Milton will push global industry insured losses thus far in 2024 to...
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Catastrophe bonds dodge worst-case scenario after Milton
Overall, Icosa Investments AG now sees insured losses in the range...
Lloyd’s of London must stop supporting fossil fuel expansion says NGO
“Lloyd’s will continue to follow government policy and regulatory...
Annual global modeled insured average Cat losses in 2020 at $100 billion:AIR Worldwide
“The ability for the global (re)insurance industry, financial institutions, governments, and non-governmental organizations to prepare for large losses before they occur is critical to continued solvency and resilience,” said Rob Newbold, executive vice president at AIR Worldwide.
Insurers cannot provide unlimited cover in pandemic, UK Supreme Court told
The case revolves around whether 21 policy wordings, affecting potentially 700 types of policies, 60 insurers, 370,000 policyholders and billions of pounds in claims, should cover disruption caused by the virus.
The wordings cover business interruption when insured premises cannot be accessed because of public authority restrictions, in the event of a notifiable disease within a specified radius and hybrid wordings.
Philippines logs 100 deaths, P25 billion losses from recent storms
The National Disaster Risk Reduction and Managent Council said it has asked President Rodrigo Duterte to declare a state of calamity in the country’s largest island Luzon, home to 53 million people.
The proposal – which will be in addition to an existing state of calamity over the COVID-19 pandemic – allows faster release of calamity funds, the grant of interest-free loans and freezing of prices of basic commodities.
Bank of England warns insurers risk unexpected COVID losses
“Our work has highlighted that a number of firms have not been able to accurately identify and track COVID exposed policies, leading to unexpected COVID losses,” the BoE said in a letter to insurers.
“Firms should ensure that this uncertainty is reflected in the reserve estimates and that, where possible, appropriate procedures are put in place to identify and track exposed policies.”
Parents say employers are illegally firing them during Pandemic
Parents who’ve lost their jobs during the pandemic are driving a surge of litigation, alleging their employers discriminated against them for taking care of their kids when schools closed. Since March, working parents have filed at least 40 lawsuits...
Olympic leaders raise hopes for safe Tokyo Games with fans
News from pharmaceutical firm Pfizer on Monday of promising trials of its vaccine followed Tokyo hosting an international gymnastics competition at the weekend.
Having seen now the different (event) tests in Japan I think we can become more and more confident that we will have a reasonable number of spectators then also in the Olympic venues, IOC President Thomas Bach said.
Asked if the IOC could itself try to acquire vaccine doses for Olympic participants, Bach said contact is ongoing with the World Health Organization and a number of the manufacturers. There are different options under consideration, how vaccines can be made available, he said.
GIC Re turns profitable, records a profit of Rs 230 cr in Sep Qtr
The Indian multinational reinsurer has recorded a gross premium of Rs 10,651.50, up 12.60 per cent year-on-year(Y-o-Y),in Q2 FY 2020-21.
However,the reinsurer has seen its underwriting losses, at Rs 2 159.35 crore, improving by six per cent y-o-y, in the reporting period.
Similarly its combined ratio has marginally improved from 123.46 per cent to 122.10 per cent during Q2 Fy 2020-21.
Insurance losses from U.S. West Coast wildfires to top $8 billion:: Aon
Insurance and reinsurance industry losses from wildfires across U.S. states, including California, Oregon and Colorado, were estimated to be more than $8 billion, according to a monthly report on global catastrophes by Aon Plc. Economic losses from the fires...
Global insurance markets set to rebound with China leading recovery, says Swiss Re
Global insurance premiums expected to grow by 3.4% in real terms in 2021, after contracting an estimated 1.4% in 2020
China will lead recovery with premiums up by an estimated 10% in non-life next year, and by 8.5% in life
Insurance recovery supported by heightened risk awareness driving demand and continued strong rate hardening
Amid uncertainty of how the COVID-19 crisis will evolve, and the risk of trade war and a credit crisis, public policy should focus on sustainable infrastructure development and inclusive growth
Global insurance markets set to rebound with China leading recovery, says Swiss Re Institute
Aon’s new quality of Intellectual Property Solution helps companies realize full value of their IP portfolio
“Our Quality of Intellectual Property solution and resulting report helps companies articulate and realize the full value of their IP portfolio for M&A or financing transactions,” said Lewis Lee, CEO of IP Solutions at Aon.
“With QoIP, a deal team can catalogue IP with greater precision, describe its connection to the enterprise’s revenue streams and strategy, and benchmark it against competing IP portfolios. We believe this will help sellers better position their company to the marketplace,.” he said.