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1st June Renewals: Moderated risk-adjusted property-catastrophe reinsurance pricing, says Howden Re
Risk-adjusted property-catastrophe rate-on-line 5% lower on...
Lloyd’s and Bermuda Monetary Authority to foster innovation and education access
``This joint agreement will ensure we share the knowledge and...
Boeing defends 737 safety as first U.S. lawsuit filed over Lion Air crash
Investigators believe an erroneous sensor prompted a computerized safety system to aggressively push the jet into a dive as pilots were trying to deal with multiple malfunctions. Boeing and U.S. aviation regulators are considering whether to add a software fix to the 737 Max. Three U.S. pilots’ unions have raised concern about what they say is a lack of information provided by Boeing on the safety system
Cyclone Gaja claims 45 lives, rips through Tamil Nadu coast with heavy rain
Chief Minister K Palaniswami sanctioned a solatium of Rs 1 million to the kin of those who died and Rs 25,000-Rs 100,000 for the injured.The chief minister said he has ordered officials to immediately determine the extent of loss and damage in respect of crops, fishing boats, houses, and cattle due to the cyclone
Centre planning share sale offer of General Insurance, New India Assurance
The Department of Investment and Public Asset Management (DIPAM) Thursday invited expression of interest (EoI) from merchant bankers and selling brokers for managing the offer for sale (OFS) of GIC and New India Assurance
U.S. Residential Solar Projects Turn to Output Insurance
A tool designed as an insurance policy for solar-power generation will be used to manage the risk associated with U.S. residential systems for the first time as part of a financing agreement backing 4,000 projects in the Northeast
Willis Towers Watson launches benchmarking service to help insurers improve claims handling & profitability
Tom Helm, Head of Claims Consulting at Willis Towers Watson, said: “Data and analytics have transformed many areas of the insurance industry, but it has been slower to adapt than other financial services, such as banking and retail. This is changing as the claims process in the insurance market finds itself increasingly under the spotlight, with more insurers recognising claims as an investment opportunity to help gain competitive advantage, market differentiation and increased customer loyalty.”
GIC Re’s gross premium goes up by 11 % to Rs 27,117 crore, net profit falls by 28 % in H1 2018-19
Though, the agriculture portfolio, which had contributed massively to the GIC Re’s premium kitty in recent years, at Rs 11,296.62 crore had remained flat, the reinsurer, with Rs 5400 crore of fire portfolio and Rs 4439 of motor portfolio, has grown both the portfolios by 25 per cent each in H1 2018-19.
Cyber-attacks, volatile weather top risks for India Inc:Marsh-RIMS study
In fact, some 88 per cent of the survey respondents – representatives of C-suites, executives, and risk professionals across 19 industries – identified cyber-attacks as the top-most risk. This was followed by data fraud or theft (85%), volatile weather (84%), severe energy price shock (81%) and major financial failure (81%) among the other top risks for India Inc.
Italy’s Generali to stop insuring new coal plants
Generali’s action, which comes ahead of a United Nations climate change conference in Poland in December, is the latest by a big insurance company that targets the coal industry as part of efforts move towards a lower carbon economy.In late 2017, French insurer AXA said it planned to disinvest further from the coal industry. Others that have taken steps include Scor, Swiss Re and Zurich Insurance.
Standard Club Asia and Ping An P&C Insurance collaborate to underwrite P&I risks in China
Under the terms of the agreement, Standard Asia and Ping An P&C will jointly offer Protection and Indemnity (P&I) cover to China’s rapidly-growing shipowning sector, with a focus on owners undertaking ocean-going voyages.
RenaissanceRe to acquire Tokio Millennium Re in $1.5 billion deal
Kevin O’Donnell, president and CEO of RenaissanceRe, said the deal will increase his company’s scale, broaden its reach and provide a deeper customer base. O’Donnell thanked State Farm for agreeing to broaden its relationship with RenaissanceRe.
Tokio Marine Holdings President and Group CEO Tsuyoshi Nagano said selling TMR will allow Tokio Marine Group to “focus on its primary insurance businesses globally, whilst strengthening its relationship” with RenaissanceRe.