``We expect claims will be mostly within the retentions of primary...
Category:
Reinsurance
Latest
PSU general insurance industry turns profitable with a combined profit of Rs 7558 crore in Fy 24
Ministry of Finance is yet to receive any proposals on wage...
Somali piracy revives sharply after yrs of quiet
There were eight acts of piracy and hijackings in the first half of...
Markel International appoints 2 marine underwriters in Asian markets
Nitin and Danielle will both be responsible for developing Markel’s Asia marine underwriting expertise in the Indian and Hong Kong markets respectively, working closely with Colin Fordham, Director of Markel in Asia and leader of Markel’s growing marine presence in the region.
Coronavirus Pandemic: Short-term closure of plants or premises can pose risks for companies:AGCS Study
“We already see a number of losses that occur on holidays or weekends when employees are not largely present on sites or premises,” says Ralf Dumke, Regional Head of Risk Consulting Property, AGCS Central & Eastern Europe: “The production and operating shutdowns currently being caused by the coronavirus pandemic can also bring increasing hazards for businesses.
IRDAI asks insurers to follow rules strictly in paying commissions to the intermediaries
The board approved policy should stipulate the specific proportion of rewards to commission/remuneration which sholud be reasonable and justifiable, to individual insurance agent/insurance intermediary subject to the overall limit as specified in the existing regulations-Reg 6(d)(ii) and 6(e)(ii) of IRDAI (Payment of commission or remuneration or reward to insurance agents and insurance intermediaries) Regulations, 2016.
Munich Re Specialty Group appoints Hui Yun Boo as Asia chief
“Asia Pacific continues to be one of the key growth markets for us and we are thrilled to have Hui Yun on board to lead our efforts in the region,”said Charlie Burgess, CEO of International Distribution at MRSG
Insurers fret as company bosses face coronavirus legal claims
“An uptick in litigation targeting directors and officers across industry sectors is one likely, and unwelcome, consequence” of the coronavirus pandemic, said James Whitaker, partner at law firm Mayer Brown.
“We are starting to see insurers looking at the potential for specific COVID-19 exclusions going forward,” said Beth Thurston, head of management liability, UK & Ireland, for broker Marsh.
EU states step in where trade credit insurers fear to tread
Without insurance, companies can be reluctant to buy or sell goods or services to others, with a rise in insolvencies expected among European firms forced to halt operations due to lockdowns aimed at slowing the coronavirus pandemic’s spread.
Atradius, which like rivals Coface and Euler Hermes sells protection to companies against the risk of default by their customers, forecasts a 2.1% rise in insolvencies in western Europe this year, compared with a 0.2% fall in 2019.
Apr1 renewals:Indian market sees Covid-19 exclusions,buyers suffer risk losses,says Willis Re
On the impact of situation triggered by caronavirus pandemic on the renewals in the Indian market, the report says reinsurers showed caution and added the exclusion wording, which was accepted by buyers as primary policies were not exposed, said the report..
Covid -19 claims to hit Munich Re’s Q1 profitability
IRDA bans Capital Gearing treaties by insurers
Insurers who are having such treaties on their books as on the date of issuance of this circular shall take the following steps-
-Submit board approved action plan to the IRDAI on or before 30th June, 2020 for phasing out the treaties along with timelines such that it complies with the Solvency Stipulations.
-The plan of action will also include assessment of requirement of capital infusion and sources of funds for the capital infusion so required due to prospective closure of these Capital Gearing treaties.
How Coronavirus crisis has changed underwriting at Lloyd’s of London
With the closure of the underwriters’ floor, the world’s leading commercial insurance market, Lloyd’s – which started life in Edward Lloyd’s’ coffee house in 1688 – has gone fully online for the first time.