President Droupadi Murmu The Government is going to take yet...
Category:
Reinsurance
Latest
General insurers have to pay GST on any sale of motor salvage by them: Govt
In cases, where the insurance claim is settled on full claim...
14 people killed in landslides, floods and lightning incidents in Nepal
"We recorded a total of 44 incidents on June 26, 2024. In those...
AXA XL appoints Stephen Nguyen as Client Management Leader, Asia
Craig Langham, regional hub leader, Asia Pacific- Insurance added: “Asia is fast evolving, with disruptive technologies and emerging risks impacting traditional business models. Clients now look beyond current risks to ensure they are prepared for the risks of tomorrow, and there have never been more opportunities for AXA XL to make a difference to our clients and brokers. Growing our client and distribution team is one of the ways that we demonstrate our commitment to the market”
Germany, Global Parametrics and Hannover Re unvel a new Natural Disaster Fund Deutschland
Dr. Maria Flachsbarth, Parliamentary State Secretary to the Federal Minister for Economic Cooperation and Development (BMZ), said, “The NDF is an innovative mechanism that brings together public and private insurance players for the benefit of poor and vulnerable people who far too often face a protection gap. While about 50 percent of disaster losses are covered by insurance in high-income countries, the corresponding proportion in poorer countries is less than five percent. The BMZ is committed to help closing this gap through a substantive contribution to the NDF”.
Insurers need profound transformation and the right talent, reveals EY Insurance Outlook 2020
Insurers agree that talent is the “secret sauce” to maximize returns on investments in technology, digital transformation and new business models. But with the industry struggling to attract the right talent, the report finds that insurers need to either reposition themselves as technology firms or proactively communicate on why the industry matters, what value it brings to society and the overall appeal of an insurance career.
California puts one-year halt on insurers dropping customers in wildfire-prone areas
The moratorium, which ends Dec. 5, 2020, is meant to draw insurers and state legislators to the negotiating table to find a solution to the state’s wildfire insurance dilemma.
In its biggest deal, Phoenix to buy Swiss Re’s ReAssure unit for $4.1 bn
The deal is the latest in a rapidly consolidating sector as many insurance companies, hit by tougher capital rules since the financial crisis, seek to sell old books of business to free up capital to invest in high-growth areas.
Saudi Aramco pursues war cover after attacks – sources
Aramco, the world’s largest oil company, has been looking for cover from insurers including those based at Lloyd’s of London and elsewhere in the London market.Available insurance options range from cover against a terror attack or sabotage through to full coverage, which includes war or civil war, along with compensation for the cost of business
Over two-thirds of firms have suffered a political risk loss: Willis Towers Watson survey
Most respondents (71%) stated that the emphasis on political risk management at their company had increased since 2018, and nearly 40% felt that they were facing more pressure from investors regarding political risk management. The survey found that recent developments such as the China-US rivalry and the sanctions that have arisen as a result have made political risk more tangible.
Bermuda’s Catalina Holdings acquires Asia Capital Re
Consequently, ACR will cease writing business with immediate effect and all existing policies in force will be serviced until expiry. ACR said it will continue to honour all valid reinsurance quotes, as well as liabilities from outstanding commitments.Catalina said that it intends to use ACR and Singapore as a hub to build a strong Asian run-off platform.
Lloyd’s launches new space risk product and new analysis of the space sector
According to a new Lloyd’s report, NewSpace: Bringing the new frontier closer to home, published today, the global space market could increase in value from $300bn today to $1tr by 2040, driven by NewSpace companies entering the sector.
SCOR issues a new contingent capital facility
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “Our new strategic plan “Quantum Leap” sets out ambitious profitability and solvency targets given the current financial and economic environment. This new contingent capital facility is an essential part of the active capital management policy that is at the heart of our strategy. This facility protects SCOR’s solvency, at a very low cost for our shareholders, against events such as a global pandemic or a natural catastrophe of historic proportions.”