N Ramaswamy, CMD, GIC Re One of the outstanding features of GIC...
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Miller to acquire AHJ Holdings
In addition to providing immediate scale and capability in treaty...
Closing Crisis Protection Gap: Leaders call for 10 fold higher finance to meet cost of future crises
Less than $1 of every $5,000 of crisis finance goes to low income...
Munich Re Life and Health announces new leadership for Southeast Asia and Digital Solutions
Munich: Munich Re has announced two senior appointments in its Life and Health business in the region. Aravind Srinivas will lead the Group’s Southeast Asia business and Tobias Frenz takes on responsibility for a newly formed business capability...
SolarWinds hack was ‘largest and most sophisticated attack’ ever: Microsoft president Brad Smith
The hackers got access to emails at the U.S. Treasury, Justice and Commerce departments and other agencies.
Cybersecurity experts have said it could take months to identify the compromised systems and expel the hackers.
Investors vie for windfall from rejected covid insurance claims
Distressed-investing funds and litigation-finance boutiques are likely to be spoiled for choice after a landmark U.K. court ruling last month rejected pleas from insurers looking to dodge pandemic payouts. They’re looking to finance or buy denied Covid-19 insurance claims for policyholders without the means or stomach for taking their insurers to court.
“This is going to be huge,” said Steve Cooklin, chief executive officer of London-based litigation funder Manolete Partners Plc, whose biggest shareholder is veteran distressed investor Jon Moulton.
Florida consumers ‘flabbergasted’ as property insurers push for double-digit rate hikes
Florida’s domestic property insurers reported a more than $1 billion underwriting loss for the first three quarters of 2020 and almost $500 million in negative net income, according to the Florida Office of Insurance Regulation.
Florida’s domestic property insurers reported a more than $1 billion underwriting loss for the first three quarters of 2020 and almost $500 million in negative net income, according to the Florida Office of Insurance Regulation.
Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.
Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.
Florida insurers requested 105 rate increases during the first ten months of 2020, Altmaier said. More than half of the increases that regulators approved were greater than 10%.
The rate increases in Florida, the third-largest property insurance market among U.S. states, are the highest in memory, according to some insurance agents and residents. One danger, they say, is that the new rates could make owning a home in Florida unaffordable.
Florida’s property insurance market, which collected $56.6 billion in premiums during 2019, is unique and covers complex risks including devastating hurricanes and the impact of climate change.
Biden administration asks U.S. Supreme Court to uphold Obamacare law
Biden, who was Obama’s vice president when the law was enacted, has promised to protect and build on Obamacare, which has enabled millions of Americans to obtain health insurance by expanding public healthcare programs and creating marketplaces for private insurance. Republicans have called it a government overreach.
Irish central bank: We’ll act against insurers who don’t pay COVID-19 claims
Ireland’s High Court ruled on Feb. 5 that four publicans insured by FBD were entitled to be indemnified for losses under lockdown-linked claims, in a case that could have implications for over 1,000 similar contracts for FBD alone Gabriel Makhlouf said a number of insurers had already accepted and begun settling business-interruption claims as a before the court judgment in Dublin, as well as one in London.
GIC Re records a net profit of Rs 987 cr in Q3 FY21, cautiously grows its prm to Rs 11,668 cr
The third largest Asian reinsurer had improved its combine ratio to 108.5 per cent during the reporting quarter as compared to 130.4 per cent in the yaer ago period.
Although Covid-19 influence remains on the insurance industry, severity of the impact is gradually reducing and the same is reflected in the results of the industry. GIC Re’s financials have shown indications of positivity and signals turnaround in the near future,said Devesh Srivastava, CMD, GIC Re.
AXA XL appoints new global chief underwriting officer for Cyber
New Delhi: AXA XL announced that Michael Colao has joined as Global Chief Underwriting Officer, Cyber, reporting to the recently promoted Global Chief Underwriting Officer for Financial Lines, Libby Benet. Commenting on the development,Benet said: “Michael...
Intl passenger traffic fell by 90.56 pc in March-Dec 2020: Govt
”Revenues of major Indian scheduled carriers fell from Rs. 46,711 crore during April-September 2019 to about Rs. 11,810 crore during April-September 2020. Their full time and contractual employment which was 74,887 as on 31 March 2020 fell to 67,906 as on 30 September 2020,” Puri told Rajya Sabha in a written reply to a question.
Lloyd’s launches global resilience platform for systemic risks
“The COVID-19 pandemic has shown that a hypothetical systemic risk, is never far from becoming a reality and that we must do everything we can to prepare and mitigate against the worst impacts of the constantly changing and challenging risk landscape,” commented John Neal, CEO of Lloyd’s.