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Ethiopian crash could be largest nonwar aviation reinsurance claim: Willis Re
Liability claims for the passengers’ loss of life and in relation to the grounded aircraft could total around a billion dollars, James Vickers, chairman of Willis Re International, told Reuters by phone, a large sum for the aviation reinsurance market which Vickers said was “very small and very, very specialist.”
GIC Re’s move to hike reinsurance prm challenged in Telengana HC
The writ petition of the Hyderabad based Laurus has taken a stand that the recent circular of the GIC Re, hiking the reinsurance rates, is illegal arbitrary and violative of Articles 14 and 191g of the Constitution of India and also contrary to the existing rules and regulations of the insurance regulator IRDA.
Lloyd’s of London suffers 1 billion pound loss in 2018
Nevertheless, the market reported an improved combined ratio of 104.5 percent, compared to 114.0 percent in 2017 when the market reported a £2 billion (US$2.6 billion) loss, also driven mainly by major natural disasters. (A combined ratio above 100 percent indicates an underwriting loss).
French activist fund seeks to remove SCOR CEO from board
During today’s meeting, the Board of Directors of SCOR has unanimously decided to reiterate its full support to Denis Kessler and Augustin de Romanet and, accordingly, to recommend the shareholders of SCOR to vote against the draft resolution presented by CIAM and in favor of the draft resolutions proposed by the Board of Directors of SCOR, including in particular the renewal of Augustin de Romanet as director of SCOR and the approval of the remuneration of Denis Kessler, said a release issued by SCOR on Monday.
Air India’s renewal prm doubles, pays $ 28 mn to cover its 180 aircraft in 2018-19
The insurance renewal deal for AI’s 180 aircraft, with a sum assured of $ 12 billion, is currently is getting concluded in the London market and would be effective from Apr 1.AI’s insurance renewal also include $ 30 million passenger liability cover.
New appointments within SCOR Global P&C underscore the group’s deep talent pool
Jean-Paul Conoscente, CEO of SCOR Global P&C2, commented: “Following the organizational changes announced in September 2018, SCOR Global P&C continues to adapt its structure to serve its strategy and be more client-centric. Today’s announcements confirm the depth of our talent pool and our desire to promote the personal and professional development of our existing teams.”.
Swiss Re says helped insure Boeing, Ethiopian Airlines
“We can confirm that we are part of the insurance panel that covers Boeing’s airline manufacturer liability policy and we also are a co-insurer of Ethiopian Airlines,” Swiss Re said in an emailed statement. It said it had not played a leading role in the cover but declined comment on contractual details.
Insurers waive terrorism exclusions for Christchurch shooting victims
“While our policies exclude acts of terrorism, AA Insurance will be providing cover for claims made following the attack in Christchurch on Friday,”
Tougher Asian markets need different approach to risk and insurance driven by data analytics
“Too often, we hear clients struggle to quantify the financial impact and likelihood of risks to their business. Today, companies need to know, with certainty, that the insurance strategy they have in place is exactly right for their business. With new and emerging risks on the accelerated rise, they need to adopt a data-driven and actuarial approach to support all aspects of their insurance procurement process to yield better business outcomes,” adds Scott.
Insurers face large claims after second Boeing 737 MAX crash
Willis Towers Watson was the insurance broker for Ethiopian Airlines, while Chubb was the lead insurer, a Willis spokeswoman said on Monday. A Chubb spokesman declined to comment.Britain’s Global Aerospace was the lead insurer for Boeing and also for Lion Air, which operated the plane that crashed in October, said Global Aerospace Chief Executive Nick Brown.’Insurers typically form a consortium to share the risks of large claims, with the lead insurer taking a larger proportion of the risk. The insured value of the plane itself was likely around $50 million (£38 million), according to industry sources.