Malawi had a drought insurance policy through the bank and the...
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Government, Banks, regulators and security agencies need to collaborate to check cyber security for banking industry
L to R- Vivek Joshi, secretary, Department of Financial Services,...
UK insurers ask for new rules to develop captive market
UK is missing out on a market that’s estimated to reach $161...
Swiss Re reshuffles APAC management team
According to a Swiss Re announcement on Thursday, Sharon Ooi,currently managing director, head of P&C underwriting APAC, based in Singapore will relocate to Sydney to become head of Australia and New Zealand,
Sharon will replace Mark Senkevics who in turn will take charge of Ooi’s current role and lead Swiss Re’s APAC property and casualty (P&C) underwriting business from Sydney,
Coastal flooding could hit 20% of world GDP by 2100 – study
Flood events that have typically occurred once in 100 years “could occur as frequently as once in 10 years” for much of the world, said the authors of the report, including researchers at the universities of Amsterdam, Melbourne and the Global Climate Forum.
Hong Kong moves to create regional hub for insurance-linked securities
The Hong Kong government introduced in March the Insurance (Amendment) Bill 2020[here]. The bill provides a regulatory framework for insurers to transfer risk to the capital markets by issuing insurance-linked securities in Hong Kong through special purpose insurers, or SPIs. Special purpose insurers are essentially the same as the dedicated special purpose vehicles that are authorized in other jurisdictions to issue insurance-linked securities, or ILSs.
Americans driving older cars as average age nears 12 Years
The aging U.S. vehicle fleet has been an issue as U.S. lawmakers have debated economic stimulus plans. Proposals to provide government-funded incentives to retire older, more polluting vehicles,or encourage drivers to get new vehicles with more advanced safety technology have so far not gained much traction.
More S.African insurers yield to customer demands to pay COVID BI claims
The FSCA and the Prudential Authority, which oversees the strength of the financial-services industry, last week struck a deal with insurers to consider once-off payments to help keep customers afloat, while courts decide whether insurers are correctly interpreting the terms of contracts.
Guy Carpenter appoints MD of global risk solutions
Piatti will be responsible for originating and driving opportunities to better serve our clients in the customized reinsurance space across Europe and MENA, including structured reinsurance treaties and capital management/solvency-related transactions. As clients look to further optimize their reinsurance programs, Guy Carpenter is continuing to enhance its ability to create such customized products
“Traditional products will become simpler and standardized,the demand will be more for innovative products to cover emerging risks”
SN Rajeswari,General Manager, New India Assurance, has recently been selected to become the CMD of Delhi based Oriental Insurance Company.. In an exclusive interview with Asia Insurnace Post, she said technology will continue to disrupt the Industry.Customers have evolved significantly and rely on technology for information and feedback.
Therefore traditional marketing and communication strategies are not going to help customer retention,without the support of technology. Web aggregators supported by digital have emerged as a distribution channel in the insurance value chain. Technology supported by human interface will take forward customer service and retention to a long way,she said.
Edited Excerpts”
AIR Worldwide releases updated Earthquake Model for Australia
“This model has been developed to meet the wide spectrum of earthquake risk management needs of the insurance industry and we took a careful and thoughtful approach in order to deliver this update,” said Dr. Jayanta Guin, executive vice president and chief research officer, AIR Worldwide.
Lloyd’s approves “Syndicate-in-a-Box”,to insure transport of future COVID-19 Vaccine
Syndicate 1796 has been developed by Parsyl, an insurance technology company and Lloyd’s Lab alumni, in close partnership with Ascot as managing agent, and in cooperation with AXAL XL, McGill and Partners and Gavi, the Vaccine Alliance. The Syndicate forms the foundation of the new Global Health Risk Facility (GHRF) at Lloyd’s, which aims to provide comprehensive insurance and risk mitigation services to support the manufacturing and distribution of COVID-19 vaccine development efforts. It aims to start writing business from 1 October 2020.
Swiss Re books $476 million of Covid-19 losses in March quarter
A range of factors relating to the pandemic,including future infection and mortality rates;the duration and effects of mitigation measures, including on business activity; the timing of an effective vaccine and/or alternative treatment solutions; legislative or regulatory efforts and the outcome of court and arbitration cases on coverage issues; the impact of government stimulus packages;and the severity and duration of recessionary impacts,may impact claims development in the coming quarters, either positively or negatively,relative to Swiss Re’s projections.