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In an all-cash deal,Axis Bank to acquire 29% of Max Life Insurance

by | Apr 28, 2020 | , , , ,

 Deal marks coming together of 3rd largest private bank and 4th largest private life insurer
 Strategic transaction to strengthen the franchise and bring long term orientation to the
relationship
 Axis Bank to own 30% stake in Max Life post transaction closure
 Max Life to include Axis Bank logo in its brand tag line to demonstrate the close knit partnership

Willis Towers Watson launches customised cyber cover for shipowners

by | Apr 28, 2020 | , ,

The new product addresses the growing need for an explicit marine cyber solution, built from the ground up to specifically address ship-operators’ exposures, rather than trying to use pre-existing generic cyber products amended marginally to fit marine exposures.  Shipowners are increasingly reliant on technology for all aspects of their operations and their unique risks associated with this dependency can lead to significant financial damage. 

Aon to cut salaries of most employees, suspends stock buybacks

by | Apr 28, 2020 | , , ,

Gregory Case, chief executive officer; Christa Davies, chief financial officer; Eric Andersen, president; John Bruno, chief operating officer, and Tony Goland, the company’s chief innovation officer, have agreed to a temporary 50% reduction in their base salary from May 1, 2020 through December 31, 2020, or until another date is determined by the company, according to a filing with the Securities and Exchange Commission.

Moody’s slashes India growth forecast to 0.2% for 2020

by | Apr 28, 2020 | , , ,

“India extended a nationwide lockdown to 40 days from 21 days, but relaxed restrictions in rural areas to facilitate agricultural harvesting in the second half of April. The country has determined that many of these areas are free of the virus. India also plans a phased opening of different regions while continuing to carry out identification and contract tracing, Moody’s said.

How Coronavirus will forever change airlines and the way we fly

by | Apr 27, 2020 | , , ,

A seismic shift is underway as the world’s airlines reassess their operations and how they will look emerging from the crisis. At eerily empty airports, mask-wearing and social distancing already show a behavioral change among the few staff and travelers left. A long shakeup lies ahead that is set to touch almost every aspect of flying after limits on movement unwind.

Total global reinsurance capital rises by 15% to $605 bn at year-end 2019,underlying returns remain low: Willis Re

by | Apr 27, 2020 | , ,

James Kent, global CEO, Willis Re, said: “This analysis demonstrates how sensitive the global reinsurance capital base is to investment markets. Thankfully strong capital growth in 2019 allied to judicious investment strategies by many companies has put the industry in a good position to weather the current volatile environment. At the same time, the analysis demonstrates that underlying profitability remains a core focus for reinsurers resulting in rate increases across many lines of business, to support the pricing momentum on loss impacted lines that started in some cases in mid-2018.”

GIC RE improves its Brazilian status from ‘Occasional Reinsurer’ to ‘Admitted Reinsurer’

by | Apr 27, 2020 | , ,

Devesh Srivastava, CMD, GIC Re, said “The upgrade to the new status was published in Brazilian Official Gazette, on April 14, 2020, through an ordinance by SUSEP. The license will allow the company to expand its presence and do more reinsurance business in Brazil. It is valid for an indefinite period.However, the admitted reinsurer is mandated to submit annual documents to SUSEP. The Americas have been a territory where the footprint of GIC Re has traditionally been weak and this will present us with good opportunities to harness more business and forge relationships in the area.”

U.S. Supreme Court rules for insurers over $12 billion Obamacare claims

by | Apr 27, 2020 | , ,

Health insurers turned to federal courts to obtain the payments. The U.S. Court of Appeals for the Federal Circuit ruled in 2018 that Congress effectively repealed its obligation to pay the insurers, prompting the insurers to appeal to the Supreme Court.
The law, dubbed Obamacare, has enabled millions of Americans who previously had no medical coverage to obtain insurance, including those with pre-existing medical conditions.Unlike other court cases involving Obamacare, this dispute concerned only payments to insurers and did not directly challenge the law itself.

HDFC Life Insurance net profit falls by 14.5% in March quater

by | Apr 27, 2020 | ,

Vibha Padalkar, MD & CEO, HDFC Life said,  “We continue to deliver growth higher than industry and register steady performance across all key metrics. We believe that insurance remains a multi-decade opportunity with significant potential.”

Padalkarsaid the insurer had an impact of Rs 1,100 crore in premium collection (new business and renewal) in the last 15 days of March 2020 to Coronavirus-related lockdown.  Of this, Rs 400-500 crore impact was on the first year premium.

“No evidence” that recovered COVID-19 patients cannot be reinfected: WHO

by | Apr 26, 2020 | , , ,

“Some governments have suggested that the detection of antibodies to the SARS-CoV-2, the virus that causes COVID-19, could serve as the basis for an ‘immunity passport’ or ‘risk-free certificate’ that would enable individuals to travel or to return to work assuming that they are protected against re-infection,” the WHO said.