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China boosts farmer protection with nationwide insurance for major grains
The policy is aimed at improving the level of agricultural...
Health Compass launches new technology for brokers eyeing individual international private medical insurance business
Technology will enable a brokers’ ability to deliver an...
Cyber joins Business Interruption as leading Global Risk for first time: Allianz
“Companies need to plan for a wide range of disruptive scenarios and triggers, as this is where their big exposure lies in today’s networked society,” says Chris Fischer Hirs, CEO of AGCS.
“Disruptive risks can be physical, such as fire or storms, or virtual, such as an IT outage, which can occur through malicious and accidental means. They can stem from their own operations but also from a company’s suppliers, customers or IT service providers. Whatever the trigger, the financial loss for companies following a standstill can be enormous.
“Rising geopolitical and geo-economic tensions are the most urgent risk in 2019”
The report released on Wednesday said environmental degradation is the long-term risk that defines the current era, with four of the top five most impactful global risks in 2019 related to climate Rapidly evolving cyber and technological threats are the most significant potential blind spots; and the vulnerability of networked societies still not fully appreciated, said the report.
3 out of 9 foreign reinsurers in India record a net profit of Rs 70 cr in 2017-18
The IRDAI , in view of the recent developments in the reinsurance scenario in the country, has carried out a comprehensive review of the extant reinsurance framework in concurrence with the dynamic needs of the industry. The new architecture will strive to act as a catalyst in India’s journey to establish as a global reinsurance hub, in near future.
Indian Terrorism Pool premium expands by 10 % to Rs 516 cr in 2017-18
The Pool has thus completed 16 years of successful operation. All Indian general insurance companies, State Government of Gujarat and GIC Re are members of the Pool.
Global natural disasters wreak $160 bn damage in 2018; worst losses in US
As with the previousc year the United States suffered the heaviest losses from disasters globally, with its second record wildfire season in a row. But it was given some respite from damaging storms, with the hurricanes hitting the country in 2018 inflicting far less destruction than in 2017
Swiss Re launches FLOW, insurance for companies exposed to high or low water levels
Unlike traditional insurance covers, which often require loss investigations and adjudication, FLOW provides pay-out of fixed amounts based on a defined index, for example each day the index remains below or above the defined index threshold value
Reinsurance Prices Drop – Despite 2018’s Big Natural Catastrophe Losses: JLT Re
Insurers and reinsurers faced a bill of $80 billion from several catastrophes in 2018 including hurricanes Florence and Michael, typhoons Jebi, Mangkhut and Trami, flooding in Western Japan and the California wildfires.
January Renewals show higher prices for clients with poor loss records: Willis Re
In property catastrophe renewals, cedants with good loss records and a disciplined, early renewal process achieved risk-adjusted rate reductions, while loss impacted accounts are seeing upward pricing across a number of lines. Some primary lines are seeing significantly larger rate increases than treaty reinsurance business
Indonesian tsunami insurance claims may reach $1.09 bn
According to insurance companies PT Maskapai Reasuransi Indonesia (REI) and PT Asuransi Maipark Indonesia, there were at least 191 insurance risks from the disaster, which killed at least 430 people and devastated thousands of homes, buildings and infrastructure.
10 global re/insurers refuse cover to Adani Group’s $16.5bn Australian coal mine
A campaign by 73 prominent environmental organizations,which collectively represent 76 million members, penned a letter to 30 global re/insurance companies earlier this month urging them to rule out any providing any services for the controversial coal mine and its associated rail project