``Despite having nine catastrophic events, which have added Rs...
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Bima Vitarak Manthan: IBAI wants Bima Vahaks to join brokers as point of sales person
Debasish Panda,chairman, IRDAI At the recently concluded Bima...
Remal weakens into cyclonic storm, expected to move northeastwards: IMD
Scenes of widespread devastation were evident across West Bengal's...
Aon and Guy Carpenter partner with The Institutes RiskStream, to streamline the reinsurance placement process
“Distributed ledger technology has the potential to decrease costs, simplify processes and increase data security across all areas of risk management, and reinsurance, in particular, stands to benefit significantly from this technology,” said Christopher McDaniel, President of The Institutes RiskStream Collaborative. “The best solution for the market and for reinsurance buyers is to build a successful solution alongside brokers, reinsurers and carriers. Each has a vital role to play and DLT can provide efficiencies to all participants.”
Bank of England fires warning shot to insurers over capital, Libor
The BoE and the Financial Conduct Authority have written to the chief executives of insurers and banks, asking them to spell out their preparations for effectively ditching the use of Libor by the end of 2021.The BoE wants insurers to reference its overnight rate SONIA in contracts and balance sheet assessments after banks were fined billions of pounds for trying to rig Libor.
Lloyd’s of London seeks behavior crackdown with culture Survey
The move is the latest part of the 331-year-old insurance exchange’s response to the scandal, after Bloomberg’s report found an atmosphere of near-persistent harassment ranging from inappropriate comments to unwanted touching to sexual assault. Lloyd’s has already said it will set up an independent whistleblower hotline and give potential lifetime bans for inappropriate behavior.
Cyber Risks to exceed Natural Disasters for insurers: Scor CEO
While the cost of cyber risks has been small until now, the panel agreed it was only bound to increase. Kessler said the cyber risk could exceed $600 billion per year “in the worst case scenario.” That compares with the yearly cost of natural catastrophes, which he said is about $230 billion. The cyber risk “would dwarf it. So it gives you a size of the risk,” Scor Chairman and Chief Executive Officer Denis Kessler said.
Crash Victims’ final minutes will influence Financial Liability for Boeing, Insurers
While settling all those claims could cost $1 billion, according to a Bloomberg Intelligence estimate based on prior cases, legal experts agree the payouts could be even higher if evidence shows Boeing knew about flaws in the planes before the tragedies. That’s already prompted investor lawsuits claiming the company hid safety risks.
Curv Partners with Munich Re to Commodify Digital Asset Insurance for Institutional Customers
“The novel cryptographic methods deployed in Curv’s Institutional Digital Asset Wallet Service reduce the risks associated with holding digital assets.Their approach enables us to underwrite a policy that covers customer-controlled wallets in Internet-connected settings. ,” said Ali Kumcu, Head of Cyber Innovation and Services, of Munich Re.
Munich Re appoints Linus Phoon CEO for Singapore & Southeast Asia
Linus will lead Munich Re’s reinsurance businesses in Singapore and Southeast Asia, providing clients with traditional reinsurance and complex risk solutions, as well as comprehensive consulting services.
Finally, IRDA cancels license of ITI Reinsurance
Meanwhile, Canadian based Indian born billionaire Prem Watsa, through his Indian general insurance company Digit Insurance, had tried to take over the company but was not allowed by the IRDAI do it as the company hadn’t done any business and any takeover of the company would have been treated as a trading of license which is not allowed under regulations
SCOR to implement an alternative natural catastrophe reinsurance scheme in France
Paris: SCOR notes the decision of the General Court of the European Union, which confirms the decision of September 26, 2016, by the European Commission concerning the guarantee granted by the French State to the CCR regarding natural catastrophe...
Hannover Re’s Apr 1 treaty renewals increased by 6.6 %
The reinsurer’s gross premium showed a significant growth by rising by 19.2 per cent at 31 March 2019 to EUR 6.4 billion (EUR 5.3 billion). Adjusted for exchange rate effects, growth would have reached 16.1%. The retention decreased to 90.4% (91.3%). Net premium earned climbed by 15.3% to EUR 4.6 billion (EUR 4.0 billion). At constant exchange rates growth of 12.7% would have been booked.