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Govt extends Rs 5 lakh health covers free to all citizens of 70 yr and above irrespective of income
This aims to benefit approximately 4.5 crore families with six...
Flood fury causes massive damage in Telangana. State govt put initial estimate at Rs 5,438 cr
Crops have been damaged in about five lakhs of acres, canals and...
Swiss Re and Daimler launch new company Movinx, to transform automotive & mobility insurance business
Both shareholders of the 50/50 joint venture will leverage their complementary expertise to establish a new business model.
The aim is to develop fully digital automotive and mobility insurance products that both fulfill changing customer needs and offer best-in-class service quality. The first insurance products and services are planned to launch in France in 2021.
In the coming years, further market entries are planned across Europe, in the Americas, and in Asia.
Pravina Ladva, Swiss Re’s Digital Transformation Officer, said: ”We believe that partnering with Daimler Insurance Services and establishing Movinx will take us to the next level in innovating mobility insurance. Our joint long-term ambition is to unlock an ecosystem interplay where insurance supports the introduction of new technologies such as advanced driving assistance systems and autonomous cars as well as new business models in the mobility area.”
As globe gallops into vaccine trials, insurers remain unfazed
While more than 40 experimental COVID-19 vaccines are being tested on humans, the insurance companies with decades of experience in assessing the risks of clinical trials don’t see anything to be unduly concerned about.
Executives at insurer Allianz and brokers Gallagher and Marsh, among the leading players in clinical trials insurance, told Reuters that premiums had only marginally increased so far in the current pandemic
Natural disasters surge in past 20 years, likely to continue to wreak havoc: U.N.
China (577) and the United States (467) recorded the highest number of disaster events from 2000 to 2019, followed by India (321), the Philippines (304) and Indonesia (278), the U.N. said in a report issued the day before the International Day for Disaster Risk Reduction. Eight of the top 10 countries are in Asia.
Lloyd’s of London reviews insurance contracts due to COVID-19
“The insurance industry must urgently reassess how it can better serve and support its customers,” Lloyd’s Chief Executive John Neal said in a statement.
Lloyd’s recommendations for simpler products including insurers carrying out a “linguistics review” of policy documents, investing in new products such as parametric insurance which pay out immediately when specific triggers are hit, and involving customers in product design.
U.S. Olympics suing insurers for holding up Nassar settlement talks
Larry Nassar sexual abuse scandal.Committee Chair Susanne Lyons accused insurers including 11 insurers, including units of Chubb Ltd and American International Group Inc, of holding up settlement negotiations with the hundreds of women who were abused by disgraced former USA Gymnastics national team doctor Nassar
Markel consolidates all Property CAT Reinsurance business under Nephila
“This move allows us to more fully leverage Nephila’s market leading competitive position while also generating necessary operational efficiencies.We believe the companies that will win in the future will be those who most efficiently connect risk with capital, and this strategic shift will help us do that in the property CAT market.”,” said Markel Co-CEO Richie Whitt.
Lloyd’s launches new report on cities at risk from global threats
London: Lloyd’s, the world’s leading specialist insurance and reinsurance market, today announced a new report: Cities at risk – Building a resilient future for the world’s urban centres, published in association with Urban Foresight and...
U.S. forecaster sees 85% chance of La Niña through winter
La Niña is characterized by unusually cold temperatures in the equatorial Pacific Ocean and linked with floods and drought.
AXA XL announces appointments for Asia & Europe Business Unit
Xavier Veyry, Chief Executive Officer, Asia & Europe at AXA XL, said: “I’m delighted we could find the right people within our organisation to lead our underwriting, captives and claims capabilities in Europe and Asia, as well as our local teams. It reflects the quality of talent at AXA XL.”
Asia-Pacific motor insurance market to surpass $257bn in 2023:GlobalData
Another key trend which can be observed in the motor insurance market is the pace of product innovations. New insurance products such as short-term car insurance and pay-as-you-go (PAYG) products are being offered by motor insurance companies to support sales at a time when car usage is low due to lockdown restrictions. For instance, insurance start-ups such as UbiCar, Real and Kogan in Australia are offering pay-as-you-go insurance policies.