“Retail investors and GIC employees can bid on Thursday. The...
Category:
Reinsurance
Latest
MHA constitutes central team to assess damage caused by floods in Gujarat
Madhya Pradesh and Rajasthan were also affected by heavy to very...
South African Sanlam’s subsidiary Santam plans Asian expansion
We are looking at Asia and the Middle East from a reinsurance...
Lloyd’s of London CEO expects appeal over UK business insurance judgment
When asked on a panel at a conference organised by insurance buyers’ association Airmic if he expected an appeal, Neal said “yes”, adding that due to the complexity of disputes over policy wordings, “cases run for a period of time”.
The FCA has said the case could affect more than 60 insurers, 700 different types of policies and 370,000 policyholders, as many policies have similar wordings.Businesses, their lawyers and insurance brokers have urged insurers to pay claims as soon as possible to relieve financial distress.
ONGC douses fire; gas supplies to industries hit
Indian gas transporter GAIL (India) Ltd has cut supplies by about 40% to customers, mainly power and fertiliser companies, after a pipeline rupture led to a fire in an ONGC plant, a company source said.
“Our capacity utilisation fell to 50% in the morning due to gas supply disruption,” a person at the KRIBHCO said.
NTPC has shut its 656 megawatt gas-based power plant at Kawas near Hazira and a 657 megawatt Jhanor-Gandhar plant due to gas supply disruption, a person at the company said.
Gas supplies to customers have temporarily closed due to safety reasons, an ONGC spokesman said.
Munich Re issues first-ever green bond
Munich Re will use the raised capital to finance or refinance sustainable projects in accordance with the company’s Green Bond Framework. Projects include investments of equity and debt in renewable energy, energy efficiency, clean transportation, green buildings, sustainable water and wastewater management, the eco-efficient and/or circular economy, and the environmentally sustainable management of living natural resources and land.
MENA reinsurers strive to adapt to testing conditions:AM Best
AM Best notes that in general, the region’s reinsurers have demonstrated resilience in a difficult operating environment. The strategies adopted by MENA reinsurers vary considerably. Certain reinsurers benefit from long-standing legal cessions in their domestic markets, while others focus on providing proportional capacity. Strategic shifts are ongoing, with some looking to increase nonproportional and facultative business, as well as improve regional and international diversification.
AXA XL appoints Jonathan Salter as Head of Risk Consulting
Nancy Bewlay, Global Chief Underwriting Officer at AXA XL, said: “As the COVID-19 crisis continues to challenge the way companies operate, loss prevention has never been more important. Jonathan’s extensive experience, innovative approach and proven track record position him ideally to lead AXA XL Risk Consulting, which has, since March, been offering remote services, including site analysis. Our remote, tech-enabled capabilities have been extremely well received by clients and now form a key part of our product suite.”
Steady rise in heavy rainfall events during 3 last years: Harsh Vardhan
Earth Sciences Minister Harsh Vardhan said studies show that the frequency of severe cyclones in the Arabian Sea has increased in recent years.
The data shows that there is a steady increase in the number of heavy rainfall events during the last three years, Vardhan said.
The frequency of cyclones too has seen a rise, he noted.
Peak Re appoints Andrew Souter as Director of Markets
Commenting on the new appointment, Franz Josef Hahn, Chief Executive Officer of Peak Re, said “Andrew’s extensive experience working with the capital markets and strong client relationships with global insurers will strengthen our ILS capabilities and will help us to continue to bring unique and innovative (re)insurance solutions to both our customers and investors as we expand further as an organisation”
Top shipping insurance group will not cover ships for Russia, Turkey pipelines projects
U.S. President Donald Trump’s administration has sought to curb the Kremlin’s economic leverage over Europe and Turkey and has warned investors in the two natural gas pipelines could face sanctions.
The International Group of P&I Clubs represents the world’s top 13 ship insurers and covers nearly 90% of the world’s ocean-going tonnage. The notice carried by its members said that all clubs had issued similarly worded circulars regarding Nord Stream 2 and TurkStream.
Led by Russia’s Gazprom, the $11 billion Nord Stream 2 pipeline project to double the capacity of the existing Nord Stream 1 link is more than 90% complete and scheduled to begin operating next year.
ONGC says fire at Hazira gas processing plant under control
“There is no casualty or injury to any person,” ONGC said on its Twitter account.
Surat Collector and District Magistrate Dhaval Patel, a senior city official, told Reuters the fire was caused by a rupture in a pipeline at the gas terminal. ONGC’s plant is in Surat, a city in Gujarat.
A fifth of countries worldwide at risk from ecosystem collapse as biodiversity declines, reveals pioneering Swiss Re index
39 countries have ecosystems in a fragile state on more than a
third of their land – Malta, Israel, Cyprus, Bahrain and Kazakhstan
have the lowest Biodiversity and Ecosystems Services (BES) ranking
• 55% of global GDP depends on high-functioning BES
• Major economies in Southeast Asia, Europe and the US exposed to
BES decline
Christian Mumenthaler, Swiss Re’s Group Chief Executive Officer, said: “There is a clear need to assess the state of ecosystems so that the global community can minimise further negative impact on economies across the world. This important piece of work provides a data-driven foundation for understanding the economic risks of deteriorating biodiversity and ecosystems. In turn, we can inform governmental decision-making to help improve ecosystem restoration and preservation. We can also support corporations and investors as they fortify themselves against environmental shocks. Armed with this information, we can also ensure the provision of stronger sustainable insurance services.“