Cyber-attack or data breach is considered to be one of the most...
Category:
Reinsurance
Latest
Issuance of cat bonds set to hit a record this year
Catastrophe bonds are generally issued by insurers looking to pass...
53rd GST Council- No tax on co-insurance and reinsurance commission, Rs 25,000 crore demand notices on Indian re/insurers revoked
(LtoR)- Sanjay Malhotra, Revenue Secretary, Nirmala Sitharaman,...
Australia braces for another week of Devastating Bushfires
While bushfires have been an important part of Australia’s ecology, some scientists have expressed concern that the season is getting longer. The drought gripping parts of Australia has created hazardous conditions in many regional communities, where some residents have complained that insufficient back-burning has taken place during the winter months, leaving a fuel load of fallen trees and undergrowth.
Ransomware attack hits Mexico’s state oil firm Pemex
An internal email seen by Reuters said Pemex was targeted by “Ryuk,” a strain of ransomware that experts say typically targets companies with annual revenue between $500 million and $1 billion.
Lloyd’s to create single governing body, merging Council and Franchise Board
The news follows five months of consultation across the Lloyd’s market, with more than 90% supporting the proposal to merge the board into the council and create a single governing body for the Corporation of Lloyd’s and the Lloyd’s marketplace, said Lloyd’s in a statement.
Aon & partners deliver pay-outs with first Blockchain-Based Agricultural Insurance Policies for smallholder farmers in Sri Lanka
After the coordinated launch earlier this year with 200 farmers enrolled who are at risk of losing their crops due to extreme weather, the system made pay-outs to farmers in this initial operations phase. The companies will now move forward by seeking solutions to some of the challenges identified in the next phase of the project as cropping season starts in November. The main goals of this follow-on phase are to refine the system’s efficiency and scale the number of farmers who will benefit from the microinsurance
Swiss Re may invest in a possible primary offering of CPIC’s securities
No definitive agreement has been entered into between Swiss Re and CPIC. Any securities offering by CPIC remains subject to various contingencies, including CPIC’s decision to proceed with any such offering.
Safer skies but claims and risks grow
The report, which analyzes more than 50,000 aviation insurance industry claims worth more than €14.8bn ($16.3bn) from 2013 to 2018[1], reveals that collision/crash incidents currently account for over half the value of all claims (57%) equivalent to €8.4bn ($9.3bn) – and over a quarter of claims by number (27%). In future, more costly grounding incidents, business interruption incidents resulting from cyber and drone events, and more incidences of turbulence are just some of the trends expected to have an influence on the loss landscape, the report notes.
AIR Worldwide launches Multi-peril Crop Insurance Model for India
It also features a historical catalog of losses based on a recast of the years 1979 through 2017. Both the stochastic and historic recast yield and loss catalogs reflect current crop “technology” levels (for example, current crop genetics, farmer skill, availability of chemical inputs), insurable exposure by district, and PMFBY (Pradhan Mantri Fasal Bima Yojana) policy conditions as revised in late 2018
Q3 non-life ILS capacity at near-record high of $27.3 billion:Willis Re
The ILS sector has reached a dynamic equilibrium and is well positioned for growth. Alternative capital in all its forms is clearly growing again, notwithstanding the losses and related loss creep of the past several years. This rising tide will not raise all ships, however. Some managers, sectors, and strategies have outperformed, and are now benefitting as a result, while others remain under stress
Maharashtra sanctions Rs 10,000 cr immediate aid for rain-hit farmers
“It was also decided to provide help to farmers through insurance companies. The government is in touch with insurance companies. The process of conducting ‘panchnamas’ (on-the-spot assessment of crops) is being expedited and mobile photographs have been permitted.
Govt appoints Raj Kumar and Gupta as MDs of LIC
The Bureau of Banking Board(BBB), an exclusive body to choose the CEOs of public sector banks and insurance companies, on Aug 27,. had conducted the interviews of senior officialsof the LIC and public sector general insurance industry, for selecting CMDs of GIC Re , Agriculture Insurance Company(AIC) and two MDs of LIC and had selected Raj Kumar and Gupta as the MDS of LIC and Devesh Srivastav and Malay Podday as the CMD of GIC Re and AIC respectively.