Report suggests potential excess mortality in the general...
Category:
Reinsurance
Latest
Strongest typhoon since 1949 hits Shanghai and knocks out power to some homes
Typhoon Yagi hit China’s southern Hainan island earlier this month...
Buffett’s insurance leader Ajit Jain sells large part of Berkshire stake
Ajait Jain, vice chairman, Berkshire Hathaway Jain’s selling...
Berkshire Hathaway to pay $4.14 million to settle Iran sanctions violations claims
Berkshire voluntarily reported the apparent violations in May 2016 after receiving an anonymous tip, replaced employees who were involved, and upgraded compliance procedures for its foreign subsidiaries, OFAC said.
Insures should partner banks to issue Surety Bonds:IRDAI Panel
Instead of Insurance industry handling alone, a mechanism is required wherein the banking sector and the insurance sector could collaborate for sharing of customer information since banks have more experience in managing these types of risks, suggested the panel..
To start with performance bonds / surety bonds can be issued limited to the projects of NHAIs only and not for all the contractors. The rate should be determined by a market agreement, suggested the panel
Hurricane Delta to cost insurers between $2bn – $3.5bn:RMS
“The overlapping nature of Delta and Laura will create a complicated claims management and loss attribution process for the industry. Using an innovative combination of high-resolution aerial imagery and machine-learning techniques, the modeling teams at RMS assessed the competing impacts of Hurricane Laura on Hurricane Delta losses. We determined that more than half of the impacted postal codes were also impacted by Laura, representing more than 90% of loss in this event. While Delta caused higher than expected damage to many structures due to pre-existing damage from Laura, reduced overall exposure-at-risk in the overlapping region after Laura means losses attributed to Delta will end up being lower than if Laura had never happened,” said Jeff Waters, senior product manager, RMS North Atlantic Hurricane Models.
Pirate kidnappings off West African coast rise 40%: Study
The region has overtaken southeast Asia as the worst area for piracy and kidnappings, driving up insurance premiums for shippers.
Boeing’s 737 Max declared safe to fly by Europe’s aviation regulator
Boeing’s 737 Max declared safe to fly by Europe’s aviation regulatorEurope’s top aviation regulator said he’s satisfied that changes to Boeing Co.’s 737 Max have made the plane safe enough to return to the region’s skies before 2020 is out, even as a further upgrade his agency demanded won’t be ready for up to two years.
‘SIRC 2020 Re-Mind’ virtual event to be held on 2 to 5 Nov, Singapore’s Dy PM to deliver keynote address
Registration for the event is free
As Co-Host, Swiss Re will curate conference sessions during the virtual event featuring senior leaders and experts from around the world in discussions on a wide range of (re)insurance topics, such as ‘Insurance digitalisation in a post-COVID world’; ‘Derisking global supply chains’; and ‘Managing climate risks’. Other contributing partners are being lined up to curate other sessions to be presented at the event.
Risk Management: COVID-19 spurs collaboration and innovation
Risk management and transfer has always been about collaboration between client, broker and insurance carrier to find the most suitable solutions for risk problems. Without a doubt, the COVID-19 pandemic has forced us all to find different ways to do that – with the opportunity for face-to-face brainstorming put on hold, we need to find other ways to continue to innovate.
Pay-per-part: TRUMPF and Munich Re plan new business model for the manufacturing industry
The jointly developed “pay-per-part model” enables customers to use a full-service laser machine without having to buy or lease any equipment.Instead, customers pay a previously agreed price for each cut sheet metal part – in other words, they only pay for what they need. This allows customers to make their production processes more flexible and react faster to market changes.
“The cooperation with TRUMPF is an outstanding example of how the combination of Munich Re Group’s various offerings – risk solutions, IoT technology and financing – makes it possible to develop innovative business models for the industry. We are convinced that such partnerships represent a forward-looking response to the challenges of an increasingly dynamic market environment,” said Torsten Jeworrek,Member of the Board of Management
Climate Change means more Weather Disasters every year
The 2020 State of Climate Services report, compiled by 16 international agencies and financing institutions, calls on governments to put more money into early-warning systems that can improve countries’ ability to prepare for, respond to and mitigate the impact of such natural disasters.
“While COVID-19 generated a large international health and economic crisis from which it will take years to recover, it is crucial to remember that climate change will continue to pose an on-going and increasing threat to human lives, ecosystems, economies and societies for centuries to come,“ said WMO Secretary-General Petteri Taalas.
Lloyd’s headquarters to be transformed into a workplace for the future:CEO
“The Lloyd’s building is almost 35 years old, so how can it be the right environment for the market to operate?For the first time, we have both a virtual capability and a real capability operating simultaneously at Lloyd’s. We’ve also set some ideas on the table to metaphorically rip up the underwriting room and decide what it should look like in the 21st century, and what the marketplace should look like in the 21st century,” said Neal while speaking at a Virtual Reinsurance Renewal Season fireside chats.hosted by Dominic Christian, global chairman of Aon’s Reinsurance Solutions,