The fires sweeping across Los Angeles are now on track to cause...
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McGill offers property war reinsurance for Ukraine
McGill said it had collaborated with local Ukrainian insurer ARX to...
Los Angeles wildfire economic loss estimates top $50 bln
J.P. Morgan believes that insured losses originating from the...
French Court rules against Covéa and CEO Derez in unsolicited takeover bid for SCOR
COVEA and Thierry DEREZ have appealed against the ruling of the Paris Commercial Court, rendered.
According to a press release by COVEA, this ruling contains serious and multiple errors of appreciation, both in fact and in law.In addition, it disregards an essential truth: it is for the corporate interest of both SCOR and its shareholders that COVEA expressed the wish to submit a proposal for a combination between the two companies. Such project would have notably guaranteed the financial soundness of SCOR and would have promoted its development.
Cinven and Singapore’s GIC to acquire specialist insurance broker Miller
Headquartered in London, it places £2 billion worth of premiums annually.
Founded in 1902, Miller is a leading specialist insurance and (re)insurance broker operating in the UK, Lloyd’s and internationally. It employs more than 640 people through its offices in London, Ipswich, Brussels, Paris, Singapore and Geneva, covering the world’s major insurance hubs.
Top $5 trillion investor group pushes firms to cut out thermal coal
In a report seen by Reuters ahead of its release on Monday, the alliance said all companies owned by the group needed to develop their own plans to transition away from thermal coal.
“If no long-term carbon footprint reduction can be produced the members will need to escalate and ultimately divest,” Günther Thallinger, Member of the Board of Management, Investment Management, Environmental, Social and Governance (ESG) at Allianz, said.
Shifting global supply chain can add $63 billion of prms in 5-yrs: Swiss Re
“Yes, supply chain changes are happening, they are real, and I think in the bigger picture this is positive.There are real opportunities during the transition. The insurance industry has a growing opportunity to offer cover in areas such as business interruption (BI), also contingent BI and non-damage BI’’ said Jerome Jean Haegeli, group chief economist, Swiss Re, said while speaking at a session on “De-risking Global Supply Chain: Strengthening Resilience in a time of Disruption”, during the SIRC 2020 Re-Mind virtual conference on Wednesday.
IRDAI forms panel to modify engineering retail segment products
Among the issues, the panel will revisit the product structures of the erstwhile engineering tariffs relevant for the retail category and make suitable recommendations for revising them.
IRDAI unveils draft norms on shareholders’ compensation post M & A of insurers
The Insurance Act, 1938 has laid down that every policyholder or shareholder or member of each of the insurers, before amalgamation, will have the same interest in, or rights against the insurer resulting from amalgamation as he had in the company of which he was originally a policyholder or shareholder or member
Lloyd’s 2nd blueprint targets cost reduction of £800m for brokers, underwriters and business partners
The comprehensive programme and priorities detailed in Blueprint Two will profoundly transform the way in which customers get covered, right though to recovering from loss; this will be achieved by the redesign of the entire insurance lifecycle process – from placement through to accounting, payment, endorsements, claims, renewals and reporting – offering a seamless digital service for all Lloyd’s customers and stakeholders globally.
Lloyd’s of London ditches plan to create its own electronic exchanges
Lloyd’s no longer plans to launch its own complex risk exchange but will work with existing platforms already used by the market, such as PPL, to improve digitalisation. Lloyd’s bought a 40% stake in PPL this year.
Technology can make India’s crop insurance scheme profitable:Report
Contributing to the report, the Agricultural Insurance Company of India commented: “With the advent of new concepts in agriculture, the scope for crop / agriculture insurance in India is vast. The main challenge is consistency. The scheme has changed drastically in a very short space of time. Reinsurers believe there is ample opportunity but only if they decide to commit to this product for the longer term and take a long-term view despite the changes.”
Poor public risk management led to higher Covid-19 Pandemic losses and P&C market exposure:Denis Kessler
Denis Kessler, chairman and chief executive officer of SCOR said that this is the biggest surprise of the crisis because it’s the opposite of what, broadly speaking, had been anticipated and modelled for pandemic risk. While the industry was certainly not unaware of pandemic threat, it failed to accurately anticipate the lines it would impact most severely