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AM Best maintains outlook for global reinsurance industry to positive
Property reinsurance rates and terms have been relatively stable...
Chaucer appoints Jonathan Ng as new Class Underwriter in Political Risk, Singapore
Chaucer, the leading global speciality (re)insurance group,...
G Srinivasan panel to study suitability of Surety Bond issuance by Indian insurers
Currently, Surety Bond for contractors is not being offered by insurance companies in the Indian market to guarantee satisfactory completion of a project by a contractor and providing performance security to various government agencies,
Due tothe COVID 19 pandemic and consequent economic impact on liquidity and cash flow issues in the Indian Banking sector, the Ministry of Road Transport and Highways (MORTH), Government of India, has requested to examine possible offering of Surety Bondby the general insurance companies.
Millions at risk in Bangladesh as monsoon floods add to coronavirus worries
“The disaster is worsening by the hour, with several hundred thousands already severely affected by the floods, worsening the COVID pandemic and crisis in the country,” said Antony Balmain, a spokesman for the International Federation of Red Cross and Red Crescent Societies.
Bangladesh had 149,258 confirmed coronavirus cases as of Wednesday, with 1,888 deaths.
UK financial compensation body has insurers in its sights
Some insurers have balked at paying out on business interruption claims, and the Financial Conduct Authority (FCA) is asking the courts to clarify the wording in policies, which could lead to more claims being valid.
ICICI Lombard’s new retail cyber cover to insure financial or reputation losses upto Rs1cr
The policy can be purchased at an affordable rate by all digitally active individuals. The premium ranges from Rs 6.5 per day to Rs 65 per day. The Sum Insured for the cover ranges from Rs 50,000 to Rs 10,000,000 as opted by the policyholder. The policy provides coverage to the entire family, including children for a duration of 1 year.
10,000 passengers join EasyJet lawsuit over Data Breach
Victims are entitled to as much as 2,000 pounds ($2,500) in compensation, meaning the case could be worth as much as 18 billion pounds.EasyJet said last month that the email addresses and travel data of about 9 million customers were taken by hackers in one of the biggest privacy breaches to hit the airline industry
CCRIF pays Guatemala $3.6 mn under its excess rainfall parametric insurance policy
CCRIF currently has 22 member governments of which three are from Central America – Nicaragua, Panama, and Guatemala. Since its inception in 2007, CCRIF has made a total of 43 payouts for 21 events (earthquakes, tropical cyclones, and excess rainfall events) to 14 member governments totalling US$155.8 million. CCRIF’s payouts are made within 14 days of an event, allowing governments to begin to address their most pressing needs and close the liquidity gap.
Probe finds procedure violations in Pakistan airliner crash, minister says
Presenting an initial inquiry report in parliament, Ghulam Sarwar Khan said the pilots were not “focused” because of the coronavirus pandemic, although the aircraft was “100% fit”.
GIC Re’s net profit almost doubles to Rs 1197 crore in Q4 FY 2019-20,Annual gross prm exceeds Rs 51k in 2019-20
Devesh Srivastava, CMD, GIC C Re, said, “GIC Re has maintained its market standing in both domestic and foreign businesses. However, fiscal 2020 has seen the Insurance Industry register severe claims World-wide as well as in India. The explosion of the Covid-19 Pandemic has further aggravated the situation leading to an impact on the financial markets and the economy in general.”
He added that the highlight, however, has been a strong performance in the fourth quarter with a profit after tax of Rs. 1,197 crore which has offset a large proportion of the losses incurred in the three quarters of the year 2019-20.
Companies hit with $1.8 billion cyber losses,six-fold increase in 2020 :Hiscox study
The highest recorded cyber loss was $87.9 million from a financial services firm in the UK.More than 6% of total respondents paid a ransom. Their combined losses came to $381 million.However the positive signs are that twice as many firms responded to a breach by adding new security and spending more on employee training.
There has been a shift in the hackers’ behaviour in the last six to 12 months as they focus more on industries such as energy and manufacturing.
Insurers’ debt remains attractive to investors during COVID-19 uncertainty:S&P
Following the redemption of about $25 billion of debt between January and May 2020, the sector is set to refinance nearly $140 billion by the end of 2021 ($52 billion between June and December 2020, including about $23 billion of hybrids with upcoming call dates during this period). Half of this is due to hybrids reaching call dates and the remainder is debt coming to maturity. We recognize some insurers have already pre-financed upcoming calls or maturities,” said a S&P analysis.