The policy is aimed at improving the level of agricultural...
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Health Compass launches new technology for brokers eyeing individual international private medical insurance business
Technology will enable a brokers’ ability to deliver an...
Singapore Airlines flight makes emergency landing in Bangkok, one dead, 30 injured
The Boeing 777-300ER plane with 211 passengers and 18 crew was...
Reinsurer capacity remains stable despite 2017 catastrophe loss activity: Willis Re
“The pressure on traditional reinsurers from alternative capital suppliers is stronger than ever, as many participants in this market cleared their first true major test. This increase in alternative capital, as well as the global reinsurance market having more capital to deploy, is continuing to dampen price increases in the mid-year renewals”
Global reinsurer capital up 2 pc to USD605 billion at December 31,2017
Traditional capital rose by USD2 billion to USD516 billion, while alternative capital rose by USD8 billion to USD89 billion, according to Aon Benfield’s April 2018 Reinsurance Market Outlook.
Safety violations in Indian skies down in 2017
"There are 352 number of violations of safety norms by airlines in 2016 whereas 269 numbers of violations were reported in 2017. Therefore, the number of safety violations has reduced in 2017 as compared to 2016,"Minister of State for Civil Aviation Jayant Sinha told...
SoftBank‘s stakes in Swiss Re expected not to exceed 10 pc
Swiss Re also is convinced that the long-term trends for the industry remain positive and highly attractive. Risk pools are expected to continue to grow, fuelled by demographic trends and a strengthening of the world economies’ combined GDP, with an overall insurance market expected growth of 5% 1 . High growth markets, in particular, continue to offer much potential, with projected growth rates of 8 per cent .
ONGC renewal cost falls 12 pc to USD 12.9 mn, GIC Re leads the reinsurance deal in 2018-19
Almost 10 per cent of ONGC has been retained by the four state owned insures, New India Assurance(NIA), United India Insurance(UII), Oriental Insurance Company(OIC) and National Insurance Company(NIC). Among the four, NIA at three per cent has retained the maximum.
SoftBank said to near deal for $9.6b stake in Swiss Re
There may also be a strategic logic. The purchase potentially would create an in-house insurer for SoftBank’s many stakes in the so-called gig economy, from Uber Technologies Inc. to WeWork Cos. Son could even potentially disrupt the$700 billion motor insurance market that is the most important business line for reinsurers.
Laurent Rousseau to become Deputy CEO of SCOR Global P&C
Douglas Lacoss, who currently serves as Chief Reserving Actuary at SCOR Global P&C, is promoted to Chief Underwriting Officer for the EMEA treaty business, replacing Laurent Rousseau.
Lloyd’s announces an aggregated market loss of £2bn for 2017
key financial figures are:
• Aggregated market pre-tax loss of £2bn (2016: Pre-tax profit of £2.1bn)
• Gross written premiums of £33.6bn (2016: £29.9bn)
• Major claims for 2017 were £4.5bn (2016: £2.1bn)
• Net investment return of £1.8bn (2016: £1.3bn)
• Combined ratio of 114.0% (2016: 97.9%)
“International reinsurers have taken a cautious stance & we have not seen an increase in competition in an already competitive Indian market”
French major SCOR has set up its reinsurance branch in India. Outlining the company’s Indian strategies, in an exclusive interview with Asia Insurance Post, he says, this is an exciting time for (re)insurers in Asia and in India in particular, with rapidly expanding markets and an extremely dynamic environment.We expect the P&C Indian insurance and reinsurance markets to continue growing at a pace of 15 pc per annum in the medium to long term. Edited Excerpts
GIC Re’s new Lloyd’s Syndicate to begin ops in Apr
Alice Vaidyan, CMD, GIC Re, said,“The Indian official reinsurer wishes to be the 10th (currently 12th) largest reinsurer in the world at the end of the current fiscal and the Syndicate formation marks an inflexion point in our corporate history through provision of global business access in collaboration with a globally respected brand and will help us broaden diversification and leverage deployment of capital resources.”