Pushpendra Johari, senior vice president, sustainability,...
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White House wants cybersecurity standards on hospitals
The proposal may extend beyond hospitals too. The administration...
China Construction Bank sued in U.S. over reinsurance fraud losses
The bank allowed employees to conspire with Israeli insurance...
Limiting global warming to 1.5°C requires “rapid & far-reaching” transitions in land, energy, industry, buildings, transport & cities:IPCC
“One of the key messages that comes out very strongly from this report is that we are already seeing the consequences of 1°C of global warming through more extreme weather, rising sea levels and diminishing Arctic sea ice, among other changes,” said Panmao Zhai, Co-Chair of IPCC Working Group I.
Indonesia eyes “catastrophe bonds” as it looks to fund disaster recovery
Suahasil Nazara, who heads the fiscal policy office at the finance ministry, said the strategy would be launched when Indonesia hosts the the annual meetings of the International Monetary Fund (IMF) and the World Bank in Bali later this month
US mulls waivers on Iran oil sanctions amid India’s refusal to stop imports
The comments followed news that India, Iran’s No. 2 oil customer after China, will buy 9 million barrels of Iranian oil in November. It was an indication that India will continue purchasing crude from Iran, despite the Trump administration’s push to get countries to stop their purchases.
Pakistan approves first Islamic reinsurance service
Islamabad: Pakistan’s capital market regulator has granted approval to the country’s sole reinsurer to offer sharia-compliant reinsurance, part of efforts to boost the fledgling Islamic insurance (takaful) sector.The Securities and Exchange...
Indonesia earthquake and tsunami: How warning system failed the victims
Palu – a city in Sulawesi located in a narrow bay – was hit by waves as high as six metres. The surging water brought buildings down and caused widespread destruction. Hundreds of people had gathered for a beachfront festival and it was was a scene of horror as waves powered over the beach – sweeping up everything in their path.
IRDA approves revised reinsurance regulations
The revamped regulations aim to ensure that maximum reinsurance business is retained within the country and preference would be given to Indian domiciled entities — with the first right of refusal lying with the GIC Re and then cascading down to foreign reinsurers (FRBs) and other ‘Indian reinsurers’. The spillover should be placed with cross border reinsurers (CBRs), fulfilling certain laid-down criteria.
Lloyd’s returns to profit for the first half of 2018
Lloyd’s Chief Executive, Inga Beale, said: “These results and return to profit demonstrate the strength of the Lloyd’s market following one of the costliest years for natural catastrophes in the past decade. Whilst these results are welcome, Lloyd’s continues to concentrate on improving the Lloyd’s market’s long-term performance by taking action to address underperforming areas of the market.
Florence portends more massive hurricanes in age of global warming
“There is going to be both more inland flooding and more storm-surge, ocean-related flooding because the ocean is getting higher,” said Brion Callori, senior vice president of engineering and research at commercial property insurance firm FM Global.
Marsh & McLennan to buy UK broker JLT for $5.7 billion
“ The complementary fit between our companies creates a platform to deliver exceptional service to clients and opportunities for our colleagues. ” said Dan Glaser, President and Chief Executive Officer of MMC.
Both the re/insurnace brokers have operations in India in the form of joint ventures. JLT hold 49 per cent in the local venture while Marsh, has stakes of 26 per cent in the Indian company. Marsh is the largest re/insurer broker in India.
French insurer Covea examining new approach to Scor takeover: sources
Covea, an increasingly assertive player on the French insurance market, hopes the Scor deal will make it a major actor on the European stage, where a process of consolidation is set to open up more opportunities for acquisitions.