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SCOR grows its reinsurance premiums 9.7% in Jan renewal

by | Feb 7, 2019 | ,

Victor Peignet, CEO, SCOR Global P&C, comments: “SCOR starts 2019 with strong January renewals, after having successfully renewed its capital shield back in fall 2018. Clients want to increase the business they conduct with SCOR; they value our client-focused strategy, strong ratings, and technical expertise. We expect favorable market conditions to be more pronounced through the spring/summer 2019 renewals.”

Insurers need to diversify investments to tackle climate risks:IRDA chief

by | Feb 7, 2019 | , , , , , ,

Alice Vaidyan, CMD, GIC Re said that the reinsurance and insurance sector have witnessed varies catastrophes in the last few years and in case of hurricane scenario, some patterns can be found. She emphasised that there is urgent need by insurers and govt. to put forth finances and support the risk management processes.

`Regulatory Sanbox: IRDAI Irdai to allow testing of products before launch

by | Feb 6, 2019 | , , ,

The applicant can apply in any one of more of the five categories namely insurance solicitation or distribution, insurance products, underwriting, policy and claims servicing and any other. The applicant could apply singly or jointly in one or more than one category, provided that if the category involves insurance product or underwriting, then the applicant necessarily has to partner with an insurer.

New India Assurance records a net profit of Rs 850 cr in Apr-Dec period

by | Feb 6, 2019 | ,

Atul Sahai, chairman and managing director.said, “Q3FY19 has been challenging quarter for the company with multiple CAT events like Typhoon Trami, Hurricane Michael, California Wildfires, Kuwait floods and further adverse development in Hurricane Jebi and Hurricane Irma severely impacting the foreign operations in UK, Japan, Bahrain, Aruba and Curacao. The overall impact of these events in Q3FY19 was about Rs 450 Cr. 
On the positive side, the company has taken steps taken to correct the pricing in health line of business is getting reflected in the improved results by this line of business, he said. 

Japan insurers to target China M&A in new phase after $50 billion overseas push

by | Feb 5, 2019 | , , ,

Earlier,the overseas push by the Japanese insurers, , largely excluded China, the world’s No.3 insurance market after the United States and Japan, due to foreign ownership curbs and fragile diplomatic relations between the two Asian economies.That will change with China set to allow foreigners to own majority stakes in domestic insurance joint ventures, and Beijing and Tokyo looking to forge closer business ties amid rising trade tensions with Washington, the bankers said.

India should start a Well-Being Index

by | Feb 4, 2019 | ,

As noted in the Executive Summary of the Happiness Report, “All the top countries tend to have high values for all six of the key variables that have been found to support well-being: income, healthy life expectancy, social support, freedom, trust and generosity.” The well-being study disclosed that “The life satisfaction of individuals worldwide correlates with income, health, employment, education as well as with positive moods, freedom and beliefs about the benefits of work.”

Goyal’s new pension scheme pose risk for the Atal Pension Yojana

by | Feb 3, 2019 | , , ,

“The new pension scheme has the government as a 50 per cent co-contributor which is not there in the APY. So, people will prefer the new pension scheme to APY. Moreover, PFRDA had requested the government  to increase the age limit under APY to 50 years from 40 years, which didn’t happen. So, we will have to revise the APY target,’’ said Contractor.