Howden Re Japan will provide reinsurance brokerage services to life...
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Insurers achieve positive mid-year renewal outcomes, Global reinsurance capital reaches a new record of $695 billion by Q1 2024, says Aon
Aon Securities estimates that overall ILS capital increased to an...
Insurance premiums for climate resilience and NatCat protection are set to increase by 50% by 2030, to reach $200-250 billion, says report
Whilst insurance promises to be a great enabler to unlocking the...
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
Oil tankers cut navigation risks in Strait of Hormuz by vanishing from tracking systems
Ships go dark when they want to avoid prying eyes — Iranian vessels have been doing it on and off for years because of sanctions that penalized buyers of the nation’s oil. Tankers occasionally turn off their signals when rounding the Arabian peninsula, near flash points in Yemen. This doesn’t make vessels invisible or hide them from radar, though it does make their movements harder to track
GIC Re hikes its property capacity to Rs 3,500 cr, plans US operations: Vaidyan
Vaidyan completed her tenure of 41 months as the CMD of GIC Re on Wednesday. After Vaidyan’s retirement, the government has asked two senior officials of GIC Re, M Sashikala , director & general manager and Reena Bhatnagar, general manager to discharge the function of Chairman & managing director(CMD), of the listed company, from Aug 1, till a regular appointment is done.
Swiss Re H1 profit hit by Ethiopian airlines crash, grounding of Boeing 737 MAX
The Zurich-based company’s combined ratio in its property and casualty division, a key measure of profitability, was 100.5% in the first half, versus 92.9% a year earlier. Readings below 100 indicate profitability, and the company said it expected the division’s ratio to be about 98% this year.
3 of 5 costliest disasters hit emerging and developing countries in H1 2019:Munich Re
When looking at the first half of 2019, disasters in poorer countries are worrying because the victims so often have virtually no insurance cover. Cyclone Idai, which hit Mozambique, was in relative terms worse for that country than the Tohoku earthquake – the costliest natural disaster on record – was for Japan in 2011. Almost nothing was insured, so that very few of the people affected were able to obtain prompt financial assistance for the loss of their belongings. Experience has shown that such countries often take years to recover from disasters. The insurance industry therefore needs to promote partnerships with governments and development banks to provide greater assistance to countries like Mozambique, ” said Torsten Jeworrek, member of the Board of Management, Munich Re said
No-Deal EU exit ‘Now a Very Real Prospect’, Says Head of Newly Formed Brexit Cabinet
Chancellor Sajid Javid is ready to release more than 1 billion pounds ($1.2 billion) for planning a no-deal exit, the Financial Times reported on Sunday, noting the new funds add to the 4.2 billion pounds set aside by his predecessor, Philip Hammond.There’s not a clear majority in Parliament for no deal and lawmakers have said they will try to block it. Labour Party leader Jeremy Corbyn said he’s ready for a general election at any time
French reinsurer SCOR reports 62% rise in net profit during 2nd quarter
Company CEO Denis Kessler mentioned that there had been higher than expected costs related to natural catastrophes in the U.S. and in Japan in late 2018, that were booked in the first quarter of 2019.There were also costs associated with Brexit, which forced the reinsurer to incorporate new firms outside the U.K.
Harvard University invests in Litigation Finance Fund
Litigation finance has made inroads with law firms and litigants around the world, with investors committing an estimated $9 billion over the long-term to the growing industry, according to Bloomberg Intelligence. The funds, which have been knocked for fueling more lawsuits, pursue strategies from financing cases against corporations to providing cash advances to individual plaintiffs in exchange for a share of settlements.
Freak weather poses new risk to India’s renewables goals
It’s not just unpredictable rainfall but also solar radiation in India that can no more be taken for granted. Over the last 6-8 months radiation has been lower by 4% to 6%, hurting power generation, according to Vinay Rustagi, managing director at renewable energy consultancy Bridge to India Energy Pvt.
Shipping firms begin hiring unarmed guards for voyages in Middle East Gulf
-Jim Hilton, managing director with maritime security company PVI, said while a ship’s crew were able to carry out functions including increased watches and regular walk-rounds of the vessel, external support could provide “psychological comfort.”
-Additional insurance premiums are up tenfold, adding as much as $100,000 in costs for a supertanker sailing on a seven-day trip, ship insurers added