According to re/insurance broker Gallagher Re's estimate, insured...
Category:
Reinsurance
Latest
US files $100 million lawsuit against owner and operator of ship that destroyed Baltimore’s Key Bridge
“The Justice Department is committed to ensuring accountability for...
Nearly 50% of public infrastructure unprepared for disaster management: CBRE survey
"Floods, extreme temperatures, and cyclones have become more common...
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.
Munich Re among insurers facing ‘Major’ Beirut blast losses
Property damage alone from the blast, which killed more than 150 people and triggered the collapse of Lebanon’s government, could exceed $7 billion, according to the Institute of International Finance.
Although only a fraction of the losses are covered by insurance, the blast’s financial impact still could blow holes in reinsurers’ balance sheets. Insured losses at the port and nearby vessels and cargoes could reach $250 million, according to Guy Carpenter & Co., a U.S. brokerage.
“We are currently assuming that this will be a major loss for us,” Christoph Jurecka, Munich Re’s chief financial officer, told reporters in an Aug. 6 conference call. He declined to estimate the size of the loss, but Munich Re classifies total payouts of more than 10 million euros ($11.8 million) for one incident as “major.”
Hannover Re, another Germany-based reinsurer, also anticipates a loss of at least 10 million euros, a company board member, Sven Althoff, said last week in a call with analysts.
Directors’ liability insurance rates surge on virus litigation fears
Premiums for directors’ liability insurance, known as D&O, in Britain rose by more than 100%, while in the United States, rates for public companies were up by 59%, Marsh said in a quarterly commercial insurance survey.D&O insurance protects company directors and executives against litigation costs.
Jonathan Turner, CEO for speciality insurance at broker Gallagher, said D&O rates for public companies seen as particularly exposed to COVID-19 legal claims had risen by as much as 2,000%.
AXA Considers Sale of Singapore Business as It Seeks to Raise Funds: Sources
The French insurer is working with an adviser on the potential sale, the people said, asking not to be identified because the matter is private. The Singapore unit, which offers life and property and casualty insurance, could draw interest from rivals seeking to expand in Southeast Asia, the people said. It generated 615 million euros ($723 million) of revenue in 2019, according to AXA’s annual report.
Global insurance losses from natural catastrophes and man-made disasters at $ 31 billion in H1 2020:Swiss Re
Global insured losses from natural catastrophes rose to USD 28 billion in the first half of 2020 from USD 19 billion the year before, while insured losses from man-made disasters decreased to USD 3 billion from USD 4 billion.
Secondary perils primary loss drivers once again In the North America, severe convective storms (thunderstorms with tornadoes, floods and hail) caused insured losses of over USD 21 billion in the
first half.