From an economic perspective, the widespread impacts would be...
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Reinsurance
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Cat bonds see rapid influx of investors
Plenum estimates that the volume of catastrophe bonds in funds...
Arthur J Gallagher strikes $13.5 billion deal to strengthen US insurance broker business
Gallagher follows in the footsteps of rivals Aon and Marsh...
AstraZeneca to be exempt from coronavirus vaccine liability claims in most countries
With 25 companies testing their vaccine candidates on humans and getting ready to immunize hundred millions of people once the products are shown to work, the question of who pays for any claims for damages in case of side effects has been a tricky point in supply negotiations.“This is a unique situation where we as a company simply cannot take the risk if in … four years the vaccine is showing side effects,” Ruud Dobber, a member of Astra’s senior executive team, told Reuters.
“In the contracts we have in place, we are asking for indemnification. For most countries it is acceptable to take that risk on their shoulders because it is in their national interest,” he said, adding that Astra and regulators were making safety and tolerability a top priority.
Bihar flood situation worsens, 53.67 lakh people across 14 districts affected
With 16.89 lakh flood-affected people, Muzaffarpur is the worst-hit district, followed by 12.40 lakh people in Darbhanga and 8.09 lakh in East Champaran.
More than half of the affected populace live in Muzaffarpur and Darbhanga districts.
Of the 13 deaths in flood-related incidents, Darbhanga registered the highest seven casualties, followed by four in West Champaran and two in Muzaffarpur.
India’s IFSCA gets members from 4 regulators,to regulate financial markets in IFSCs
The centre has notified the names of T.L.Alamelu,member, IRDAI, Indrani Banerjee,executive director,Reserve Bank of India(RBI), Sujit Prasad,executive director,Securities and Exchange Board of India(Sebi),Ananta Gopal Das,executive director,Pension Fund Regulatory and Development Authority(PFRDA), as members of IFSCA)
Swiss Re reshuffles APAC management team
According to a Swiss Re announcement on Thursday, Sharon Ooi,currently managing director, head of P&C underwriting APAC, based in Singapore will relocate to Sydney to become head of Australia and New Zealand,
Sharon will replace Mark Senkevics who in turn will take charge of Ooi’s current role and lead Swiss Re’s APAC property and casualty (P&C) underwriting business from Sydney,
Coastal flooding could hit 20% of world GDP by 2100 – study
Flood events that have typically occurred once in 100 years “could occur as frequently as once in 10 years” for much of the world, said the authors of the report, including researchers at the universities of Amsterdam, Melbourne and the Global Climate Forum.
Hong Kong moves to create regional hub for insurance-linked securities
The Hong Kong government introduced in March the Insurance (Amendment) Bill 2020[here]. The bill provides a regulatory framework for insurers to transfer risk to the capital markets by issuing insurance-linked securities in Hong Kong through special purpose insurers, or SPIs. Special purpose insurers are essentially the same as the dedicated special purpose vehicles that are authorized in other jurisdictions to issue insurance-linked securities, or ILSs.
Americans driving older cars as average age nears 12 Years
The aging U.S. vehicle fleet has been an issue as U.S. lawmakers have debated economic stimulus plans. Proposals to provide government-funded incentives to retire older, more polluting vehicles,or encourage drivers to get new vehicles with more advanced safety technology have so far not gained much traction.
More S.African insurers yield to customer demands to pay COVID BI claims
The FSCA and the Prudential Authority, which oversees the strength of the financial-services industry, last week struck a deal with insurers to consider once-off payments to help keep customers afloat, while courts decide whether insurers are correctly interpreting the terms of contracts.
Guy Carpenter appoints MD of global risk solutions
Piatti will be responsible for originating and driving opportunities to better serve our clients in the customized reinsurance space across Europe and MENA, including structured reinsurance treaties and capital management/solvency-related transactions. As clients look to further optimize their reinsurance programs, Guy Carpenter is continuing to enhance its ability to create such customized products
“Traditional products will become simpler and standardized,the demand will be more for innovative products to cover emerging risks”
SN Rajeswari,General Manager, New India Assurance, has recently been selected to become the CMD of Delhi based Oriental Insurance Company.. In an exclusive interview with Asia Insurnace Post, she said technology will continue to disrupt the Industry.Customers have evolved significantly and rely on technology for information and feedback.
Therefore traditional marketing and communication strategies are not going to help customer retention,without the support of technology. Web aggregators supported by digital have emerged as a distribution channel in the insurance value chain. Technology supported by human interface will take forward customer service and retention to a long way,she said.
Edited Excerpts”