Based on indicative price of Rs 395.03 for the bids, institutional...
Category:
Reinsurance
Latest
Cathay Pacific grounds many flights after engine component failure
Cathay Pacific has not specified which engine component failed, but...
Average annual NatCat losses for global insurance industry reaches new high of $151 billion: Verisk
“While actual annual insured losses over the past five years have...
AXA XL launches Digital Risk Engineer, a connected solution to monitor “buildings and assets”
Available globally, Digital Risk Engineer uses Internet of Things (IoT) devices installed in the clients’ buildings to capture information from connected systems such as energy, water (including sprinklers), heating, ventilation and air conditioning (HVAC).
Jonathan Salter, recently announced Head of Risk Consulting at AXA XL said“This fully digital offering is especially relevant today as we grapple, as a society, with the impacts of COVID-19, and the likelihood that companies will try to limit in-person site visits where possible.”
AstraZeneca gets partial immunity in low-cost EU vaccine deal
Drugmakers have called on EU regulators to set up a Europe-wide compensation scheme, while patients’ organizations are calling for an EU-wide fund financed by pharmaceutical firms that would compensate for unexpected side-effects.
The EU legal regime is among the least favorable to drugmakers on compensation claims, although plaintiffs have rarely managed to win as the law requires them to prove the link between an illness and a vaccine that may have caused it.
The United States has granted immunity from liability for COVID-19 vaccines that receive regulatory approval. Meanwhile, Russia has said it would shoulder some of the legal liability should anything go wrong with the vaccine developed by Moscow’s Gamaleya Institute.
$9 billion of Cat bond issuance during the 12-month period to June 2020
In the period under review, $9 billion of catastrophe bond issuance was secured – an increase of $3.5 billion year on year – while ILS capital decreased from $93 billion to $91 billion. By June 30, 2020, catastrophe bonds on-risk stood at $28.8 billion, 1.5 percent less than June 30, 2019.
UK watchdog sets Wednesday deadline for agreement on business insurance claims
Hundreds of thousands of mainly small British businesses are waiting to hear if their insurer will pay out imminently, or keep them waiting while they appeal.
London’s High Court ruled that some of the world’s biggest insurers were wrong to reject thousands of claims from small firms battered by the COVID-19 pandemic.
The FCA said it continues to “work closely and at speed” with the eight insurers and two intervenors that participated in the test case to reach an agreement in principle on a range of issues to avoid a “leapfrog” appeal to the Supreme Court.
African Risk Capacity partners with insuretech Pula to Deliver Agric Index Insurance products to African Farmers
In just over 6 years of operations, 56 policies have been signed by the ARC Member States with USD 83 million paid in premiums for cumulative insurance coverage of USD 641 million and the protection of 64.1 million vulnerable population in participating countries.
From this, ARC Ltd made $60m payouts to the Governments of Senegal, Niger,Mauritania, Malawi, Cote D’Ivoire, the START Network and WFP following droughts episodes in 2014, 2015 and 2019.
China to tighten supervision of country’s booming online insurance business
The rules will also require Internet companies to obtain insurance licenses before involving in the business, according to the draft.”The fast development in the online insurance sector has exposed certain problems,” the CBIRC said, “The rules are to effectively defuse the risks and protect the interest of consumers.”
SCOR welcomes A.M. Best’s decision to confirm its Financial Strength Rating of ‘A+ Superior’
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “We welcome A.M. Best’s decision to affirm SCOR’s ratings. This decision further testifies to the soundness of our strategy as a Tier 1 global reinsurer and the resilience of our business model to shocks. We are entering the renewal season with confidence. SCOR is well positioned to accelerate its growth in a supportive market environment, benefiting from positive pricing dynamics and improving terms and conditions in P&C reinsurance, while consolidating its position in the top tier of the Life reinsurance market.”
AXA XL in India to plant 30,000 trees and create a Biodiversity Park in Delhi
Delhi has a significant issue with air pollution and unsanitary water and this initiative will help to keep ecosystems healthy, creating a protected space where nature can thrive,” says Derek Nazareth, Head of Global Operations and Country Head, AXA XL in India.
A healthy biodiversity helps to breakdown and absorb pollution and provide resilience to climate change.
Additionally, a healthy biodiversity helps with the management of ground water levels, preventing flash flooding and enriches the quality of the soil.
Lloyd’s of London alerts India Inc on rising “Intangible Risks”, launches new solutions for Pandemic Risks
Specific to SMEs, Lloyd’s has developed ReStart, a potential non-damage business interruption solution (loss of revenue without a physical damage trigger) for future waves of COVID-19. The solution is focused on giving certainty of non-damage business interruption coverage initially to SMEs by pooling limited capacity across a number of Lloyd’s market participants. The product will support reopening of SMEs, offering a range of limits that ensure it is affordable for customers, without requiring any government support,
Lloyd’s is also working on a proposed ‘after the event’ insurance product framework, Recover Re, which would provide immediate relief and cover for non-damage business interruption, including the current COVID-19 pandemic, over the long-term. This framework could be implemented in any country where the government has the resources and industry commitment to support it.
Swiss Re to further streamline the Group’s legal entity structure
As part of the changes, the Group intends to make Swiss Reinsurance Company Ltd (rated AA- by S&P / Aa3 by Moody’s / A+ by AM Best) the sole direct wholly-owned operating subsidiary of Swiss Re Ltd.
The target legal entity structure is expected to be implemented by the end of 2021, subject to receipt of the required regulatory approvals. As a result of these planned changes, Swiss Reinsurance Company Ltd intends to assume the debt of Swiss Re Corporate Solutions Ltd.