Arup Biswas, the minister for power in West Bengal government, said...
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10.46 lakh motor accident claims worth Rs 80,455 crore pending nationwide: RTI
In the wake of inordinate delays in adjudication of motor accident...
Allianz is lead insurer for the Singapore Airlines aircraft
Under the Montreal Convention, Singapore Airlines is liable for...
When hackers strike, property insurance may not offer protection
Many companies have long-standing property insurance policies that offer a payout if a cyberattack results in physical damage, but they may not cover financial damage. Many of those policies were bought years ago, before cyberattacks became almost routine, and the terms and conditions haven’t been updated, according to Lori Bailey, Zurich’s global head of cyber risk, talking about the overall market for cyber insurance. That creates uncertainty for insurers and policyholders.
Canopius and AmTrust Lloyd’s merger agreement signed
From 1 January 2020, Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents. As part of the transaction, AmTrust Financial Services Inc. will become a significant minority shareholder in Canopius.
Global reinsurance industry capital at USD 462 billion in 2018
The largest component of this figure is the total shareholders’ equity of the 32 reinsurance companies tracked in the Willis Reinsurance Index which was down 10 per cent to USD 335.7 billion, reversing growth of 8 per cent in 2017
French insurer Covea seeks acquisitions targets on reinsurance
Unlisted Covea, which holds an 8.17 percent stake in French resinsurer SCOR, has said it didn’t plan to increase its stake in the reinsurer after a attempt to take the firm over went sour a few months ago.
Hannover Re scales back its exposure to coal-fired power plants
Furthermore, the Group has set itself the goal of no longer covering any coal-based risks in connection with power generation in its entire property and casualty reinsurance portfolio from the year 2038 onwards.
Munich Re Syndicate Singapore expands its Asian partnership
NECTAR’s professional line products are offered under the trading name of Nectar PRO, which is the Financial Lines business unit focused on emerging Asian markets in South East Asia and Indian sub-continent
Global life reinsurers poised for growth, but mature U.S. market still key:AM Best
The Asia-Pacific direct life insurance market continues to grow faster than in developed countries, providing opportunities for life reinsurers to assume more business. China’s life insurance market is now the world’s second largest life insurance market. Additionally, legacy life/annuity blocks of business also have become meaningful acquisition opportunities for global life reinsurers, and recent acquisitions involving second- and third-tier reinsurers highlight growing market competition.
Reinsurance brokers permitted to open foreign currency accounts: RBI
“… reinsurance and composite insurance brokers registered with Irdai may open and maintain non-interest bearing foreign currency accounts with an AD bank in India for the purpose of undertaking transactions in the ordinary course of their business,” the RBI said.
GIC Re chief awarded Freedom of the City of London
India is expected to be a world leader in Insurtech and we look forward to technology enabling, rather than disrupting the industry, James Nash, CEO of reinsurer Guy Carepenter’s International Division, said.
Apr 1 renewals:Rational pricing highlights reinsurance market’s stability and maturity,Willis Re
GIC Re continued supporting proportional programs in India but took strong measures to improve the pricing and underwriting on the underlying portfolios. Foreign reinsurers also showed optimism in supporting proportional programs.