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14 people killed in landslides, floods and lightning incidents in Nepal
"We recorded a total of 44 incidents on June 26, 2024. In those...
TATA AIG General Insurance issues largest-ever Rs 100 crore of Performance Surety Bond
Deepak Kumar, senior executive vice president & head -...
Lloyd’s of London plans to merge governance bodies -source
The plan to combine the bodies comes as Lloyd’s, which has 99 syndicate members comprising British and international insurers, is under pressure to cut costs and speed up automation after two years of steep losses.
GIC Re’s global premium rises to Rs 44,238 cr in 2018-19, profit falls on higher tax provisioning
“Going forward, we will be more focussing on the growth of bottomline rather than topline,” said Alice Vaidyan, CMD, GIC Re
Japan non-life insurers focus on profitability
Over the last few years, Japan’s major non-life players have embarked on global expansion at an accelerated pace, seeking risk diversification. With regard to a change in companies’ risk profiles, AM Best views adopting a holistic approach to capital and catastrophe risk management remains crucial for the major Japan non-life insurersin the event of unforeseen catastrophe losses or amid challenging post-event market conditions.
London marine insurers widen Middle East threat zone after ship attacks
The Joint War Committee, made up of syndicate members from the Lloyd’s Market Association (LMA) and representatives from the London insurance company market, normally meets every quarter to review areas it considers high risk for merchant vessels and prone to war, terrorism, piracy and related perils.
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.