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New India doubles its net profit to Rs 354 cr in Q4FY24
Titus Francis, executive director, NIA "NIA has delivered excellent...
Global cybercrime cost increased 12x faster than total cybersecurity spending: Report
Cyber attacks, including ransomware, data breaches, cyber...
Lloyd’s CEO Inga Beale to leave in 2019
Inga joined Lloyd’s in January 2014. Since then, her commitment to transformation across the market, and within the Corporation, has led to significant cultural change and the adoption of new technology that has accelerated the market’s modernisation and digitalisation.
IRDA Board to meet on June 29 to clear new Reinsurace Regulations
The revamped regulations, while setting the order of preference for placing the reinsurance business in the country, continues the provision of “first right of refusal’ with the GIC Re and then cascading down to foreign reinsurers, other ‘Indian reinsurers’ and cross border reinsurers (CBRs), fulfilling certain laid-down criteria
Lloyd’s Syndicate Markel receives license for India operation
Markel India will provide treaty and facultative reinsurance to local Indian insurers, in a broad range of commercial classes. It will initially focus on marine, energy, contingency, trade credit, and professional and financial risks
Low single-digit reinsurance rate hike at June1 renewal, JLT Re
David Flandro, Global Head of Analytics, JLT Re, said, “Dedicated reinsurance sector capital has been very strong with growth of over USD 10 billion during the first half of 2018, following roughly USD 7 billion of new capital raised in the final four months of 2017. This affirms the now established trend of third-party capital rapidly entering the sector post-loss to fill the gap more or less immediately.
SoftBank’s talks for minority investment in Swiss Re fails
Swiss Re will further explore business ideas between Swiss Re’s operative entities and the portfolio companies of SoftBank.
GIC Re’s record prm at Rs 41,800 cr,logs a net profit of Rs 3,234 cr in 2017-18, declares 1:1 bonus
“We are the leader inthe Indian reinsurance market and has 60 per cent of the market share despite the presence of almost all global players in the market. We are growing at 25 per cent while the Indian industry is growing at 17 per cent. I am bullish about the growth and profitability prospects for the GIC Re in coming years. said Alice Vaidyan,, CMD, GIC Re
More than 60% of crops in India remain uninsured,MP, Maha,Odisha,Bihar & UP cause 2/3rd of PMFBY losses: Lloyd’s report
Droughts cause most the widespread damage to crops, particularly as less than 50 per cent of crops in India are irrigated.Property business contributes to around 9 pr cent of Indian non-life premiums (USD 1.9 bn), compared to 16% for crop,said the report.
Swiss Re CFO says SoftBank talks still on but no clear sign of deal
Net profit was $457 million, down 30 percent from $656 million a year earlier. Gross written premiums were up 13.1 percent in the quarter, at $11.5 billion, better than the $10.6 billion expected by analysts and above $10.2 billion a year ago.
SCOR’s net income at EUR 166 million, up 18.6 % in Q1 2018
At the April 1, 2018, renewals, SCOR Global P&C grew gross written premiums by 13.5% at constant exchange rates to EUR 505 million, while improving risk adjusted pricing by 2.9% and maintaining stable terms and conditions. Growth was achieved in both Treaty (especially in India and the U.S.) and in Specialty Treaties (including in Agriculture, Credit and Surety and U.S. Cat).
Cat Bond issuance reaches record in Jan-Mar Qtr
The first quarter catastrophe bond issuance figure has set a positive tone for the remainder of 2018. Following the potential losses that could have been incurred from the series of 2017 natural disaster events, investors in this sector could easily have taken a ‘wait-and-see’ approach,Paul Schultz, Chief Executive Officer of Aon Securities