Disruptions from tropical storms this time of year have become an...
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18% GST on premiums: a significant deterrent to insurance purchase and penetration
Experts argue in favour of removal of 18% GST on Health covers to...
2024 Cat bonds issuance set to exceed 2023 record
A fresh analysis by Swiss Re shows issuance of the bonds was well...
Floods, landslides kill 23 in Nepal, dozens missing
In the southern plains bordering India, the Koshi river, which causes deadly floods in the eastern Indian state of Bihar almost every year, was flowing above the danger level, police said.
Landslides and flash floods are common occurrence in mountainous Nepal during the June-September monsoon every year.
Bollywood wakes up to Covid-19 risks,Taapsee Pannu’s Looop Lapeta can be first film to be covered
“For instance, a crew member tests positive, the entire movie crew might have to be possibly quarantined. In that case, the producers will be covered from the money they are spending on days lost,” film’s producers Atul Kasbekar said.
Billion-dollar June hail event becomes one of Canada’s costliest severe weather events on record, Aon cat report
Meanwhile, several severe weather outbreaks in the United States in June resulted in an economic loss exceeding USD2.3 billion. The costliest event was a prolonged weather pattern from June 5-11 across much of the eastern two-thirds of the United States that caused total economic losses estimated at USD800 million, of which more than USD600 million was insured.
Covid 19 Pandemic:Generali launches a new system for remote facility inspection for large companies
• Generali Global Corporate & Commercial Iberia & LatAm has developed an exclusive remote facility inspection system available on mobile
• This innovative solution simplifies processes for clients and brokers contingent on Covid pandemic travel bans
• The inspection system has been set up on a permanent basis for risk management and analysis
As insurers face hefty pandemic losses,newcomers see chance to step in
A lot of firms are reducing the amounts of business they do in certain types of insurance, creating space for new entrants, said Convex deputy chief executive Paul Brand.Investors’ appetite for higher returns when central banks are putting in trillions of dollars in stimulus is attracting them to insurance.Broker Hyperion estimates around $16 billion in capital has already been raised by insurers this year, compared with $9 billion over the same period last year.
IRDAI forms panel to explore possibility of an “Indian Pandemic Risk Pool”, to address BI risks arising out of a Pandemic event
There is a need to examine long-term solutions to address the various risks which have been triggered by the current pandemic and offer protection in case of a future similar crisis.Some of the risks like Business Interruption losses without concurrent material damage loss,loss of employment would result in huge losses much beyond the capacity of government /insurers /reinsurers, said IRDAI.
The panel will examine the the need for setting up a Pandemic Risk Pool giving rationale for the same,recommend the structure and operating model for the Pool within eight weeks. .
Govt appoints Injeti Srinivas as IFSC Authority’s first chairman
Gujarat-headquartered IFSCA will regulate all financial services in international financial services centres (IFSCs) in Gandhinagar.
Germany is first major economy to phase out coal and nuclear power
The plan is part of Germany’s ‘energy transition’ – an effort to wean Europe’s biggest economy off planet-warming fossil fuels and generate all of the country’s considerable energy needs from renewable sources.
Achieving that goal is made harder than in comparable countries such as France and Britain because of Germany’s existing commitment to also phase out nuclear power by the end of 2022.
3 new start-ups join Lloyd’s Lab for fast-tracked COVID-19 cohort
The purpose of this is to help Lloyd’s and the start-ups bring to market more quickly their COVID-19 related products and innovations. Lloyd’s wants to understand, model and create products that better protect customers against pandemics, and other systemic risks.
GIC Re unveils strategies to overhaul its financials and ratings,domestic exposure to Covid-19 claims extremely limited
“We have already addressed the the key issues within our control of profitability and portfolio size We have taken further action to strengthen our balance sheet by increasing our outwards reinsurance purchases on the domestic portfolio by 37.5 percent, growing in size from USD 2.1 billion for 2019-20 to USD 2.7 Bn for 2020-21, using high credit quality retro-cession counter parties,”said GIC Re