"Demand for coverage remains strong due to heightened natural...
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Jun 10 interview for IRDAI’s member, Non-life, postponed, new date yet to be fixed
After SK Rath, general manager(GM), GIC Re dropped out of the race,...
Climate change made deadly Brazil floods twice as likely
Factors besides climate change — such as poor flood-control...
Hurricane activity could pick up as El Nino fades, say forecasters
The National Oceanic and Atmospheric Administration’s Climate Prediction Center said Thursday the Atlantic season looks more active than normal as peak hurricane season begins. Forecasters now expect 10 to 17 named storms, with five to nine hurricanes and two to four major ones.In May, they forecast a normal season, one or two fewer named storms and hurricanes.
EU fights spread of African swine fever with 10 countries now affected
The situation “is very worrying,” EU Commission spokeswoman Anna-Kaisa Itkonen told a media briefing , urging action against a “catastrophic animal disease” which industry officials in Bulgaria fear could cause damages of up to 2 billion levs ($1.15 billion).
Lloyd’s, London market insurers surpass Q2 electronic placing targets
Much of the electronic risk placement is being handled by the London market’s electronic placing platform, PPL. Some London market business, such as treaty reinsurance, cannot be carried out on the platform. Therefore, it analysis of the extent of electronic placement includes so-called in-scope risks.
UK insurers settle 99% of cyber insurance claims
The Association of British Insurers (ABI) has been asking the Information Commissioner’s Office (ICO) to make anonymised cyber breach data publicly available, which would enable insurers to price risk more accurately and manage exposure more effectively by feeding this data directly into their modelling
Willis Towers Watson launches drone disruption action plan
Jago Harvard-Walls, Client Relationship Director and Transportation Lead in Asia, Willis Towers Watson, said “Drone-related incidents at airports may be a recent phenomenon, but they are expected to increase in frequency, complexity and severity as drones become larger and more powerful. Airports need to prepare for potential attacks through effective risk management and there are a number of steps that airports can take to prepare for these scenarios. This includes assessing, locating and understanding the type of drone that has infringed airspace, as well as reputation management.”
Munich Re launches automated damage detection for improved hurricane response and claims experience
Munich Re’s Remote Industries offers insurance companies the information they need to prioritize and steer claims adjuster resources, proactively reach out to affected policyholders and ultimately help mitigate losses. Remote Industries uses high-resolution aerial imagery and machine learning to help insurance companies predict potential property claims four days prior to an expected hurricane.
ILS market slow to return to normal
market declined year-on-year in the second quarter of 2019, with just below $1.7 billion of non-life ILS capacity issued through 11 cat bonds, down from $6.2 billion and $4.0 billion in Q2 2017 and 2018 respectively. That made the recent quarter the second-lowest second-quarter for issuance by volume in the past eight years, except for 2016.
Munich Re’s gross premiums at €11,799m, profits up by 36% in Q2 2019
In the renewals at 1 July 2019, the recently observed market recovery continued. In particular, there was a marked improvement in prices for reinsurance cover in the markets affected by natural catastrophes.However, there were also increases in loss expectations and stable renewals in unaffected regions and markets.
Record global insurance M&A deals in H1 2019
According to today’s mid-year report from Clyde & Co, there were 38 deals in Asia-Pacific, marking the fourth consecutive period of rising deal volume to the highest level since 2015. Japanese acquirers were again the most active ahead of Australia and India
Lloyd’s selects 11 Insurtechs to help support its Future-at-Lloyd’s project
The start-ups are focused on finding ways to enhance data sharing and provide new sources of risk insight as well as pricing and risk models to help Lloyd’s market participants better understand threat scenarios. They also will be developing methods to reduce the cost of processing claims as well as the burden of compliance and regulation