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Covid-19 Pandemic:General insurance industry returns to growth path in June,NIA’s market share at a record 19% in Jun qtr

by | Jul 9, 2020 | , , , ,

The industry, at Rs 13,961 crore,has seen  a growth 8 per cent year- on- year growth in June but at Rs 39,392 crore has recorded a degrowth of 4.24 per cent y-o-y in June quarter.
However, for first quarter ending in June, the industry with 33 players ,have remained in the negative zone in its premium income.
The month of June has witnessed a lot mid and large private sector companies, which had recorded a negative  premium growth in the last three months- March, Apr and May-have returned to the positive growth path.Some of these companies are- ICICI Lombard General Insurance, the largest private sector general insurer, HDFC Ergo Genera Insurance,IFFCO Tokio General Insurance,Reliance General Insurance,SBI General Insurance Company, Kotak Mahindra General Insurance Company, Magma HDI General Insurance Company and Universal Sompo General Insurance, .
However except Kotak Mahindra General Insurance and  Universal Sompo General Insurance Company, rest in the pack has degrown their premium in June quarter. .

Billion-dollar June hail event becomes one of Canada’s costliest severe weather events on record, Aon cat report 

by | Jul 9, 2020 | , , , ,

Meanwhile, several severe weather outbreaks in the United States in June resulted in an economic loss exceeding USD2.3 billion. The costliest event was a prolonged weather pattern from June 5-11 across much of the eastern two-thirds of the United States that caused total economic losses estimated at USD800 million, of which more than USD600 million was insured.

Chubb wants U.S. to offer businesses pandemic cover, with insurers taking some risk

by | Jul 9, 2020 | , , , , ,

Under Chubb’s plan, the government would offer up to $750 billion in coverage for small businesses with up to 500 employees. Of that, the industry would pay for 6% of claims, or up to $15 billion, during the program’s first year, growing annually to 12% by year 20. COVID-19, the disease caused by the novel coronavirus, would be excluded.