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New National Health Insurance will not stop private healthcare in South Africa: President Ramaphosa
Cyril Ramaphosa, President,South Africa “The NHI will be a lifeline...
Airbus Helicopters and SIDBI sign an MoU for helicopter financing in India
Under the MoU, both Airbus Helicopters and SIDBI will identify...
Marriott Breach losses to be between $200 mn and $600 mn:AIR
“AIR’s new probabilistic security breach model shows that this type of event is not unprecedented, even though an event of this magnitude hasn’t previously happened to a hotel chain,” said Scott Stransky, assistant vice president and director of emerging risk modeling, AIR Worldwide.
“In fact, the largest recorded breach for a U.S.-based hotel chain prior to this event was less than 1/50 the size in terms of the number of records stolen. There are more than 300 simulated events in our model that cause higher losses for U.S.-based hotels.”
Govt plans Rs 12,000-levy on petrol, diesel cars to spur EV demand: Report
Under a new policy that is nearing finalisation, National Institution for Transforming India (NITI), a government policy think-tank, has proposed incentives of up to Rs 25,000 -50,000 be directly transferred to EV buyers, ensuring that gains are not pocketed by auto manufacturers, government officials told TOI.
HDFC Int Life & Re assigned “BBB” rating with stable outlook by S&P
Its business consists of both treaty and facultative reinsurance arrangements assumed from ceding companies in the GCC region, relating to a broad range of life insurance product lines covering individual life, group life and group credit life
Novartis may team with Reinsurers to cut Drug Costs, FT Reports
Reinsurers, which already provide a backstop to employer health insurance plans, could benefit from this new revenue amid increasing competition from rival sources of risk capital, the FT said. Reinsurers could pool the costs of treatments by different drug companies across countries
J&J begins settling Pinnacle Hip Implant defect claims
J&J is set to face a trial Jan. 14 in Dallas where five recipients of the Pinnacle hip will press claims that the world’s largest health-care products company failed to warn customers about the devices’ risks. A similar 2016 case produced a $1 billion verdict for multiple plaintiffs.
Revised Reinsurance Norms:Order of Preference, GIC Re’s ` first right to refusal’ retained, ART relaunched
Among other new significant decisions, the revised reinsurance guidelines approved by the IRDAI board almost three months back but gazetted on Wednesday, however removed the `Order of preference’ for the life reinsurance business, put a cap on how much a cross boarder reinsurer can do business with a nonlife insurer in a specific portfolio, lays out detailed guidelines for the reinsurers on how to do their reinsurance business(, termed as retrocession) with their board approvals, relaunching the banned alternative risk transfer business (ART)
Global Claims: APAC accounts for 17 % of total value, fires & explosions cause largest losses for business: Allianz
“The report highlights the increasingly high values at risk for businesses and their insurers alike,” says Philipp Cremer, Global Head of Claims, AGCS. “In today’s interconnected and globalized business environment, financial losses are increasing due to geographical concentration of values – often in risk-exposed areas – and from the knock-on effects of global supply chains and networks. Looking to the future, new technologies bring business benefits but also risks and claims. However, they also provide an opportunity to prevent and mitigate losses and improve the claims settlement process for our customers.”
Peak Re launches first Asian reinsurance sidecar transaction
The establishment of this special financial structure, commonly known as a “reinsurance sidecar”, allows investors to take on the risk and benefit from specific books of an insurance or reinsurance company
AM Best revises 2019 Global Reinsurance Outlook to Stable
OLDWICK, N.J: AM Best has revised its market segment outlook for the global reinsurance industry to stable from negative for 2019, citing factors stemming from a growing alignment between traditional and third-party capital among non-life reinsurers. A more-stabilized...
California takes over insurance company unable to pay claims after wildfire
Moody’s last week estimated total insured losses at $10-$15 billion from the Camp Fire and the Woolsey fire, which was burning at the same time in the foothills above Malibu in southern California.