The Panama-flagged "Ultra Galaxy" ran aground close to Doring Bay,...
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CMA CGM says its ship lost 44 containers in tough weather
“No injury to the crew has been reported, no pollution, no strong...
US insurers may take a hit of about $2.7 billion from damage caused by Hurricane Beryl
Triggered a record $44 million payout to the nation of Grenada from...
Italian investor group Exor weighs sale of PartnerRe to France’s Covea
-Insurers are turning to acquisitions, also in reinsurance, to strengthen their businesses as they face tougher regulation and falling returns from financial market investments.
-Branching out to reinsurance would also allow Covea to diversify outside its main market France, where it makes almost 90% of its 17 billion euros ($19 billion) business.
U.S. permits Startup Nuro to deploy up to 5,000 driverless delivery vehicles
The rollout of the R2 vehicle will take place in Houston, with plans for it to deliver items like pizza and groceries. It is about half the width of a regular car, has no steering wheel or seating positions and boasts gull-wing cargo doors reminiscent of the time-traveling car in the “Back to the Future” films.Nuro, a privately held robotics company based in Mountain View, California, said it will begin public road testing to prepare deliveries in Houston in the coming weeks.
Coronavirus: For China virus insurance, check the small print
The reinsurance market at Lloyd’s of London has not seen any untoward activity from traditional insurers looking to hedge their exposure to risks arising from this outbreak, two sources in the underwriting trade said.
Coronavirus to hit reinsurers hard:AM Best
einsurers may face higher levels of risk than L/H insurers, as their risk profiles entail higher exposures to mortality and morbidity risks. However, global reinsurers have been broadening their risk exposures in recent years in an effort to minimize the concentration of mortality and morbidity risks.
Odisha is the most disaster prone state in the country:15th Finance Commission
A Disaster Risk Index (DRI) has been prepared by the FFC that assigns scores to each state based on probability and vulnerability.
“It is the first attempt to include state-level disaster risk scores in resource allocation and address a serious deficiency in the previous state-level allocations for disaster management,” the commission said in its report tabled in Parliament on Saturday.
IRDAI allows re/insurers to launch ART Solutions with its prior approvals
“In case, the re/insurer intends to adopt ART, non-traditional structured solutions, Financial Re-insurance, then it shall take prior approval of the IRDAI,” said IRDAI.The insurers have to inform the IRDAI on or before 1st March of every year about any such proposed re-insurance arrangement to be entered in to by the insurer.
European insurers balk at EU raising capital requirements due to Cyber, Climate Risks
Valdis Dombrovskis, vice president of the European Commission and responsible for financial services, said the 11-trillion-euro ($12.2 trillion) European insurance sector faced growing cyber and climate risks.
Epidemics and equities: What the coronavirous means for markets
For global corporations, Wuhan is an important hub. Of about 2,000 cities in China with factories and other facilities in Bloomberg’s supply chain database, the city ranks 13th, with about 500 facilities. The province of Hubei has 1,016, making it seventh of 32 such jurisdictions. US-based companies have 44 facilities there, and European ones about 40, the data show. Many plants are in the auto and transportation industries, and big names include PepsiCo Inc. and Siemens AG.
India Inc’s insurance cost to go up as GIC Re hikes reinsurance premiums
Mumbai: India Inc has to shell out a lot more premium within the range of 20-50 per cent in the property segments, as GIC Re has decided to hike its reinsurance premium in as many as 291 occupancies since January 2020.Most of renewals in the Indian market...
Budget 2020:Indian General Insurance Industry
An index based scheme (Parametric Insurance) can be adopted which compensates for the damage caused due to catastrophic event, as per the pre-defined triggers for such events. The premium for the same can be collected along with the property tax and once the claim is triggered, amount can be directly transferred to beneficiary’s Jan Dhan Account linked to the home insurance policy. It will go a long way in bridging the protection gap between the economic losses and insured losses during Nat-Cat events