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3 PSU general insurers need Rs 94-102 billion capital infusion to meet solvency of 1.5, says ICRA
Neha Parikh, vice president and sector head – Financial Sector...
Cyclone Remal wreaks havoc in West Bengal, Bangladesh after making landfall; 1 killed
Arup Biswas, the minister for power in West Bengal government, said...
AXA XL gets in-principle approval for Brexit move
AXA XL said the Central Bank of Ireland (CBI) has approved, in principle, XL Insurance Company SE’s (XLICSE) move from the UK ahead of next year’s March 29 departure. As a Societas Europaea, XLICSE can also continue as the same legal entity in Ireland.
Tokio Marine Kiln stops Hong Kong operations
This decision has been made after re-assessing the ongoing, challenging market for the Engineering, Marine Cargo and Marine Liability lines written out of Hong Kong which have made the cost of maintaining the office unsustainable.
French reinsurer Scor posts profit in defence against Covea bid
Paris: French reinsurer Scor delivered a third quarter net profit on Wednesday, saying this helped justify its rejection of last month’s 8.2 billion euro ($9.4 billion) bid by rival Covea. “This performance bears witness to the...
Munich Re America Partners with BriteCore to Offer Personal Inland Flood Coverage in the U.S. to Insurance Carriers
“Many people don’t realize that their homeowners insurance policy typically excludes flood damage. If the property is located outside of a Special Flood Hazard Area (SFHA) or 100 year flood plain, flood risk may not even be top-of-mind for many people,” said Sanjay Mehrotra, Strategic Product Operations Manager, Munich Re America. “Partnering with BriteCore, we’ve made it easy for insurance carriers to offer a personal lines flood endorsement to their customers.”
India’s insurance gaps rise, at $27bn it constitutes 1.0% of its GDP :Lloyd’s report
In Lloyd’s Underinsurance Report 2018, underinsurance continues to represent a significant threat to global economic development with an estimated US$163bn of assets underinsured in the world today.While the global gap has closed by almost 3% over the last six years, the gap for Asian countries included in the report has widened by 9.4% to US$134bn. At the same time, the world has seen a series of extreme weather-related catastrophes and new risks such as cyber attacks have emerged, posing additional threats to society.
Insured Losses from Hurricane Michael To Be Between USD $6.8 Billion and $10 Billion:RMS
Michael Young, Vice President of Model Management, RMS, said: “This truly was one of the few hurricanes that have exceeded building-level design wind speeds for the region. Within the tragedy of this event, there are many opportunities to see effective wind and flood mitigation measures and learn how to re-build better and stronger.”
Indian firms overly confident about their Cybersecurity, Survey
-88 percent of Indian firms surveyed said they are better prepared for data breaches than their competitors
-Financial services and utility respondents were least realistic, with 100 percent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 percent
-In the coming year, 80 percent of Indian financial services firms believe the overall level of cyber-threats and data breach activity will go up
-62 percent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 percent amongst Indian financial services firms and 80 percent for utilities
Nikolaus von Bomhard to become Munich Re chairman
As a universally acknowledged expert and industry professional, he has the comprehensive knowledge of the business that is so important for the work of the Supervisory Board.Since April 2018, von Bomhard has been the Chairman of the Supervisory Board of Deutsche Post DHL Group
Insurers call for delay in implementing “IFRS 17” rule by 2 yrs to Jan 2023
Nine national and regional insurance industry bodies from Europe, Canada, Korea, New Zealand, Australia and South Africa want the International Accounting Standards Board (IASB) to amend and delay its “IFRS 17” book-keeping rule by two years to January 2023
Insured losses for Hurricane Michael may touch $10 Billion:AIR Worldwide
“Fueled by unseasonably high 84-degree sea surface temperatures in the Gulf of Mexico and unhindered by any prior landfall, Hurricane Michael rapidly intensified shortly before making landfall at close to Category 5 intensity,” said Dr. Peter Sousounis, vice president and director of meteorology, AIR Worldwide.