can add $63 billion of prms in 5-yrs: Swiss Re
“Yes, supply chain changes are happening, they are real, and I think in the bigger picture this is positive.There are real opportunities during the transition. The insurance industry has a growing opportunity to offer cover in areas such as business interruption (BI), also contingent BI and non-damage BI’’ said Jerome Jean Haegeli, group chief economist, Swiss Re, said while speaking at a session on “De-risking Global Supply Chain: Strengthening Resilience in a time of Disruption”, during the SIRC 2020 Re-Mind virtual conference on Wednesday.
IRDAI forms panel to modify engineering retail segment products
Among the issues, the panel will revisit the product structures of the erstwhile engineering tariffs relevant for the retail category and make suitable recommendations for revising them.
IRDAI unveils draft norms on shareholders’ compensation post M & A of insurers
The Insurance Act, 1938 has laid down that every policyholder or shareholder or member of each of the insurers, before amalgamation, will have the same interest in, or rights against the insurer resulting from amalgamation as he had in the company of which he was originally a policyholder or shareholder or member
Lloyd’s 2nd blueprint targets cost reduction of £800m for brokers, underwriters and business partners
The comprehensive programme and priorities detailed in Blueprint Two will profoundly transform the way in which customers get covered, right though to recovering from loss; this will be achieved by the redesign of the entire insurance lifecycle process – from placement through to accounting, payment, endorsements, claims, renewals and reporting – offering a seamless digital service for all Lloyd’s customers and stakeholders globally.
Lloyd’s of London ditches plan to create its own electronic exchanges
Lloyd’s no longer plans to launch its own complex risk exchange but will work with existing platforms already used by the market, such as PPL, to improve digitalisation. Lloyd’s bought a 40% stake in PPL this year.
Technology can make India’s crop insurance scheme profitable:Report
Contributing to the report, the Agricultural Insurance Company of India commented: “With the advent of new concepts in agriculture, the scope for crop / agriculture insurance in India is vast. The main challenge is consistency. The scheme has changed drastically in a very short space of time. Reinsurers believe there is ample opportunity but only if they decide to commit to this product for the longer term and take a long-term view despite the changes.”
Poor public risk management led to higher Covid-19 Pandemic losses and P&C market exposure:Denis Kessler
Denis Kessler, chairman and chief executive officer of SCOR said that this is the biggest surprise of the crisis because it’s the opposite of what, broadly speaking, had been anticipated and modelled for pandemic risk. While the industry was certainly not unaware of pandemic threat, it failed to accurately anticipate the lines it would impact most severely
Global marine insurance results indicate a modest recovery but COVID-19 adds uncertainty :IUMI reports
Marine underwriting premiums for 2019 were estimated to be USD 28.7 billion which represents a 0.9% reduction from 2018.
The USD 28.7 billion global income was split between these geographic regions:Europe 46.3%, Asia/Pacific 31.8%, Latin America 10.3%, North America 5.3%,
Other 6.3%.
There would be significant cyber losses in the next 10 years: Mumenthaler
`There are certain tail risks that are too big, in my view, for the insurance industry to carry. We can carry a certain amount of risk, and we are active in the market, but I think the capacity will run out within the next three years.The shadow of cyber risk still looms large, with bad actors or rogue states capable of launching damaging cyber attacks that could even result in human losses, given our dependence on technology. It’s not a random event. It’s perpetuated by people and on the aggregation side it’s a real challenge,” he explained…
Singapore’s Dy PM launches Global Asia Insurance Partnership,to incubate new risk financing solutions for emerging risks in Asia
“Through GAIP, we aim to produce actionable research insights, develop policy recommendations, There are many structural protection gaps facing Asia, but pandemic risk and climate risk are two critical areas that demand our immediate and collective attention,.” Heng Swee Keat Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance,Singapore, said adding that GAIP is expected to commence work in January next year.