IRDAI has clarified that premium retroceded by the branches of...
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MS Amlin forecasts “substantially above average” hurricane activity
“The insurance industry can help people and businesses to absorb...
EU may sanction Russia’s Ingosstrakh Insurance
The G-7 price cap on Russian crude oil and petroleum products bans...
Relaxing foreign-ownership laws will benefit Indian insurers:Fitch
“We believe increased international involvement, particularly from developed markets, will contribute positively to the development of distribution networks, use of technology in distribution as well as bring in expertise in areas such as marketing and client-servicing,” said Fitch.
Swiss Re suspends £3.3bn ReAssure’s IPO due to market conditions
“While we firmly believe that the long-term interests of ReAssure are best served by a more diversified shareholder base, there has been no pressing need for Swiss Re to divest shares at a price that we consider to be unrepresentative of ReAssure’s value and future prospects”
French utility EDF prepares its nuclear reactors for climate change
The company has created a team of 15 climate experts to better predict the impact of a changing climate on its operations and the surrounding environment. The team, formed in 2015, studies several metrics including river temperatures, wind and solar power output, sea levels and the resilience of its power plants to flooding and lightning
Cyber attacks cost $45 bn in 2018 as ransomware hits hard
The report suggested cyber criminals are getting more sophisticated in targeting their victims, but also noted many attacks could have been prevented with improved computer security.
Global insurance prms exceed a record $5 trillion in 2018, to grow by 3% in 2019/20:Swiss Re Study
The non-life sector faces a fundamental structural shift over the next decades,with a possible decline in premiums from motor, the dominant line of business today. This potential decline will come as a result of the ongoing evolution of advanced driver-assistance systems and self-driving car technologies, which are expected to lead to lower claims, and so also lower premium rates and volumes in motor.
Reinsurers more discerning at mid-year renewals: Willis Re
Almost all buyers were able to secure the capacity they desired at June 1 and July 1, but differentiation between cedants by reinsurers has increased, particularly based on the accuracy of their previous catastrophe loss estimates. Superior pricing and capacity were available to clients seen as preferred trading partners.
AIR publishes its catastrophe exposure data schema publicly
“Across the insurance industry, as less time is spent converting formats or ensuring consistency among data sets, stakeholders will have more time to focus on improving the quality of their underlying data and making better risk management decisions,” said Bill Pieroni, CEO, ACORD
Lloyd’s underwriters team up to “insure the uninsurable” with a £53m capacity
The market-led solution, led by senior underwriters from Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares and Apollo will trial new types of insurance for complex and non-standard risks, including, but not limited to, intangible assets and supply chain risks, or mishaps caused by artificial intelligence.
Russell Higginbotham to become new Swiss Re CEO Reinsurance Asia and Regional President
Russell Higginbotham is an experienced leader who has been with Swiss Re for close to 25 years in various roles and has deep familiarity with Asia Pacific.
10 foreign reinsurers record an Indian premium of Rs 9500 crore, up 50 %,in FY 2018-19
With GIC Re’s Rs 44, 237 crore, up 6 per cent, of premium in 2018-19, the Indian reinsurance market has grown by 11 per cent to Rs 53, 730 crore in 2018-19.