At an event in southern Brazil, President Luiz Inácio Lula da Silva...
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GIC Re’s net profit jumps 42% to Rs1036 cr in Q1FY25
N Ramaswamy, CMD, GIC Re GIC Re has expanded its...
NIA’s profit falls almost 17% to Rs 217 crore in Q1FY25
Girija Subramanian,CMD , New India Assurance Going forward, the...
Scor shareholder ups pressure over executive pay, wants AGM postponed
Scor’s board has recommended a reduction in the variable compensation of the company’s chairman and chief executive Denis Kessler for 2019 to 1.08 million euros ($1.2 million) from 1.18 million euros a year ago. His total compensation would increase to 6.7 million euros in 2019 from 6.52 million a year ago, according to Scor’s annual report.
Pressure mounts on U.S. insurers to pay pandemic business loss claims
This week Ohio and Massachusetts lawmakers introduced bills similar to one in New Jersey which would require insurers to pay the claims, mainly to small businesses, despite exclusions.
Insurers could then seek reimbursement from states, which would recoup the funds by assessing industry fees.
Lloyd’s gears up to tackle COVID-19 crisis,returns to profitability after 3 yrs
Bruce Carnegie-Brown, Lloyd’s Chairman, said““The beginning of 2020 has proved exceptionally difficult as COVID-19 spreads rapidly around the world with devastating consequences for families, communities and the global economy. Now more than ever, our customers need us to be ready to support them through these challenging times. By focusing on performance management, modernising the market and creating a market culture that will attract the best and brightest talent, we are making the market more resilient, more successful and better placed to meet our customers’ needs.”
IRDAI postpones its move to hike 3rd party motor premium from Apr 1
“Validity of premium rates for Motor Third Party Liability Insurance Cover set out for the year 2019-20 stands extended beyond 31st March, 2020 until further notice, Accordingly, all insurers shall continue to charge the rates currently being charged for Motor Third Party Liability Insurance Cover from 1st April, 2020 onwards until further orders.,’’said IRDA in its order on Friday.
Insurance for pandemics would require state help: British trade body
UK travel insurers will pay out a record 275 million pounds ($341.30 million) in coronavirus claims, the ABI added in its response to the committee.
GIC Re’s Lloyd’s Syndicate breaks even in the first full year of ops,total prm at £64.57mn in 2019
Set up in April 2018, the “GIC 1947’’ Syndicate had mobilised a total premium of £64.57 million in 2019. The Syndicate had managed a combined ratio of 97.95 per cent during the year as against a combined ratio of 102.1 per cent reported by the Lloyd’s of London. in 2019,
Willis Towers Watson develops new feature for tracking pandemic cases against P&C clients’ global assets
“Asia is at a more advanced phase of the COVID-19 pandemic. After months of managing the outbreak and impact of the coronavirus here, there are encouraging indications that some countries in the region are controlling the spread of the virus, whilst others are showing signs that they are commencing the recovery process. This presents an opportunity for organisations to track the receding virus in these geographies and commence planning for the resumption of business operations as soon as it is practical. The new COVID-19 feature in the tool will be beneficial in assisting our clients and facilitate this process,” added Vince Mossfield, Liability Practice Head, Risk & Analytics Asia, Willis Towers Watson.
Coronavirus Pandemic:Tokyo Olympics postponed until 2021
Japan’s Olympics committee said the games were now untenable this year after Japanese prime minister Shinzo Abe asked the International Olympic Committee (IOC) on Monday to postpone them due to measures taken to combat COVID-19.
Swiss Re, Zurich insurance in talks with Swiss regulator about Coronavirus Impact
Insurers — as well as the re-insurers who take up their losses — are assessing the cost of disruptions related to the virus – which has claimed the lives of more than 10,000 and put swathes of the U.S. and Europe on lockdown. The industry has worked to reduce its exposure to pandemics since the 2003 outbreak of SARS in Asia. Over recent years, that’s included tightening their policies by inserting communicable-disease exclusions in contracts.
IFRS 17 to be implemented from Jan 1st, 2023:IASB
“We encourage companies to continue to press forward at current pace and use this additional time to strengthen their processes and procedures as well as allow for more testing, dry runs and contingencies. We also believe a shared effective implementation date for IFRS 17 and IFRS 9 will avoid temporary earnings mismatches that would otherwise exist and reduce implementation costs,” said Ralph Ovsec, Senior Director at insurance and reinsurance broker Willis Towers Watson.