Insurance industry sources said on Wednesday there was also...
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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.
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.”.