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Royal Caribbean cruises faces potential liability for New Zealand volcano deaths

by | Dec 13, 2019 | , , ,

Cruise ship passengers were among the tourists on White Island on Monday when it erupted. While no lawsuits have yet been filed, legal experts said they expected action in U.S courts by injured passengers and families of those who died.There were 47 people on the island at the time. Eight have been officially declared dead and more than 20 are being treated for severe burns

Startups find new ways to assess risk and create new businesses tied to auto insurance

by | Dec 13, 2019 | , ,

Data on everything from how frequently a car is booked, the type of vehicle rented, the destination, the amount of time between making a reservation and the trip, how hard the driver slams on the brakes to how punctual and friendly a person is on the drive could all be fair game for the industry.Startups like Turo Inc. and BlaBlaCar believe they can take this information and use it to find new ways to assess risk and create new businesses tied to auto insurance.

Insurers and brokers can’t set up TPAs as promoters:IRDAI

by | Dec 12, 2019 | , , , , ,

It is not immediately known  in what ways new regulations will be applicable to four PSU general insurance companies , National Insurance Company, New India Assurance Company, United Insurance Company, Oriental Insurance Company and General Insurance Corporation of India, which are promoters of , Health Insurance TPA of India(HITPA), the common in-house TPA  for four companies to handle health insurance claims. There are couple of  insurance brokers who have set up TPAs.

U.S. regulator homes in on climate risks to U.S. markets

by | Dec 12, 2019 | , ,

The report, by a 35-member panel formed last month by the Commodity Futures Trading Commission, “will address both the short-term financial risks that may be associated with the transition to a low carbon economy, as well as the current and future market and financial risks associated with the physical risks that will arise from a warming climate,” Bob Litterman, a partner at hedge fund Kepos Capital and the panel’s chair, said at a public meeting held at the CFTC’s Washington headquarters.

AXA XL announces Collaboration with Slice Labs and Microsoft to Improve Cyber Risk Management

by | Dec 12, 2019 | , , , ,

“This new level of integration with Microsoft and Slice Labs reinforces the fact that insurance is no longer an after the fact product that companies should use as a band-aid when an incident occurs,” said John Coletti, Chief Underwriting Officer, AXA XL’s cyber insurance team in North America. “We’re excited to bring a solution to market that only large enterprises have procured in the past to SMB’s who need it just as badly.”

French lottery operator FDJ secures counterparty risk insurance La Française des Jeux (FDJ), France’s historical lottery and main sports betting operator, has taken out a new comprehensive insurance policy with numerous top-tier French and international

by | Dec 12, 2019 | , , ,

According to the complaint, Infosys made false and misleading statements to the market and used improper recognition of revenue to boost short-term profits

Weinstein,insurers,accusers have reached tentative $47 mn settlement

by | Dec 12, 2019 | , , ,

The money would be paid by Weinstein Co.’s insurance firms, according to the person, who asked not to be identified because the agreement isn’t yet public. The settlement would still require the approval of the courts and the parties involved. About a third of the money is expected to go to lawyers. Weinstein Co. is in bankruptcy proceedings

Trov and Sompo partner to expand global mobility solutions

by | Dec 12, 2019 | , ,

Catering to the needs of new transportation businesses such as micro-mobility, car-sharing, ride-hailing, and autonomous vehicle fleets, the partnership will leverage Trov’s Vehicle Activity API to identify risks and create new experiences for the operators and customers of the mobility platforms, all based on data received from connected vehicles and devices.

China to allow 100% FDI in life insurance sector from Jan 2020

by | Dec 11, 2019 | , , ,

Currently, there are at least 28 foreign owned life insurers in China, with AIA being the only company to have a 100% shareholding.The first wholly owned foreign insurance operations were granted almost a year ago, when Axa bought out its domestic joint-venture partner and within the last few weeks Allianz won initial approval to set up a wholly owned holding company. AIA also owns its China business outright, but it was grandfathered in under a licence that pre-dated the restrictions