Reinsurance

Many reinsurers reported losses for the first quarter, driven by asset write-downs and the first installment of claims associated with the effects of the pandemic. The combined pre-tax loss for the 18 constituents of Aon’s Reinsurance Aggregate (‘the ARA’) that reported was USD3.8 billion.The average combined ratio was 103.2 percent, with USD3 billion of COVID-19 related losses recognized.

Asian waters account for most shipping losses,global numbers hit record low:AGCS

Jul 14, 2020 | Eco/Invest/Demography, International News, Non-Life, Reinsurance, Risk Management, Technology

According to the report, the South China, Indochina, Indonesia and Philippines maritime region remains the top loss location with 12 vessels in 2019 and 228 vessels over the past decade – one in four of all losses. The Japan, Korea and North China region saw 2 vessels lost in 2019 and is the third largest loss location overall with 104 since 2010. High levels of trade, busy shipping lanes, older fleets, typhoon exposure, and safety issues on some domestic ferry routes are contributing factors. However, in 2019, losses declined for the second successive year, mirroring a global trend.

Markel appoints Head of Renewable Energy,first ever based in Asia

Jul 13, 2020 | Climate, Environment, Renewable Energy, International News, Non-Life, Reinsurance, Risk Management

Commenting on the new appointment,Rohan Davies, divisional managing director of energy, Market, said,“Tom’s solid track record and wealth of international experience in renewable energy are invaluable as we continue our ambitious plans for growth in this important sector.“Markel has a strong reputation of delivering leading risk-transfer products and service in the energy space. With Tom strategically based in the rapidly growing Asian market, his appointment as Markel’s new global head is a reflection of our commitment to renewable energy in our global portfolio.”

Floods, landslides kill 23 in Nepal, dozens missing

Jul 11, 2020 | Disaster & Management, Eco/Invest/Demography, International News, Non-Life, Reinsurance

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

Jul 9, 2020 | Eco/Invest/Demography, Health, Indian News, Non-Life, Pandemic, Reinsurance, Risk Management

“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

Jul 9, 2020 | Disaster & Management, Eco/Invest/Demography, International News, Non-Life, Reinsurance

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

Jul 8, 2020 | Eco/Invest/Demography, International News, Non-Life, Pandemic, Reinsurance, Risk Management

•   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

Jul 8, 2020 | Disaster & Management, Eco/Invest/Demography, International News, Non-Life, Pandemic, Reinsurance

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

Jul 8, 2020 | Eco/Invest/Demography, Health, Indian News, Life, Non-Life, Pandemic, Regulation, Reinsurance, Risk Management, Workplace/Employee Benefits

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. .