“Heavy rains in the Indian upstream region mean that the suffering...
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Budget FY2024-25: Indian Insurance Industry’s Wish-list
The upcoming Budget 2024-25 is crucial for advancing insurance...
Zimbabwe receives $31.8 mln drought insurance from African Risk Capacity
The money from African Risk Capacity is expected to benefit 509,000...
India’s slowing economy to weigh on re/insurers, says Moody’s
“India’s GDP growth weakened to its slowest rate in five years in the fiscal year ended March 2019, and the resultant financial pressure on rural households amid weaker job creation is in turn also weighing on premium growth,” says Benjamin Serra, a Moody’s Senior Vice President.
Lloyd’s remains bullish on Indian insurance market
Pointing to the $27bn insurance gap in India Lloyd’s chairman Bruce Carnegie-Brown said Lloyd’s will look to introduce specialist (re)insurance products into India, which will complement the local market and also plug some of the product gaps.
Jon Hancock to quit Lloyd’s
Lloyd’s also announced today the appointment of Julia Tyson as its Chief Human Resources Officer, with immediate effect. Julia is a highly experienced HR Director with proven abilities to develop, lead and deliver people and culture strategies.
WEF sounds alarms about Climate Change risks
The WEF report also called on policy makers and firms to match targets for protecting the climate with ones that boost economies, and for companies to adjust to science-based targets now in order to avoid massive future losses.
Zurich sees hardening rates, improving terms – first time since 2002
Figures from Allianz SE, AXA SA and Zurich Insurance suggest premium rate increases overall accelerated in the first half of 2019, according to Bloomberg Intelligence.
Swiss Re launches first parametric earthquake Cat bond to hedge mortgage risks
This transaction is the first catastrophe bond issued under Rule 144A with a parametric trigger that is designed to cover mortgage default risk caused by earthquakes in California, Oregon, Washington and South Carolina. Swiss Re Capital Markets acted as the sole structuring agent and joint-bookrunner.
Iran apologises for plane crash, blames human error and ‘US adventurism
Meanwhile,Ukrainian Prime Minister Oleksiy Honcharuk said on Saturday that Ukraine would pay 200,000 hryvnia ($8,350) each to the families of those who died in a plane crash in Iran this week
Cat bond issuance breaches historic $100bn milestone: Aon Securities data
Over the past decade, ILS has provided a robust non-correlating asset class for investors, producing an average annual return of 6.38 percent, and 7.48 percent for 2019. Sector investor numbers have grown significantly, with orderbooks in 2019 inclusive of 23 percent more investors, on average, than orderbooks in 2015, allowing average allocations to decrease from USD13m to USD9m, putting less pressure on any given market.
Re/insurers remain on alert as U.S.,Iran signal desire to avoid further conflict
The Joint War Committee (JWC), which is comprised of underwriting representatives from Lloyd’s and IUA company markets, has also said that currently, there is no dramatic change to the strategic maritime picture in light of elevated tensions between the U.S. and Iran
IRDAI penalises Malaysian brokers for cheating TATA-AIG in Rs 300 cr crop reinsurance deal
It all started when TATA-AIG General, which has since exited the crop insurance business after losing money heavily in the deal, made a complaint to IRDAI against Unison lnsurance Broker on Dec 21,2018 alleging fraud in reinsurance placement pertaining to crop insurance,with a premium of around Rs 300 crore in Rajasthan cluster for Kharif 2018.