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Major wildfire rages out of control on the fringes of the Greek capital
Wildfires are frequent in Greece during its hot, dry summers, but...
Deepak Sood appointed as Member, Non-Life, IRDAI
Deepak Sood, Member, Non-life, IRDAI Sood had started his career in...
China says one-fifth of Belt and Road projects ‘seriously affected’ by pandemic
Over 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure. According to a Refinitiv database, over 2,600 projects at a cost of $3.7 trillion are linked to the initiative.
The challenge of the pandemic to BRI projects follows a pushback in 2018, when officials in Indonesia, Malaysia, Sri Lanka and elsewhere criticized projects there as costly and unnecessary.
Allianz Global Corporate & Specialty SE realigns key roles in its Board of Management
With effect from July 1, 2020, the number of Chief Regions & Markets Officers (CRMO) on the AGCS SE Board of Management will be reduced from three to two: Henning Haagen, current Chief Underwriting Officer Specialty, will assume responsibility for all AGCS regional units outside North America as Chief Regions & Markets Officer Regional Group 1, including Africa, Asia Pacific, Central & Eastern Europe, Mediterranean Region, Regional Unit London, and South America. As Chief Regions & Markets Officer Regional Group 2, Bill Scaldaferri will continue to head the North America Regional Group. Each CRMO will be responsible for approximately half of AGCS’ business in terms of gross premium income of EUR 9.1 billion in 2019.
Insurers cite Swedish example in bid to dodge Covid-19 biz income payouts
The court case is one of a number of battles across the world, where insurers and clients are fighting over whether coverage extends to measures taken by governments to halt the spread of coronavirus. In France, AXA SA was ordered by a Paris court last month to compensate a restaurant owner for two months of virus-related losses.
Trump administration to propose rolling back protections for big tech
Trump wants to “remove or change” a provision of a law known as Section 230. Under the 1996 Communications Decency Act, Section 230 does not generally hold platforms responsible for what their users post and allows them to moderate the content of their sites as they see fit.The Justice Department plans to make a legislative proposal that Congress would have to pass, according to the Wall Street Journal, which first reported the proposal.
S&P affirms SCOR’s ‘AA-’ rating with ‘stable outlook’, recognises group’s ability to absorb COVID-19 pandemic shock
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented “We welcome Standard & Poor’s decision to affirm SCOR’s Financial Ratings. This decision demonstrates the Group’s ability to offer its clients an optimum level of security and the resilience of its business model, particularly in the current pandemic crisis. It also clearly reinforces the relevance of our strategy as a global Tier one reinsurer”.
Lloyd’s of London to pay for its ‘shameful’ sins in Atlantic slave trade
“We are sorry for the role played by Lloyd’s market in the 18th and 19th Century slave trade – an appalling and shameful period of English history, as well as our own,” Lloyd’s said.
“Our strategy is to increase footprint in the developed economies while maintaining and growing market share in our part of the world”
In an exclsusive interview with Asia Insurance Post,Reena Bhatnagar,General Manager and Joint Charge of CMD, GIC Re, speaks about listed reinsurer’s strategies to expand its global foot print and to make the listed company a tech-savvy and profitable entity
ICICI Lombard unveils new benefits for Covid-19 policy holders
Mumbai: ICICI Lombard General Insurance, the largest private sector non-life insurance company in the country, has rolled out a host of offerings for its health indemnity customers, in light of the coronavirus pandemic. The additional benefits and...
HDFC ERGO launches first-ever on-demand ‘Pay As You Fly’ insurance for drones
“Today, drones are becoming more and more popular in events and other outdoor commercial activities, which require skilled professionals to operate them. But, mistakes in operating and equipment failure may cause damage to third parties. Considering this we are launching this cover under our aviation insurance, which is a first in the industry, to safeguard drone owners and pilots from any third-party liability while flying a drone commercially.”Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance Company
Disaster Financing:Nagaland,Swiss Re&Tata AIG strike India’s first-ever parametric deal,to kick in against excess rainfall
In addition to protecting the State treasury’s balance sheet, the transaction will enable Nagaland to build fiscal resilience against natural disasters.The parametric structure is designed to cover the entire state of Nagaland through six distinct zones, with a stepped payout feature to ensure funds are allocated where losses occur and in proportion to the amount of recorded rainfall, to mirror its impact. It based on a geospatially gridded dataset whose precipitation levels are derived from satellite observations .
G Satish Raju, Swiss Re said, “This is Swiss Re’s first disaster risk financing arrangement in India. Nagaland is a first mover and this transaction marks a positive step towards strengthening India’s resilience to natural disasters. With tropical cyclones Amphan and NIsarga hitting the eastern and Western coats of India in early 2020, the transaction serves as a timely model for other states looking to similar innovative re/insurance solutions that help protect their significant natural catastrophe exposures.”