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IFSCA cancels license of Prowess Insurance Brokers
GIFT City based the IFSCA has cancelled the license granted to...
Convex enters Lloyd’s with Syndicate 1984
Syndicate 1984 will be led by active underwriter, Jacqueline...
MS Amlin acquires International Transportation Marine Agency
Following a significant period of transformation, the acquisition demonstrates the evolution of MS Amlin’s strategic ambitions, supported by its parent MS&AD Group, building selectively on its core portfolio and balancing its catastrophe exposure by investing in the high growth US speciality MGA market. By targeting mid-size, strongly performing niche MGAs underwritten by capacity from highly rated carriers, MS Amlin will provide its clients with a broader suite of products whilst deepening distribution links in a key region.
Volcanoes and hurricanes become destinations for ethical money
“Reliable contingency financing for disasters is a very important tool for society,” said Joanna Syroka, senior underwriter and director of new markets at Fermat Capital Management in London. “We’ve seen an increase in inquiries from end-investors who want to understand what ESG means in insurance-linked securities over the past year.”
Suez Canal must upgrade to avoid future Shipping disruption
Shipping industry sources said specialist equipment and associated procedures have long struggled to keep up with the ever increasing size of commercial vessels.
“The average size of most vessels has increased exponentially over the last 15 years. The ability to salvage these bigger ships has not,” said Peter Townsend, a marine insurance industry veteran.
“The issue is getting containers off essentially a 20-story high building at sea.”
IRDAI tightens product and pricing regulations to check undercutting or inflating of premiums by general insurers
Analysts point out that, such regulations to check undercutting of premiums, that have been happening since detariffing was launched in the Indian general insurance industry in 2007 were overdue. Such cut throat unethical competition was generating huge underwriting losses in the domestic general insurance indstry which was not good for the financial viabilities of the players who are saddled with underwriting losses and even net losses even after so many years of operations..
Apr 1 Renewals: Reinsurers slash rates, pay higher commissions to Indian cedants
“The overall drop in the rates during the Apr 1 renewals have been used by the cedants to take larger cover for their portfolios. For reinsurers like us, it is a case of double whammy, as rates have dropped and commissions paid to the cedants have flared up,” said sources.
April 1 Renewals:Market pricing remain firm in all classes and territories, Willis Re
James Kent, Global CEO of Willis Re, said: “The market landscape has not seen much change since 1 January and consequently the important 1 April renewals saw more of the same between reinsurers and their customers. Market results for 2020 illustrate the challenges faced by the global reinsurance sector of reduced investment income, declining prior-year reserve releases, rising COVID-19 loss reserving, and increased volatility in the frequency and severity both of natural catastrophes and man-made losses.
However, reinsurers’ 2020 results, when adjusted for COVID-19 claims reserves, have shown encouraging improvements in underlying combined ratios and buyers’ immediate concerns over capacity availability and pricing have been allayed leading to an orderly renewal.”
Investigation begins into how ship got stuck on Suez Canal
Suez Canal Authority (SCA) Chairman Osama Rabie has suggested weather conditions, including high winds, and human error could have played a role in the grounding on March 23.
“Such grave accidents may not be caused by a single factor, part of it could be the wind, another part could be the human element, and another part could be technical,” Rabie told a news conference Monday night after the vessel was freed.
The investigation will include examining the seaworthiness of the ship and its captain’s actions to help determine the causes, Rabie advisor Captain Sayed Sheasha told Reuters.
Skyrocketing liability insurance rates for SPACs
. Coverage of about $10 million to indemnify a blank-check company’s directors and officers now costs more than $1 million on average, according to a lawyer who works on SPAC deals. That’s up from $250,000 to $300,000 a year ago.
Suez Canal to seek over $1bn compensation for losses caused by stuck ship
The SCA chairman explained that the compensation demanded by the authority is not only for the financial losses caused by six-day navigation suspension, but includes the expenses of using dredgers and tugboats and the physical damage caused during the salvage process.
Egypt resumed navigation in the canal several hours after the Ever Given was freed and re-floated on Monday, after which many of the 422 ships that have been kept waiting started to cross the waterway.
Australia flooding to cut into insurers’ earnings, add to upward pressure on reinsurance rates:AM Best
AM Best expects the number of claims received to date to escalate as the event continues to impact the region, and as access to damaged properties is gained over the coming weeks. Losses are likely to emanate primarily from domestic property and motor lines of business, as well as from commercial risks, including business interruption and agriculture covers.