The report indicated that India's non-life insurance sector is...
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OMAC is hull insurance carrier for sunken yacht in Sicily
The global yacht insurance market has faced significant challenges...
APAC: Climate change response held back by insufficient data
“The deadly heat waves and catastrophic floods we’ve seen in recent...
2020 California wildfires may lead to further spikes in reinsurance rates
The COVID-19 pandemic has significantly contributed to a hardening market, and given the current wildfire situation, reinsurers and alternate capital may demand significant rate hikes, which would result in higher reinsurance costs for primary carriers and make the risk-reward tradeoff to underwrite California wildfire risk a much more challenging decision going forward.
Global reinsurers report weak half-year earnings as coronavirus claims intensify:Moody’s
Coronavirus-related claims increased significantly during the second quarter
Ongoing uncertainty regarding business interruption claims as policy forms and contract litigation vary
Pandemic related mortality losses in life reinsurance are rising
ILS retrocession capacity further squeezed in the Pandemic era
The Best’s Commentary, titled, “The ILS Retro Market, COVID-19 and Pre-Emptive Trapping,” notes that the retro market is estimated at $20 billion, with the ILS market supplying approximately 75-80% of the capacity for this segment.
Hurricane Laura slams Louisiana, kills six, but less damage than forecast
Laura was downgraded to a tropical depression by the NHC at 10 p.m., and the forecaster said it will move to the mid-Mississippi Valley later on Friday and then to the mid-Atlantic states on Saturday.
Laura caused less mayhem than forecasts predicted – but officials said it remained a dangerous storm and that it would take days to assess the damage. At least 867,000 homes and businesses in Louisiana, Texas and Arkansas remained without power on Thursday afternoon.
“This was the most powerful storm to ever make landfall in Louisiana,” Governor John Bel Edwards told a news conference. “It’s continuing to cause damage and life-threatening conditions.”
Hedge Fund collects $3 billion as wildfire insurance claims
The payout yielded Baupost’s biggest profit generator last month and represented a sizable markup from what the firm had anticipated, it told investors Thursday. The fund bought $6.8 billion of subrogation claims against PG&E.
In a subrogation claim, an insurer sells the right to sue to recoup damages suffered by policyholders. Insurers offer the claims at a discount to investors in return for the certainty of being paid upfront.
17th SIRC postponed to Nov, 2021
To fill the void this November, the Organising Committee is planning a virtual event – tentatively coined ‘SIRC 2020 Re-Mind’ – to mark the dates More details of this virtual event will be announced in mid-October.
All important international events like Monte Carlo Rendezvous,during second week of Sept,Baden-Baden Reinsurance Meet,during 4th week of Oct and East Asian Insurance Congress(EAIC), scheduled during last week of Aug, have been cancelled this year due to Covid-19 pandemic.
Covid-19 Pandemic:Lloyd’s gets ready for reopening & business with restrictions
Lloyd’s has reduced capacity to 45% to ensure it can maintain social distances.In order to ensure it doesn’t go above this the working week will be split by class of business
From 1 September,face coverings will be mandatory in all public areas of the building.
Alamelu Panel favours setting up of a Loss Prevention body for the general insurance industry, will aid reduction of premiums
The panel has suggested that the proposed company should be promoted by the IRDAI as well as the industry.
The company may start working on promoting safety and loss prevention in the areas of Property Insurance and motor Insurance to begin with and can expand into all areas of general insurance as well as health insurance in the future.
`The existing loss control practices of the insurers are incidental to the primary function of underwriting. Needless to state reducing the frequency and severity of losses would benefit both insurers and insureds, as the overall burning cost and consequently the premium rate would come down;,said the report prepared by the working group..
Lebanon’s insurance claims from Beirut port blast total $425 million, so far
Caretaker Economy Minister Raoul Nehme said 2,500 claims have been filed, according to the presidency’s Twitter account. The ministry expects claims to reach 10,000
Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say.
Who pays for Mauritius oil spill and how much?
Under the 2001 International Convention on Civil Liability for Bunker Oil Pollution damage, which is referred to as the BUNKER convention and has been administered by the International Maritime Organization (IMO) since it came into force in 2008, the owners of vessels are responsible for damage caused by oil leaks. That means Nagashiki rather than Mitsui OSK is liable.The Wakashio is insured by Japan P&I Club, the country’s only organization that underwrites protection and indemnity insurance for ocean going and coastal vessels. On Wednesday, a spokesman for Japan P&I said it was “trying to make internal estimates” for how much the clean up would cost.