"Demand for coverage remains strong due to heightened natural...
Category:
Reinsurance
Latest
Jun 10 interview for IRDAI’s member, Non-life, postponed, new date yet to be fixed
After SK Rath, general manager(GM), GIC Re dropped out of the race,...
Climate change made deadly Brazil floods twice as likely
Factors besides climate change — such as poor flood-control...
Music team joins Miller to grow music and entertainment offering
“We are really pleased that Martin, Holly, Rose and Pam are now on board. Bringing a team of this calibre to Miller can only be of great benefit to our clients. Their knowledge of the music industry and insurance market will enable us to hit all the right notes with our offering to parties in the music and entertainment sector,”
Weather catastrophes drive majority of $225 billion economic cost of natural perils in 2018 – Aon report
Of that total, private sector and government-sponsored insurance programs covered USD90 billion of the total – the fourth-highest year on record. This means the protection gap, which is the portion of economic losses not covered by insurance, was 60 percent and at its lowest level since 2005.
AGCS opens reinsurance branch in India, targets EUR50 million premium over next 5 yrs
AGCS India Branch will initially offer facultative, proportional, and non-proportional reinsurance solutions on the following lines of business: Property, Liability, Marine, Financial Lines, Construction & Engineering, and Energy. In particular, AGCS sees opportunities in large scale construction projects under the USD 106 billion Bharatmala infrastructure development plan, as well as strong contributions from the automotive, electronics and high-tech communication industries, all of which complement AGCS’s areas of specialist expertise.
US Regulators disagree over giving Fintechs Federal Charter to skirt State Rules
Companies such as PayPal and LendingClub Corp. have attracted millions of customers by offering greater convenience or better prices than traditional banks. The OCC and the FDIC say such firms can broaden access to financial services because their low-cost models allow them to reach poorly served areas and offer small loans that are uneconomical for bigger banks.
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