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Biden, Harris hail Medicare drug price cuts that will save billions
Biden's signature Inflation Reduction Act, signed into law in 2022,...
Hurricane Debby: Moody’s estimates insured losses for will not exceed $1.5 billion
Jeff Waters, director, North Atlantic Hurricane Models at Moody’s,...
China takes over companies linked to disappeared financier
Among the companies being taken over are Huaxia Life Insurance Co., Tianan Life Insurance Co., Tianan Property Insurance Co., New Times Trust Co., Yi’An Property Insurance Co., and New China Trust Co., the China Banking and Insurance Regulatory Commission said in a statement on its website Friday.
Investors and insurers of Russian pipeline projects at risk of US sanctions
U.S. Secretary of State Mike Pompeo on Wednesday warned investors in two Russian natural gas pipeline projects that they could face sanctions as the Trump administration seeks to curb the Kremlin’s economic leverage over Europe and Turkey. Pompeo told a...
AM Best revises Swiss re’s credit rating outlook to negative
The negative outlook on the Long-Term ICR reflects pressure on Swiss Re’s operating performance assessment, following non-life underwriting losses in recent periods, partly driven by the casualty book of business.The group has implemented actions to improve the performance of certain sub-segments of its portfolio. However, these actions have had limited impact on results so far.
Insurers favor warehouse investments over offices as pandemic hastens real estate shifts
Pandemic lockdowns have spurred companies to re-examine their need for office space if employees continue working at home in the post-pandemic world, a trend that could drive down office occupancy rates and rents.
Swiss Re and PGGM enter into second private sidecar transaction
The transaction is a further milestone for Swiss Re’s Alternative Capital Partners team, which was formed in 2019 to manage Swiss Re’s third-party capital activities. Alternative Capital Partners enables Swiss Re to grow its natural catastrophe book and proactively manage its risk appetite by making use of a broad range of third-party capital and retrocession instruments.
Willis appoints Fabien Conderanne as Regional Head of Financial Solutions in Asia Pacific
Scott Burnett, Head of Asia and Head of Corporate Risk and Broking for Asia at WTW adds, “We now live in extraordinary times where the relevance of our solutions and services to our clients has never been more urgent. We invest the time and resources to understand each client’s business, as well as the economic and credit risks that arise from operating in a world where geopolitical threats and regulations are in constant flux. Fabien’s appointment reflects both a commitment to grow our talent and support our clients so that they can build resilience, wherever they operate in Asia.”
Six Harvey Weinstein accusers call $18.9 million New York settlement a ‘cruel hoax’
In a Manhattan federal court filing, the six women said accusers would receive just $11.2 million after deducting legal fees and costs, with typical awards of just $10,000 to $20,000, while shielding the defendants’ insurers from big payouts.
They also complained that the accord “absolved” Weinstein, his brother Bob Weinstein and the board of liability, while setting aside another $15.2 million to help cover their defense costs.
Covid-19 Pandemic:Global reinsurnace capital shrinks by 6 % to $590 bn,tightening of reinsurance capacity expected:AON
Many reinsurers reported losses for the first quarter, driven by asset write-downs and the first installment of claims associated with the effects of the pandemic. The combined pre-tax loss for the 18 constituents of Aon’s Reinsurance Aggregate (‘the ARA’) that reported was USD3.8 billion.The average combined ratio was 103.2 percent, with USD3 billion of COVID-19 related losses recognized.
Asian waters account for most shipping losses,global numbers hit record low:AGCS
According to the report, the South China, Indochina, Indonesia and Philippines maritime region remains the top loss location with 12 vessels in 2019 and 228 vessels over the past decade – one in four of all losses. The Japan, Korea and North China region saw 2 vessels lost in 2019 and is the third largest loss location overall with 104 since 2010. High levels of trade, busy shipping lanes, older fleets, typhoon exposure, and safety issues on some domestic ferry routes are contributing factors. However, in 2019, losses declined for the second successive year, mirroring a global trend.
Markel appoints Head of Renewable Energy,first ever based in Asia
Commenting on the new appointment,Rohan Davies, divisional managing director of energy, Market, said,“Tom’s solid track record and wealth of international experience in renewable energy are invaluable as we continue our ambitious plans for growth in this important sector.“Markel has a strong reputation of delivering leading risk-transfer products and service in the energy space. With Tom strategically based in the rapidly growing Asian market, his appointment as Markel’s new global head is a reflection of our commitment to renewable energy in our global portfolio.”