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January 1, 2020 reinsurance renewals reflect asymmetrical market:Guy Carpenter

David Priebe, Chairman of Guy Carpenter, added: “The reinsurance market enters 2020 in a solid position with initial analysis of dedicated reinsurance capital up slightly as compared to a year ago, bolstered by mid-single digit growth in rated capital in 2019. Accounting for the impact of trapped capital, total available capital at January 1 is close to flat. While reinsurers will continue to deploy capacity cautiously, with cedents’ performance and loss experiences scrutinized closely, the sector remains well capitalized overall.”

New India unveils comprehensive cover for high cost cancer treatment 

Atul Sahai, CMD,NIA, said,“Although the regular health policies of the company cover cancer treatment, this specialised policy helps the policyholders to opt for the changes in the treatment pattern, as well as meet the increased cost of treatment.The medical advancement and highly professional medical facilities have made it possible to avail specialised treatment in India.”

Indonesia Flooding Forces Evacuation of More Than 400,000 People with 42 Deaths

The new capital that Indonesia will build on the island of Borneo will be flood proof, Public Works and Housing Minister Basuki Hadimuljono said.“While the government may be even more keen to shift its capital city now, the flood is a reminder that the host of issues facing Jakarta – whose metropolitan area is home to 30 million Indonesians – remain acute,” said Wellian Wiranto, an economist at Oversea-Chinese Banking Corp. in Singapore.

The escalating costs of Australia’s wildfire disaster

The Insurance Council of Australia says 5,259 claims worth A$321 million ($224 million) have been lodged. Consultancy SGS Economics and Planning has estimated that Sydney’s economy loses as much as A$50 million each day it is blanketed with a toxic haze from smoke billowing in from the fires. An inquiry into the Black Saturday fires estimated the cost at A$4.4 billion.

Major commercial plane crash deaths worldwide fell by more than 50% in 2019: group

To70 said the aviation industry spent significant effort in 2019 “focusing on so-called ‘future threats’ such as drones.” But the MAX crashes “are a reminder that we need to retain our focus on the basics that make civil aviation so safe: well-designed and well-built aircraft flown by fully informed and well-trained crews.”

Vatican tribunal processes ‘Tsunami’ of clergy sex abuse complaints

“We’re effectively seeing a tsunami of cases at the moment, particularly from countries where we never heard from (before),” said Monsignor John Kennedy, the head of the congregation’s discipline section, which processes the cases.He was referring to allegations of abuse that occurred for the most part years or decades ago. Argentina, Mexico, Chile, Italy and Poland have joined the U.S. among the countries with the most cases arriving at the congregation, known as the CDF.

Reinsurance markets diverge at 1.1 renewal:Willis

James Kent, Global CEO of Willis Re, said: “Other than retro aggregate, some treaty aggregate covers, and liability placements viewed as inadequately priced, most buyers have been able to secure the capacity they require, albeit at considerably increased prices in some of the stressed classes of business. Reinsurers’ client-centric underwriting meant preferred clients achieved their renewal requirements for pricing and conditions more straightforwardly than others. An understandable outcome of this has been a wide variance in the quoting process, which increased the challenge in establishing market clearing prices.”