Insurance industry sources said on Wednesday there was also...
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Climate Change: The Era of Super-Wild Weather Is Already Here
Erich Fischer, a climate scientist at ETH Zurich, has been trying...
AIC’s net profit grows 20% to Rs 904 cr in FY24
`For FY 25, the company is targeting to grow its premium income in...
Swiss Re to offer telematics solution for insurers in 2020
The new telematics solution provides “instant safety information and hardware-enabled features, like automatic accident detection, first notice of loss and fast claim settlement, as well as advanced claims reconstruction, via a dedicated portal available to insurers,” Bongers added.
Hong Kong unrest insurance claims at around $77 mn
Unrest in Hong Kong has led to damages of various mainland China-linked entities, most notably local rail operator MTR and lenders such as Bank of China. The $77 million insurance claim surpassed the $41 million linked with the SAR (severe acute respiratory syndrome) epidemic in 2003, according to the Hong Kong Federation of Insurers.
EU nations agree Brexit delay until January 31 as PM Johnson seeks election
The latest delay plan envisages that Britain could be out on Dec. 1 or Jan. 1 should parliament ratify the agreement in November or December respectively, according to diplomats who deal with Brexit in Brussels.But in London, there was no consensus on an election which Johnson says is needed to break the deadlock.
Insurers start dropping fire coverage for California residents
“We are seeing an increasing trend across California where people at risk of wildfires are being non-renewed by their insurer,” state Insurance Commissioner Ricardo Lara said in a statement.The California Department of Insurance “has seen cases where homeowners were paying an annual premium of $800-$1,000 but, upon renewal, saw increases to as high as $2,500-$5,000,” a staggering rise of more than 300 percent in most cases.
$4.36 bn deployed in InsurTech cos across 239 transactions in first 3 qtrs
Dr Andrew Johnston, Global Head of InsurTech at Willis Re, says: “The continuing rise in InsurTech investment acknowledges the enormous role technology has to play in our industry, but we need to avoid becoming a sector jaded and frustrated by it. Today’s InsurTech is as much about hype and entrepreneurial culture as it is about appropriate technology for the (re)insurance industry.
Munich Re invests heavily in data analytics & artificial intelligence:Doris Höpke
Höpke also said that the financial impacts of cyber losses were becoming more severe and said demand for cyber prevention and protection would increase, as greater interconnectivity increased risk exposures
Brexit may spur more deals in legacy general insurance policies
There are nearly $800 billion in closed books of non-life insurance globally, including $300 billion in Europe, according to PwC. Around $9 billion changed hands across 34 publicly announced deals globally in 2018, the consultants said in its first annual deals report
Typhoons Faxai, Hagibis, not likely to materially impact Japanese non-life insurers’ capitalisation
AM Best believes that the losses from Typhoon Hagibis will be largely driven by flood impact, rather than wind damage. Given the record breaking level of rainfall in some areas, as well as the relatively high population density surrounding Greater Tokyo, AM Best expects that the three mega-insurance groups’ gross losses from Typhoon Hagibis will be as significant as that from Typhoon Faxai, albeit possibly less severe than Typhoon Jebi in 2018.
Brexit insolvency fears boost demand for trade credit insurance
“The demand for credit insurance is incredibly high,” said Graham Bristow, managing director in credit solutions for insurance broker Aon, one of the largest firms arranging such deals. “There is no doubt Brexit is one theme, people are nervous.”
London retains status as top global financial services center, despite Brexit chaos
British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period.